CAIRO: Egypt's Central Bank reported that foreign direct investment to Egypt has increased to $2.42 billion during the fourth quarter of the fiscal year that ended in June compared to $1.7 billion in the previous quarter. Analysts and government officials are optimistic that this continued upward trend will continue into the new year. According to the Central Bank in its monthly report, “investments from EU [European Union] countries led the foreign investment inflows to Egypt,” but the report showed a decline compared to the three months that immediately preceded it. “We are fairly confident that the efforts and new agreements that we have signed in the past few months will continue to see investment coming to Egypt,” said ministry of trade senior advisor Samia Fawzy. She told Bikya Masr that “we are growing almost steadily each quarter and foreign companies see Egypt as a perfect destination to take their business.” The report pointed out that Arab investment in the country achieved a steady increase during the quarter, jumping to second place overall, overtaking the United States. American investment came in third place with about $408 million, an increase of 34.6 percent from the third quarter, when it stood at 303.2 million dollars. The rest of the world also saw an increase in its investments in Egypt during the fourth quarter, amounting to a 218.6 percent jump to $529.3 million compared to $166.1 million in the third quarter. “Egypt's total exports has increased by 26.7 percent in the fourth quarter of fiscal year to reach $6.9 billion in exchange for $5.45 billion dollars in the previous quarter of the fiscal year,” the report said. It explained that exports of fuel and mineral oils and consumer products were the largest share of exports by as much as 47.5 percent in total volume, followed by finished goods such as rice and preserved vegetables, iron and steel, aluminum, garments, fertilizers size. The report noted that imports have “increased slightly during the fourth quarter by 11 percent to $13.4 billion, compared with $12 billion in the third quarter.” The report showed that imports of intermediate goods such as grease, fats and animal oils, chemical products, paper, parts and accessories of cars came first in size, reaching $4.45 billion, followed by imports of consumer goods at approximately $3.27 billion and investment goods at $2.5 billion and non-durable goods worth $2.29 billion. BM
