Cairo Ranked Most Attractive City in Africa for Foreign Investment
Winner winner, chicken dinner.
Cairo has been ranked the most attractive city in Africa, and 64th globally, in a UN report, The State of African Cities 2018 – The Geography of African Investment, as reported by Egypt Today.
Between 2013 and 2016, Cairo attracted investments worth US $13.7 Billion, which places it just ahead of Johannesburg, South Africa in this latest report.
The investments come mainly from the EU, the USA and the Arab states, while the UK is the largest single-country investor.
The report cites the establishment of free zones as an important factor in attracting large foreign investments, adding that such zones provide investors with incentives from “exemption from all custom duties on imports and exports in the case of free zones to the provision of infrastructure and land at low cost in the case of Industrial Zones."
Ultimately, the report attributes Cairo’s standing to its large and diverse concentration of Egypt’s labor force, its managerial competencies compared to African countries, and the ability of its companies to exploit modern technology.
Alexandria ranked as the second most attractive city for investment in Egypt, but only ranked 23rd in Africa.
Last year, Egypt placed first in Rand Merchant Bank Holdings' ranking of Africa’s top investment destinations for 2018, in a report titled Where to Invest in Africa in 2018.
Main image from Roayahnews.com
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