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FINANCIAL NEWS
Egypt plans to woo foreign investors
17 Sep 2014
(MENAFN) Egypt is introducing economic reforms to help the country in its plan to re-attract foreign investments and boost domestic growth rates in order to restore its ailing economy, which is expected to need at least three years to get back to its previous state, Saudi Gazette reported.
The government announced that it would take up to five years to witness gross domestic product growth levels of more than 6 percent again, though the country expects to attract around USD10 billion in foreign direct investment, for the coming fiscal year.
These investments would mainly stem from the energy and industrial sector and be led by the Gulf countries, China and Russia.
“These good times will come again but it needs commitment and an honest facing of challenges. This time we are trying to learn from our mistakes and to put into consideration an integrated economic social reform program,” the Investment Minister said.
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