Mohamed Abdel Wahab, CEO of the General Authority for Investment and Free Zones announced that net foreign direct investment (FDI) flows in the non-oil sectors during the first quarter of the current fiscal year increased by 28.2%, on an annual basis.
In a government statement issued on Sunday, Abdel Wahab said that the growth rate of the expansions in the non-oil sectors increased during the period from July to the end of last September by 22%, due to the aim of expanding industrial land leasing to investors and its positive impact in deepening the local product and increasing its exports.
This came during his meeting held by Prime Minister Mostafa Madbouly to follow up on the most important work files in the authority, and efforts to encourage and support local and foreign investments in the country.
Abdel Wahab reviewed a number of requests to implement new investments for foreign companies in Egypt, including the desire of a Spanish company to establish an agricultural project in Egypt on an area of 3,000 feddans, and to establish a factory for the manufacture and packaging of table olives; with the aim of exporting its entire production, which would provides about 500 direct job opportunities and about 3000 indirect job opportunities.
He added that a Danish company is also expected to implement a wind energy project with a capacity of 250 megawatts in the Gulf of Suez, as well as a study to increase its investments in Egypt through the implementation of projects in the field of green hydrogen production.
Meantime, Egypt's foreign ministry prepares intensive meetings with its European counterparts from both Germany and Hungary, who are expected to add new investments in the Egyptian market; in addition to meeting with
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