For the second time in a row, North African country Egypt has once again emerged as Africa’s top best destination country for investments in 2019. This recent report was done by the Rand Merchant Bank (RMB) titled “Where to Invest In Africa” attributing Egypt’s top position to major factors which include the country as Africa’s highest gross domestic producer, which also has the single largest consumption market in the MENA region. Egypt happens to be the only country in Africa where the Trump empire has registered business(es).
It was observed in the report that Egypt has the most diversified market in Africa, stating that “strides have been made to improve the investment and legal business environment” with a growth forecast at 4%. According to the report, “The availability of hard currency to service debt and the depreciation of the Egyptian pound since its flotation in 2016, however, remain some of its challenges”. However, the Egyptian Minister of Investments and International Cooperation Sahar Nasr credited this success to the enormous projects that Egypt had conducted over the past four years, most especially in infrastructure. These projects were said to have encouraged investment, which in turn streamlined considerable boosts to the improvement of infrastructure.
The report shows that the large North African country is on the right track and encourages further improvement of not only the Egyptian economy but African countries at large to also strive to improve their economy and earn a spot at the top of the list. The achievement is in line with the series of legislative business-minded reforms, such as the investment law, the bankruptcy law, and others which the country has been carrying out.
The Egyptian Ministry of Investment and International Cooperation has promised to continue to expand the improvement of its services, and create new help centers for investors all over the country. It also expressed interest in furthering joint investments with African countries and utilizing the best use of their signed deals.
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