GAFI head: Egypt ranked first in Africa in terms of incoming foreign direct investments in 2022

CEO of the General Authority for Investment and Free Zones (GAFI) Hossam Heiba said Egypt was ranked first in Africa in terms of the value of incoming foreign direct investments in 2022.

Heiba made the remarks during a speech he delivered at the business and investment forum organized by the Egyptian Embassy in Beijing as part of the Foreign Ministry’s efforts to stimulate and attract foreign investments into Egypt, the Foreign Ministry said on its official Facebook page on Friday.

The official reviewed the investment incentives offered by Egypt to foreign companies, especially in a number of vital industries such as the automobile industry, home appliances, energy production and green hydrogen.

He also talked about the incentives offered in special and free economic zones in Egypt that aim to stimulate exports, including tax exemptions.

Heiba urged Chinese companies to pump more investments into Egypt and benefit from the promising opportunities the country provides in this regard.

Meanwhile, Egyptian Ambassador to China Assem Hanafi has highlighted the long history of relations between Cairo and Beijing, pointing out to the elevation of bilateral relations to the level of comprehensive strategic partnership in 2014.

He also spotted light on the development of economic cooperation between both countries.

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