Egypt, South Africa, Morocco, Ethiopia, and Kenya have all been rated as the top countries for investment attractiveness in RMB 2019 survey. Celeste Fauconnier and Neville Mandimika, RMB Africa analysts and co-authors of the publication, say efficient infrastructure is the key to uncovering opportunities and unlocking Africa’s potential.
While Ethiopia is set to be the fastest-growing economy in Africa averaging 8.2% for the next six years (which is a slight normalization from the 10% average over the last decade), Egypt was crowned Africa’s best country for investment for the second year in a row.
The top three countries from last year’s survey, namely Egypt, South Africa, and Morocco maintained their positions for different reasons.
- Egypt is the largest African market in GDP terms. It boasts the largest consumer market not only in North Africa but also in the Middle East;
- South Africa has always been a hot spot for foreign direct investment. President Cyril Ramaphosa promised to build a $100 bn book of foreign and domestic investments project;
- Morocco’s business environment has been highly enhanced since the Arab Spring. The country expects a 4% growth rate over the medium term.
Sahar Nasr, the Egyptian minister of investment and international cooperation, said that her country has implemented major projects over the last four years in the fields of infrastructure, noting that numerous international institutions have praised Egypt’s finalized projects.
Egypt is making eyes at African investors
Sahar Nasr expressed her hope that African countries will increase their investment in Egypt, which is likely to happen as Sharm El-Sheikh is set to host the Africa 2018 conference in collaboration with the Common Market for Eastern and Southern Africa (COMESA) Regional Investment Agency from 7 to 9 December with the presence of President Abdel Fattah Al-Sisi and the African presidents and prime ministers.
Founded in 1977, the RMB is a leading African Investment Bank that is part of the largest financial services groups by market capitalization in Africa (FirstRand Ltd).
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