Foreign direct investments (FDI) in Egypt hit $47.7 billion over the past five years, said Egypt Minister of Investment Mahmoud Mohieldin in his inaugural speech at an investment conference that held in Cairo on June 8th 2010.

He added that foreign investments in Egypt in the fiscal year 2004/2005 stood at $509 million while they hit in 2009/2010 $3.9 billion.

The favorable investment situation is attributed to reform measures adopted by the government, he said, adding that foreign investments in the fiscal year 2006/2007 hit $11.1 billion while they reached $13.2 billion in 2007/2008.

They declined to $8.1 billion in 2008/2009 on back of the global economic crisis, he said, adding that in the first nine months of 2009/2010 they reached $4.3 billion.

The conference is aimed at proposing new ideas for improving competitiveness of the investment atmosphere in Egypt and promoting investment financing mechanisms.

Global Arab Network