GAFI chief: Egypt attracts fresh French investments

Egypt has successfully attracted a large number of global and French companies to invest in the country, CEO of the General Authority for Investment and Free Zones (GAFI) Hossam Heiba said in a statement Saturday 5/10/2024. These companies aim to benefit from Egypt's capabilities as an investment and export gateway to Africa, he added. Heiba concluded a promotional visit to France, accompanied by Minister of Investment and Foreign Trade Hassan El-Khatib. The visit included participation in the Egyptian-French Business Forum in Paris and Marseille, attended by French Minister of Foreign Trade Sophie Primas, along with more than 350 French companies. Egypt has maintained its position as the top investment destination in Africa for 2022 and 2023, with expectations to continue leading in the coming years, especially after foreign direct investments in Egypt reached a historic peak of $46.1 billion in the 2023/2024 fiscal year, Heiba said. He participated in meetings organized by the French Business Federation , which includes 7,100 French companies across various sectors. During the visit, he signed a memorandum of understanding with the French Investment Promotion Agency in the presence of Minister Hassan El-Khatib, aimed at ensuring the sustainability of investment cooperation between the two countries. The authority, in coordination with Business France, organized the forum and identified the target sectors for discussions of mutual interest. These sectors included ICT, digital transformation, financial inclusion, maritime and logistics, green energy, food manufacturing, agriculture, and healthcare. Heiba also participated in several discussion sessions on the latest developments in Egypt's investment environment. Source: State Information Service Egypt