El-Khatib highlights Egypt’s economic developments at Davos Forum
Updated 1/23/2025 1:49:00 PM
Arab Finance: Egypt’s Minister of Investment and Foreign Trade Hassan El-Khatib highlighted the state’s economic developments in an interview with CNBC on the sidelines of the World Economic Forum (WEF) in Davos.
During the interview, he highlighted that the government is currently working on developing a package of legislation and legal amendments to ensure the investment environment in Egypt aligns with the rapid changes in the global economy.
He noted that foreign direct investment (FDI) into Egypt hit about $46.1 billion in 2024, compared to about $10 billion in 2023, mainly driven by the $35 billion Ras El Hikma deal.
El-Khatib also outlined the state’s goal to increase the number of tourists to 30 million annually, raising the sector’s revenues to $30 billion by 2027.
This aligns with the government’s objectives to support the national economy and create new job opportunities.
Additionally, the non-petroleum exports amounted to $40.8 billion in 2024, marking an unprecedented record in Egypt's history, the minister added.
The ministry aims to enhance the competitiveness of the Egyptian market globally, stimulate local production, and implement clear policies to lead economic development.
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