Egypt prepares new FDI strategy to ease trade shortfalls

Egypt is preparing to unveil a foreign direct investment (FDI) strategy that includes 1,330 opportunities covering 16 industrial sectors, its investment and foreign trade minister has said.

The projects in various parts of Egypt aim to expand the non-oil sector and increase exports, to maximise hard currency earnings and ease fiscal and trade shortfalls, according to Mohamed Farid.

The government minister told local and foreign reporters in Cairo at the weekend that Egypt is working to expand partnerships with the private sector, to help achieve economic reforms recommended by the International Monetary Fund.

“Egypt is shifting from general promotion campaigns to directly targeting investors based on priority sectors and opportunities,” Farid said in statements published by his ministry. The aim is to enable “the promotion of the right opportunities to the right investors in line with the Egyptian economy’s needs and priorities”.

Farid said Egypt is already the top FDI destination in Africa, attracting nearly $15.5 billion in 2025.

He did not elaborate on the sectors to be targeted under the plan, but in a report in May the Ministry of Trade and Industry said its priorities are: garments and textiles, foodstuffs, automotive manufacturing, electrical equipment and engineering, electronics assembly, pharmaceuticals, green and renewable energy, machinery and chemicals.

The report said Egypt is targeting $100 billion in non-oil exports by 2030, which it considers to be a benchmark for its external economic balance.

• Egypt says 90% of state bank’s debt is settled
• Egyptian small businesses get $40m financing boost
• Egypt tweaks tax to woo investors and companies to bourse