The report monitors the most prominent trends in foreign direct investment (FDI) worldwide in 2024 and Egypt's position among the most attractive countries for investment, in light of the reforms implemented by the Egyptian government.
Dr. Al-Mashat thanked El-Khatib for hosting this event. She also thanked the UNCTAD team and Rebecca Grynspan, Secretary-General of UNCTAD, emphasizing the close cooperation with Egypt, reflected in the official launch of this global report in the heart of Cairo.
She stressed the importance of the timing of the report's release, especially given the current period of global uncertainty and volatility, which are more complex than when the report was prepared. She explained that the report's findings reflect the reality of 2024, explaining that the region is undergoing radical transformations, and Egypt is determined to move forward with reforms.
Al-Mashat added that the report revealed that Egypt ranked ninth globally and first in Africa among the countries most attractive to foreign direct investment in 2024, with investments totaling $47 billion. This improved from 32nd place globally in 2023, which recorded $10 billion. This reflects the government's prioritization of empowering the private sector and attracting investment. She also pointed to the positive development in the growth rate in the third quarter of the current fiscal year, which exceeded expectations.
She pointed to the positive aspects of the report's focus on developments in Africa, particularly in Egypt, where the Ras El Hekma deal was highlighted as an innovative model that includes two components: direct investment, and a debt swap mechanism. She added that this model came at a crucial time and reflects the state's ability to use innovative tools to attract financing and investments and utilize them for its national priorities.
She also referred to the UNCTAD Secretary-General's speech, which touched on the importance of mobilizing financing for the private sector. In this context, Egypt organized an expanded conference earlier this week on financing for development and enhancing the role of the private sector in achieving growth and job creation. Furthermore, this conference serves as a true platform for embodying the principle of cooperation between international financial institutions and national governments in supporting both the investment and development agenda.
Dr. Al-Mashat emphasized that Egypt has succeeded in mobilizing more than $15.6 billion for the private sector over the past five years, noting that the relationship between trade, investment, and development is interconnected and complementary, and that enhancing private and foreign investment is one of the key ways to achieve inclusive and sustainable growth.
She added that the importance of this report lies not only in its capacity as a monitoring tool, but also as a call to action that requires greater trust among all international stakeholders. Trust is the most important currency in the international system, and in light of the successive crises facing the region and the world, maintaining and strengthening this trust requires collective effort and a unified vision.
She emphasized that Egypt must not overlook the issue of the digital divide, which today represents one of the greatest challenges facing developing countries. The problem is no longer limited to digital infrastructure; it has become more complex with the emergence of artificial intelligence, increasing the risk of some countries being left behind. While the United Nations emphasized in 2020 the slogan "Leave no one behind," this slogan remains even more urgent today, given the significant disparity in access to the modern technological revolution.