Egypt aims to double annual foreign direct investment inflows

Egypt aims to double its annual foreign direct investment (FDI) inflows from the current level of around US$12 billion, according to Minister of Investment and Foreign Trade Hassan El-Khatib. As reported by Daily News Egypt, a partner of TV BRICS. 

The minister stressed that the state is aiming for sustainable annual GDP growth of 6 to 7 per cent.

"The main indicator of growth in the coming period is the volume of investment, not just traditional indicators," El-Khatib said, speaking about Egypt's economic policy restructuring programme.

A central element of the reform agenda involves reducing the time required for investors to obtain licences. Authorities plan to shorten the process from an average of 24 months to fewer than 90 days through the introduction of a unified digital platform. The new system will replace previous procedures that involved interaction with 41 organisations and access to 460 different services.

The government has prioritised foreign trade by reducing the time required for customs clearance of goods from 16 days to 5 days, with the aim of reducing it to two days in the future. According to the minister, these measures, along with the decision to operate ports seven days a week, have led to savings of billions of dollars annually and doubled efficiency.