A recent report issued by the United Nations Conference on Trade and Development (UNCTAD) said that Egypt was the first investment destination in Africa during the first half of 2018. Total foreign investment inflows , the report said, rose 24 per cent compared to the first half of 2017, despite the fact that foreign direct investment (FDI) dropped globally by 41 per cent in the first half of 2018, going down from USD794 billion in the first half of 2017 to USD470 billion.
At the same time, the Global Competitiveness Report published annually by the World Economic Forum, placed Egypt in the 94th place in the 2018 Global Competitive Index(GCI) among 140 world countries, recording an advancement of six positions over last year. The GCI the measures the set of institutions, policies, and factors that set the sustainable current and medium-term levels of economic prosperity. The GCI report tackles 12 main pillars, including financial system, institutions, labor market and business dynamism. Egypt’s most important progress in the GCI came on the creativity front where it has advanced by 45 position. Minister of Investment Sahar Nasr explained that this progress is a result of Egypt’s effort in supporting entrepreneurship through establishing investment funds, and enhancing cooperation with the private sector. Egypt also moved in GCI infrastructure rating from the 71st position to 56. Dr Nasr explained that this was owing to to President’s Sisi’s policy of investing in projects that develop infrastructure, including the new Suez Canal and the New Capital. Egypt’s position in work market improved by four positions over last year’s.
Dr Nasr said that Egypt is reaping the fruits of its economic reform programme.
21 October 2018