Egypt Ranks 14th Among World's Most Attractive Emerging MarketsSource: www.export-egypt.com 5/24/2023, Location: Africa |
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Egypt ranked 14th among the world's top attractive and trusted emerging markets for foreign investments, ahead of Turkey, Morocco, South Africa, and Russia, according to a report by American global management consulting firm Kearney.
Kearney is a global management-consulting firm that provides strategic advice to businesses, governments, and institutions and has been operating for nearly 100 years now. Kearney's 2023 Foreign Direct Investment (FDI) confidence report showed that investors globally are prioritizing factors like the transparency of government regulations, tech capabilities, and tax rates in making investment decisions. The report highlighted that the global economy is performing better in 2023 than the year before. "After months of economic projections suggesting a (potentially major) recession might be looming, the outlook was showing signs of improvement in the new year. Inflation was ticking downward, labour markets in key markets appeared to be rebalancing," the report said. Kearney released data showing that global FDI inflows rose slightly from an estimated $2.07 trillion in 2021 to $2.13 trillion in 2022. Egypt's steps to attract FDIs According to the Central Bank of Egypt, Egypt’s non-oil business sectors were responsible for the lion’s share of net FDI inflows during 1Q of the current FY 2022/23 (July-September 2022). The Egyptian government is taking various initiatives and decisions to attract more foreign investments and boost the private sector. Last week, Egypt's newly restructured Supreme Council for Investment approved 22 decisions to encourage FDIs and private investments in Egypt. The decisions include many proposals for legislative amendments for the government, including reducing the cost of establishing companies, simplifying the required approval procedures and their duration, and expanding the issuance of the Golden Licence. Egypt is implementing a broad privatization programme to offer 32 state-owned companies operating in 18 sectors to strategic investors within a year under an economic reform programme with the IMF. |
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