Egypt is seeking to attract $10 billion in foreign direct investments (FDIs) annually as part of its plan to improve the country’s economic development and create more job opportunities, explained Minister of Finance Mohamed Maait yesterday.

According to a report released last week by the United Nations Conference on Trade and Development (UNCTAD), Egypt’s FDIs dropped 12% year-on-year (YoY) to $5.122 billion in 2021.

Despite this, the country ranked 2nd in Africa in terms of FDI, with Africa witnessing a surge of FDIs worth $83 billion in 2021, from $39 billion in 2020.

During a meeting with a delegation of South Korean businesses currently in Cairo, Maait added that the upcoming UN Climate Change Conference (COP27) in November will boost development and green investments in the country alongside the contribution of the private sector.

The minister also advocated for investments towards the fields of agriculture, industry, transport, energy and water, adding that Egypt will eliminate any obstacles that investors may face.

Trade exchange between Egypt and South Korea climbed by 46.9% in 2021 to record $1.8 billion, up from $1.2 billion in 2020, which mainly included oil products, cement, granite, aluminum, ready-made garments, machines and equipment, in addition to autos and medical devices, according to the Ministry of Trade and Industry.