Latest news with #HassanElKhatib
Zawya
12 hours ago
- Business
- Zawya
Egypt ranks 9th in 2024 global FDI attractiveness: UNCTAD
Arab Finance: Egypt has secured the ninth spot globally among the most attractive destinations for foreign direct investment (FDI) in 2024, with inflows reaching $47 billion, up from $10 billion in 2023, according to the United Nations Conference on Trade and Development's (UNCTAD) World Investment Report 2024. The country also topped the list of African nations for FDI inflows, registering a growth rate of 373%. The figures were announced at a joint press conference hosted by the Ministry of Investment and Foreign Trade at the General Authority for Investment and Free Zones (GAFI), with participation from the Ministry of Planning and Economic Development, and International Cooperation, and UNCTAD. The event was led by Minister of Investment and Foreign Trade Hassan El-Khatib, Minister of Planning Rania Al-Mashat, and Head of the Investment Research Branch in UNCTAD's Investment and Enterprise Division Richard Bolwijn. The report highlighted Egypt's climb from 32nd place in 2023 to ninth in 2024, ranking just behind countries including the US, Singapore, China, and Canada. UNCTAD attributed the sharp increase in FDI largely to the Ras El Hekma development agreement and a series of major investment deals signed in 2023. FDI inflows to Africa rose 75% overall, from $55 billion in 2023 to $97 billion in 2024, with Egypt leading the continent, followed by Ethiopia, Côte d'Ivoire, Mozambique, and Uganda. Globally, however, FDI declined by 11% year on year (YoY) to $1.5 trillion, driven by a 22% drop in advanced economies, while flows to developing countries remained stable and least developed countries saw a 9% rise. Speaking at the launch, El-Khatib said the report's findings reflect the tangible progress Egypt has made in infrastructure, digitalization, and private sector engagement.
Al-Ahram Weekly
a day ago
- Business
- Al-Ahram Weekly
Egypt ranks 9th globally among top FDI recipient countries in 2024 - Economy
Egypt ranked ninth globally in foreign direct investment (FDI) attraction in 2024, receiving $47 billion in investments, a significant leap from 32nd place in 2023, when it received $10 billion, a joint statement by the Ministries of Planning and Investment said Thursday. The announcement was made at the World Investment Report launch event, which was held by the United Nations Conference on Trade and Development (UNCTAD). This came during a press conference held at the General Authority for Investment and Free Zones (GAF) by Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat and Minister of Investment and External Trade Hassan ElKhatib. The UNCTAD report attributed the FDI jump largely to the Ras El-Hekma development project and several major deals the state inked in 2024. Egypt ranked ninth after the United States (first), Singapore, Hong Kong, China, Luxembourg, Canada, Brazil, and Australia. The report highlighted key global trends in foreign direct investment in 2024 and Egypt's position among the most attractive countries for investment, given the economic reforms implemented by the Egyptian government. It also pointed to a 75 percent increase in FDI flows to Africa, rising from $55 billion in 2023 to $97 billion in 2024. Egypt topped the list of fastest-growing and most attractive African countries for FDI, with a growth rate of 373 percent, followed by Ethiopia, Côte d'Ivoire, Mozambique, and Uganda. In her remarks, Al-Mashat highlighted that 2024 witnessed shifts in global investment patterns, with Egypt maintaining a strong presence in attracting FDI. She emphasized the government's ongoing efforts through an ambitious reform agenda, prioritizing industry, exports, and direct investment to achieve economic development. These efforts mainly focus on empowering the private sector through structural reforms promoting sustainable growth, resilience, job creation, productivity, and increased value. Minister ElKhatib also stated that Egypt's hosting of the launch of the 2025 World Investment Report reflects the country's significant progress in private sector investment, infrastructure, and digitalization. He affirmed that Egypt's vision aims to build a competitive, open, and globally integrated economy, with the private sector being the primary driver of sustainable growth. Moreover, he noted that 2024 saw transformational changes in FDI trends, including increased investor confidence and strategic partnerships. The minister pointed out that Egypt recorded its highest-ever annual increase in FDI, with the Ras El-Hekma development agreement being a major contributor to this surge. For his part, Mr. Richard Bolwijn, director of the Investment Research Branch at UNCTAD, stressed the importance of international cooperation to help developing countries overcome investment climate volatility. 'This year's findings call for renewed efforts to mobilize private investment for sustainable development, especially in economies facing structural constraints,' he stated. The 2024 World Investment Report indicated that global FDI flows declined by 11 percent, reaching $1.5 trillion in 2024 compared to $1.67 trillion in 2023. However, newly established investment projects saw a modest three percent increase, reaching 19,356 projects. Developed economies experienced a 22 percent decline in FDI, while levels remained stable in developing countries. FDI flows to the least developed countries rose by nine percent. Despite global economic challenges and geopolitical tensions, the Egyptian government plans to continue implementing economic and structural reforms to strengthen macroeconomic stability, improve the investment climate, promote the green economy, and achieve private sector-led economic growth. Follow us on: Facebook Instagram Whatsapp Short link:
Zawya
2 days ago
- Business
- Zawya
Egypt targets top 50 global business readiness ranking with key reforms
