Egypt ranks 9th globally among top FDI recipient countries in 2024 - Economy
Egypt ranked ninth globally in foreign direct investment (FDI) attraction in 2024, receiving $47 billion in investments, a significant leap from 32nd place in 2023, when it received $10 billion, a joint statement by the Ministries of Planning and Investment said Thursday.
The announcement was made at the World Investment Report launch event, which was held by the United Nations Conference on Trade and Development (UNCTAD).
This came during a press conference held at the General Authority for Investment and Free Zones (GAF) by Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat and Minister of Investment and External Trade Hassan ElKhatib.
The UNCTAD report attributed the FDI jump largely to the Ras El-Hekma development project and several major deals the state inked in 2024.
Egypt ranked ninth after the United States (first), Singapore, Hong Kong, China, Luxembourg, Canada, Brazil, and Australia.
The report highlighted key global trends in foreign direct investment in 2024 and Egypt's position among the most attractive countries for investment, given the economic reforms implemented by the Egyptian government.
It also pointed to a 75 percent increase in FDI flows to Africa, rising from $55 billion in 2023 to $97 billion in 2024.
Egypt topped the list of fastest-growing and most attractive African countries for FDI, with a growth rate of 373 percent, followed by Ethiopia, Côte d'Ivoire, Mozambique, and Uganda.
In her remarks, Al-Mashat highlighted that 2024 witnessed shifts in global investment patterns, with Egypt maintaining a strong presence in attracting FDI.
She emphasized the government's ongoing efforts through an ambitious reform agenda, prioritizing industry, exports, and direct investment to achieve economic development.
These efforts mainly focus on empowering the private sector through structural reforms promoting sustainable growth, resilience, job creation, productivity, and increased value.
Minister ElKhatib also stated that Egypt's hosting of the launch of the 2025 World Investment Report reflects the country's significant progress in private sector investment, infrastructure, and digitalization.
He affirmed that Egypt's vision aims to build a competitive, open, and globally integrated economy, with the private sector being the primary driver of sustainable growth.
Moreover, he noted that 2024 saw transformational changes in FDI trends, including increased investor confidence and strategic partnerships.
The minister pointed out that Egypt recorded its highest-ever annual increase in FDI, with the Ras El-Hekma development agreement being a major contributor to this surge.
For his part, Mr. Richard Bolwijn, director of the Investment Research Branch at UNCTAD, stressed the importance of international cooperation to help developing countries overcome investment climate volatility.
'This year's findings call for renewed efforts to mobilize private investment for sustainable development, especially in economies facing structural constraints,' he stated.
The 2024 World Investment Report indicated that global FDI flows declined by 11 percent, reaching $1.5 trillion in 2024 compared to $1.67 trillion in 2023.
However, newly established investment projects saw a modest three percent increase, reaching 19,356 projects.
Developed economies experienced a 22 percent decline in FDI, while levels remained stable in developing countries. FDI flows to the least developed countries rose by nine percent.
Despite global economic challenges and geopolitical tensions, the Egyptian government plans to continue implementing economic and structural reforms to strengthen macroeconomic stability, improve the investment climate, promote the green economy, and achieve private sector-led economic growth.
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