Government prioritizes empowering the private sector and attracting investments.

Egypt ranked first in Africa and ninth globally in attracting foreign direct investment (FDI) in 2024.

The region is undergoing radical transformations, and Egypt is determined to proceed with reforms.

H.E. Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, delivered a speech during the joint press conference with Engineer Hassan El-Khatib, Minister of Investment and Foreign Trade, at the General Authority for Investment (GAFI) headquarters to launch of the World Investment Report issued by UNCTAD, which highlights the main global trends in foreign direct investment in 2024 and Egypt’s position among the most attractive countries for investments, in light of the reforms undertaken by the Egyptian government.

At the beginning of her speech, the Minister of Planning, Economic Development and International Cooperation extended her thanks to the Minister of Investment and Foreign Trade for hosting the event. H.E. also extended her thanks to the UNCTAD team and Ms. Rebeca Grynspan, Secretary-General of UNCTAD, emphasizing the strong cooperation with Egypt, which is reflected in the official launch of this global report from the heart of Cairo.

Al-Mashat affirmed the importance of the timing of the launch of this report, especially in the current phase of global uncertainty and volatility which are circumstances even more complex than when the report was being prepared, and that the results of the report reflect the reality of 2024, explaining that the region is undergoing radical transformations, and Egypt is determined to move forward with reform.

H.E. added that the report revealed Egypt ranked ninth globally and first in Africa among the the most attractive countries for foreign direct investments in 2024, with investments volume of $47 billion, up from 32nd global position in 2023, which recorded $10 billion which reflects the government places empowering the private sector and attracting investments as its top priority, noting the positive development in the growth rate in the third quarter of the current fiscal year, which exceeded expectations.

H.E. pointed out the positive aspects in the report, including its focus on developments in Africa, particularly in Egypt. The report highlighted the Ras El-Hekma deal as an innovative model comprising two key components: The first is direct investment and the second is a debt-swap mechanism, adding that this model came at a crucial time and reflects the state's ability to utilize innovative tools to attract funding and investments and employ it in favor of its national priorities.

The Minister also pointed to the speech of the UNCTAD Secretary-General, which emphasized the importance of mobilizing finance in favor of the private sector. In this context, Egypt organized an extensive conference earlier this week on development finance and enhancing the role of the private sector in driving growth and creating job opportunities. This press conference is a real platform to embody the principle of collaboration between international financial institutions and national governments to support both investment and development agenda.

In this context, H.E. reaffirmed that Egypt has succeeded over the past five years in mobilizing more than $15.6 billion for the private sector, as the relationship between trade, investment, and development is complementary and interdependent, and enhancing private and foreign investment is one of the main pathways toward achieving inclusive and sustainable growth.

H.E. further added that the importance of this report comes not only as a monitoring tool, but also as a call to action that requires greater trust between all international stakeholders. Trust is the most vital currency in the international system, and in light of the successive regional and global crises, preserving and strengthening this trust requires collective effort and a unified vision.

Al-Mashat concluded by underscoring the importance of addressing the digital divide, as it represents  today one of the greatest challenges facing developing countries, and the issue is no longer limited to digital infrastructure,but has become more complex with the advent of artificial intelligence, increasing the risk of some countries being left behind. While the United Nations emphasized in 2020 the slogan "Leave no one behind", this slogan is still more urgent today, in light of the great disparity in benefiting from the modern technological revolution.