For the second year in a row, Rand Merchant Bank (RMB) announced that Egypt is the best African country to invest in among its eighth edition of Where to Invest in Africa 2019, while the minister of investment and international cooperation, Sahar Nasr, praised RMB’s rating Egypt on top of investment destinations, according to a Saturday ministerial press statement.
There were changes to this year’s top 10 countries to invest in, however, the top three countries from last year, namely Egypt, South Africa, and Morocco, maintained their positions in terms of investment attractiveness, according to RMB, noting that Egypt retained the top spot—the largest African market in gross domestic product (GDP) terms, boasting the largest consumer market in the Middle East and North Africa.
For her part, Nasr said that Egypt has implemented major projects over the last four years in the fields of infrastructure, which contributed in establishing an attractive investment environment, noting that many international institutions have praised Egypt’s finalised projects.
The minister added that RMB’s ranking of the Egyptian market, as well as other positive international reports affirm Egypt’s economic confidence and that the country is heading in the right direction following the legislation reforms.
Nasr mentioned that her ministry will continue implementing economic reforms, expanding investor service centres, and free zones in Egyptian governorates with the aim of simplifying investment procedures.
The minister expressed her hope that African countries will increase their investment in Egypt, especially, that Egypt will host the Africa 2018 conference in Sharm El-Sheikh in collaboration with the Common Market for Eastern and Southern Africa (COMESA) Regional Investment Agency, from 7 to 9 December, under the patronage of President Abdel Fattah Al-Sisi and the presence of African presidents and prime ministers.
The RMB is a leading African Corporate and Investment Bank founded in 1977 and is part of one of the largest financial services groups by market capitalisation in Africa FirstRand Limited, according to its online website.
Ranking | Country | Statement |
1 | Egypt | Egypt retained the stop spot – the largest African market in GDP terms, boasting the largest consumer market in the Middle East and North Africa. |
2. | South Africa | South Africa is currently a hot spot for foreign direct investment, with President Cyril Ramaphosa’s efforts to build a $100bn book of foreign and domestic investments project on track. |
3. | Morocco | With a growth-rate expectation of 4% over the medium term, Morocco’s operating environment and investment appeal have been greatly enhanced since the “Arab Spring.” |
4. | Ethiopia | Ethiopia is set to be the fastest-growing economy in Africa, averaging 8.2% for the next six years—a slight normalisation from the 10% average experienced over the past decade. |
5. | Kenya | Kenya delivered a diverse economy and sustained expansion in consumer demand, urbanisation, East African Community (EAC) integration, structural reforms, infrastructure development, which include an oil pipeline, railways, ports, and power generation |
