Egypt ranked ninth worldwide in foreign direct investment (FDI) inflows in 2024, attracting $47 billion, up sharply from $10 billion in 2023, as per the UN Conference on Trade and Development's (UNCTAD) latest World Investment Report. The surge, driven by Egypt's landmark Ras El-Hekma urban development deal and other major agreements, saw the country rise from 32nd globally last year and top Africa's FDI list, according to the report. The report was launched at a joint press conference on Thursday hosted by Minister of Investment and Foreign Trade Hassan El-Khatib and Minister of Planning and Economic Development Rania Al-Mashat. Egypt's FDI inflows rose 373 per cent year-on-year, making it the continent's fastest-growing destination for foreign investment. Total FDI into Africa reached $97 billion, a 75 per cent increase from 2023. By contrast, global FDI fell 11 per cent to $1.5 trillion in 2024, UNCTAD said, though flows to developing countries were broadly stable and least developed countries saw a 9 per cent rise. "In a year marked by shifting global investment patterns, Egypt's consistent presence on the investment landscape, as captured in the World Investment Report, comes as we double down on an ambitious reform agenda that places industrial production, exports, and foreign direct investment at the heart of our economic development model." said Minister Al-Mashat. Minister Al-Mashat: "Our focus remains clear: unleashing private sector potential through structural reforms that foster quality growth and resilience by driving job creation, boosting productivity and increasing value-added." For his part, Minister El-Khatib said the country is "writing a new investment narrative, coupling deep structural reforms and clear, predictable policies with a competitive, transparent business climate and a dynamic private sector." Richard Bolwijn, head of Investment Research Branch at UNCTAD, stressed the need for international cooperation to help developing countries navigate volatile investment landscapes: "This year's findings call for renewed efforts to mobilise private investment for sustainable development, especially in economies facing structural constraints." Bolwijn noted. Attribution: Amwal Al Ghad English Subediting: Y.Yasser
