USD 11.6 bn in foreign investments incoming: Trade offices have attracted USD 11.6 bn in investments across different sectors, Head of the Trade Ministry’s Commercial Representation Authority Yehia El Wathek Bellah told Enterprise. Most of the funds are destined for the energy sector, he said, adding that other sectors include food industries, engineering, medical supplies, IT, banking, real estate, communications, ready-made garments, and textiles.

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The timeline: The projects are slated for implementation over the coming years according to individual timelines.

Among the projects: A major Italian firm is looking to invest over EUR 200 mn in two solar projects in Safaga, he said. Meetings with local authorities were organized to start implementing the project following the CEO’s visit to Egypt in March.

Indian and Turkish investors are loving Egypt: Indian and Turkish businesses across several sectors are relocating their production capacities to Egypt. There’s ongoing communication between local commercial offices and those of New Delhi and Istanbul to support this shift, he said.

India has taken a liking to homegrown green hydrogen: There’s been particularly strong interest from Indian investors in green hydrogen production following ReNew Power’s plan to build a USD 8 bn green hydrogen plant in the Suez Canal Economic Zone, El Wathek Bellah said. ReNew Power is currently taking the necessary steps to complete the project, he said.

China wants a slice of the pie too: Advanced discussions are underway with several Chinese companies over investments in textiles, fabrics, engineering goods, and transportation. Visits have been organized for a major Chinese company to explore investments in several areas, including renewable energy.

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