Cairo – Mubasher: Egypt plans to attract investments worth around $200 billion within the next four years, the Egyptian prime minister said.
The North African state also aims to lure further foreign direct investments (FDI) worth nearly $47 billion, Mostafa Madbouli added in his speech during the 27th edition of the Arab Economic Forum being held in Beirut.
The government has achieved the highest growth rate in 10 years of 5.3% in fiscal year 2017/2018, Madbouli highlighted, noting that the state targets a gross domestic product (GDP) growth of 5.5% or 5.6% this year.
Egyptian non-oil exports jumped by over 13% in a year, while the state’s balance of payment surplus amounted to $13 billion, Egypt’s premier indicated.
He further noted that Egypt’s foreign exchange reserves rose from $14.9 billion in June 2014, exceeding $44 billion in February.
The Egyptian government plans to gradually raise the economic growth rate from 5.5% to 8% by FY21/22, he remarked.
He also added that the government works on strengthening the role of investment by improving the business environment through digitalising and simplifying the procedures of establishing companies and cutting its cost, expansion in free zones, and setting up an integrated platform to encourage entrepreneurship.
