CAIRO: Minister of Industry, Foreign Trade and Investment Mounir Fakhry Abdel Nour said on Sunday the rate for establishing new companies in March was the highest in the past nine years, with 855 new companies.
The high rate of new companies reflects a positive state of investment in Egypt despite difficult circumstances and political unrest, Nour said, according to Mubasher news service. The minister said he expects to see a radical increase in the amount of investment directed toward Egypt following political stability.
Nour also said the number of established companies, and the amount of capital market and investments are expected to double in the Egyptian market after the presidential and parliamentary elections, Mubasher reported.
Egyptian investors accounted for 91.2 percent of the total capital invested in the 855 new companies, while other Arab investors invested 6.3 percent, and foreign investors invested 2.5 percent, Al Waqa’e Al Misrya reported.
Nour said the 855 new companies are expected to provide 8,191 people with new job opportunities, which will be filled by a majority of Egyptians (99.2 percent) and a small number of foreigners (.8 percent), Zawya news agency reported.
Of the new companies, approximately 34.6 percent will specialize in the service activity sector, around 34.5 percent will be in the multi-activities sector, 18.9 percent will be in the industrial sector, 3.6 percent will be in the telecommunication and information technology sector, 3.5 percent will be in the reconstruction sector, 3.4 percent will be in the agricultural sector, 1.1 percent will be in the tourism sector and .35 percent will be in the financial leasing sector, Zawya reported.