Egypt was recently ranked fifth in the world in the remittances of workers abroad said Ambassador Nabila Makram, Minister of Immigration & Egyptian Expatriates Affairs
Ambassador Nabila Makram, Minister of Immigration & Egyptian Expatriates Affairs, and Mohamed Farid, Chairman of the Egyptian Exchange, rang the bell to open trading today and closed the session by signing a MoU to boost Egyptian Expat activity in the local stock exchange.
The MoU is aimed at enhancing cooperation and coordinate efforts to raise awareness on the basics of investing in the stock exchange to Egyptian expats living abroad, to increase their investments in the Egyptian stock market.
Makram told press that remittances from Egyptians abroad are one of the largest sources of foreign currency for Egypt right now,
Egypt was recently ranked fifth in the world in the remittances of workers abroad, she added.
Makram attributes this to Egyptian expats’ confidence in the political leadership and investment climate in Egypt and the economic reform program and the stability of the exchange rate.
She also highlighted her ministry’s desire and keenness for Egyptians living abroad to diversify their investments in Egypt through reviewing cooperation with the Egyptian Stock Exchange and companies operating in the field to provide information about the various investment tools in the Egyptian capital market, to encourage Egyptians abroad to invest in them.
According to the protocol, Egyptians abroad will be introduced to the Egyptian money market and electronic trading, and promotional campaigns will be organized for investment in the stock exchange, as well as benefiting from the expertise of Egyptians abroad who specialize in developing the money market,
This includes encouraging Egyptians abroad to invest in the money market, which will lead to Increasing Egyptian investments abroad and supporting the national economy.
EGX head Farid praised the ministry’s eagerness, highlighting that this comes as a continuation of the efforts made by the stock market’s administration to enhance liquidity and stimulate trading.
He added that the Egyptian state seeks to spread the culture of investment in all sectors of the Egyptian people, as well as work to integrate the masses of Egyptians into the economic life, especially Egyptians abroad, in conjunction with the Egyptian Stock Exchange launching a wide media campaign to raise awareness and culture.
