UNCTAD: Egypt Named Top Investment Destination in Africa for 2023

United Nations Conference on Trade and Development (UNCTAD) has confirmed that Egypt remains the leading investment destination in Africa for the second consecutive year, despite global economic challenges.

According to UNCTAD's report, published by the Information and Decision Support Center (IDSC) of the Egyptian Cabinet, foreign direct investment (FDI) in Egypt constituted 18.6% of the total investments in Africa, which amounted to $52.6 billion in 2023.

The report highlighted significant agreements within the Suez Canal Economic Zone, including ammonia and green hydrogen projects valued at $10.8 billion. Additionally, a group of investors announced a new $4 billion deal to produce green hydrogen in Egypt.

Egypt has emerged as a key investment hub in various sectors, such as automotive, pharmaceuticals, and electronics. The introduction of the one-stop-shop system in 2023 has further streamlined investment procedures.

Since 2014, Egypt has recorded a steady increase in investment inflows, reaching $9.8 billion in 2023, up from $9 billion in 2019 and $4.6 billion in 2014. Globally, Egypt ranked 32nd in attracting FDI in 2023.

UNCTAD's report emphasized Egypt's efforts to improve its investment climate through legislative and institutional reforms, the development of financial and monetary policies, and the enhancement of the private sector's role. These measures have contributed to the resilience of the Egyptian economy and its attractiveness to foreign investments.