13 September 2017

Egypt: Nasr - New Investments Increased By 24 Percent in Fiscal Year 2016/2017

Minister of Investment and International Cooperation Sahar Nasr announced Wednesday that foreign direct investment (FDI) during the fourth quarter of the fiscal year 2016/2017 recorded an increase of 29 percent to reach dlrs 1.35 billion compared with dlrs 1.05 billion during the same period of the previous year.

Addressing a seminar organized by the American Chamber of Commerce under the title "Looking Forward to the Future...Opening New Investments in Egypt", Nasr said new investments during the fiscal year 2016/2017 increased by 24 percent as some 17,235 new companies have been established over the past period compared with 13,924 companies during the previous fiscal year.

She also made it clear that the number of companies which witnessed expansions in fiscal year 2016/2017 increased by 10.5 percent to reach 2,035 companies compared with 1,840 in the previous year.

Such figures reflect a rise in the investors' confidence over the investment climate in Egypt, she added.

The minister asserted Egypt's keenness on establishing partnership with various countries, noting that China has voiced willingness to establish new investments in Egypt during the recent visit of President Abdel Fattah El Sisi.

Meanwhile, Head of the American Chamber of Commerce Tareq Tawfiq said US investments in Egypt represent 30 percent of the US's FDI in Africa.

At the conclusion of the seminar, the American Chamber of Commerce honored Nasr for her efforts to renovate the investment climate in Egypt.



Govt, Egypt to Boost Economic Cooperation

Egyptian President Abdelfattah Al Sisi left Khartoum on Friday, after his first visit to Sudan since his recent election… Read more »

See What Everyone is Watching

Copyright © 2017 Egypt State Information Service. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 700 reports a day from more than 140 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.