Egypt's government is targeting a position among the world's top 50 economies for business readiness and has set a three-month deadline to implement the required reforms, the country's investment minister said. Minister of Investment and Foreign Trade, Hassan El-Khatib, made the statement during the second meeting of the National Committee for the 'Business Ready' report. The meeting was hosted by the ministry and attended by Cairo Governor Ibrahim Saber and other relevant government bodies. The committee reviewed the findings of the second report issued by its technical secretariat and discussed institutional participation indicators. 'The government is targeting a position among the world's top 50 economies for business readiness,' El-Khatib said, stressing the need to implement the required measures within three months. He emphasised the need for all sectors to participate effectively by completing the report's questionnaires to ensure a realistic and effective assessment of the business environment. He noted that the required procedural reforms are not complex and can be implemented immediately, which would create a significant shift in the country's competitiveness. The minister also stressed the importance of turning current challenges into genuine reform opportunities, pointing toEgypt's existing strengths. He cited the country's advanced infrastructure, including ports and railways, a clear plan for expansion into African markets, a highly skilled workforce and engineering talent, and the availability of renewable energy sources. For his part, Cairo Governor Ibrahim Saber affirmed the governorate's full readiness to cooperate with the Ministry of Investment and Foreign Trade to address any challenges that may hinder the implementation of the targeted reforms. The meetings of the National Committee for the 'Business Ready' report are part of a state-wide effort to enhance the readiness of its institutions to apply international business standards. The initiative aims to coordinate between different government agencies and integrate their roles to build a flexible and effective institutional system capable of keeping pace with global developments and improving Egypt's investment climate.
Zawya
3 days ago
- Business
- Zawya
Egypt: Madbouly reviews progress of government IPO program in petroleum, public business sectors
Arab Finance: Prime Minister Mostafa Madbouly held a meeting to follow up on the implementation of the government's IPO program across the petroleum and public business sectors, reaffirming the state's commitment to advancing the program in line with the State Ownership Policy Document, as per a statement. The meeting was attended by Minister of Petroleum and Mineral Resources Karim Badawi, Minister of Investment and Foreign Trade Hassan El Khatib, Minister of the Public Business Sector Mohamed Shimi, and senior officials from relevant bodies. Madbouly underscored the government's focus on closely monitoring the implementation of the IPO program and the steps taken by relevant entities to ensure progress. He noted that today's discussion was part of regular efforts to track the IPO rollout in key sectors, particularly petroleum and public business, in support of Egypt's broader objective to expand private sector participation in the economy. The Prime Minister reiterated that the government remains committed to removing barriers to private investment and enabling the private sector to play a leading role in driving development, particularly in high-potential and strategic areas. During the meeting, Badawi reviewed a number of investment opportunities open to the private sector in the petroleum and mineral resources sector, stressing the ministry's intention to enhance collaboration with private investors to raise investment volumes and support national development goals. Meanwhile, Shimi presented opportunities for private investment in state-affiliated companies, highlighting sectors such as mining and tourism among those open for private participation. Additionally, El-Khatib proposed developing a clear strategic framework for the IPO process in targeted sectors, with the goal of optimizing the use of state-owned assets and creating successful public-private partnerships in alignment with the objectives of the offering program. Hence, Madbouly directed the concerned ministries to prepare a comprehensive vision for the IPO process in coordination with one another, to be submitted for Cabinet review in the coming period. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
4 days ago
- Business
- Zawya
El-Khatib meets IFC delegation to deepen partnership, support Egypt's growth agenda
Arab Finance: Minister of Investment and Foreign Trade Hassan El Khatib met with a high-level delegation from the International Finance Corporation (IFC) led by Managing Director Makhtar Diop to discuss expanding cooperation and supporting Egypt's economic development priorities, as per a statement. The meeting comes within the Egyptian government's efforts to strengthen its strategic partnerships with international financial institutions, and explore ways to improve the investment climate, enhance competitiveness, and drive sustainable economic growth. El-Khatib highlighted the importance of the IFC's role in supporting investment projects in Egypt through a range of financing tools tailored to the private sector. The discussions also revisited the outcomes of a previous meeting held in January, in which views were exchanged on cooperation priorities and the promotion of private sector participation in the national economy. Moreover, El-Khatib emphasized the need to build on previous progress to expand the scope of collaboration and advance high-impact projects with measurable economic and social benefits. The meeting also addressed frameworks for technical cooperation in connection with the World Bank's upcoming 'Business Readiness' report, with El-Khatib affirming Egypt's interest in working closely with the IFC to advance in this area. He noted that the IFC remains a strategic partner in Egypt's efforts to broaden private sector engagement and welcomed all initiatives that contribute to accelerating growth, generating employment, and supporting sustainable development. For his part, Diop praised the strength of the ongoing cooperation with the Egyptian government and reaffirmed the IFC's commitment to supporting priority projects. He also expressed the IFC's readiness to contribute to positioning Egypt as a regional hub for investment. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
