Services Account for Nearly 60% of Egypt’s FDI Inflows In FY2022/2023: CBESource: www.export-egypt.com 12/3/2023, Location: Africa |
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The services sector was the top recipient of foreign direct investments (FDI) in Egypt during the fiscal year (FY) 2022/2023, recording $5.94 billion, or 59.16 percent of that year’s total FDI, according to the External Position report released by the Central Bank of Egypt (CBE).
Among the services sector, the financial segment ranked first with $2.13 billion, followed by communication and information technology with $836 million. The Egyptian government is paying substantial attention to the services sector, especially outsourcing, whose export revenue the government hopes to double, reaching up to $9 billion by 2026. After the services sector, manufacturing came in second as a destination for FDI, with $3.34 billion. Real estate came third with $552.3 million. Egypt’s net inflows of FDI registered $10 billion in FY2022/2023, up from $8.9 billion a year earlier. |
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