Heiba also stressed that Egypt is focused on further developing the local automotive industry into a regional hub through attracting major manufacturers
Egypt is looking to attract $25 billion in foreign direct investments (FDIs) within the next 5 years, explained Chairman of the General Authority of Free Zones and Investment (GAFI) Hossam Heiba in an interview on the sidelines of KSA’s Future Investment Initiative forum on Wednesday.
The GAFI head added that Egypt estimates that it will bring in around $12 billion in FDIs within the current fiscal year, which would record an annual increase ranging between 15% and 20%.
With an eye on promoting green and renewable energy projects, Egypt has signed 9 framework agreements since COP27 with investments worth $50 billion over the next 10 years, he pointed out.
Heiba also stressed that Egypt is focused on further developing the local automotive industry into a regional hub through attracting major manufacturers, and is working on bringing in new investments into the home appliances industry.
The GAFI chairman added that Egypt has already granted 5 Golden Licenses out of 26 so far to companies in that industry, with a new set of Golden Licenses expected to be granted on Thursday, October 26th.
*Edited for correction on value of expected FDIs within 5 years
