Egypt Independent

Officials bank on graft-free image to attact foreign investors



A decline in corruption since the 25 January revolution is likely to lead to an increase in foreign investment in Egypt, said Osama Saleh, Chairman of the Egyptian General Authority for Investment and Free Zones (GAFI), during a press conference on Sunday.

Saleh said the revolution had succeeded in changing the perceptions of global investors and international establishments towards the Egyptian market.

Before the revolution, he said, Egypt ranked among the top ten on the international corruption list, a fact that had impeded the flow of investments into the country. He said that he expects Egypt's ranking to decline during the coming period, which would help in attracting foreign investment.

Saleh said that GAFI had a strategy in place to attract foreign investment, and that it had begun the implementation phase by contacting investors in Europe and the United States. However, he declined to disclose further details.

Saleh added that foreign investors were still unsure as to when security would return to Egypt and the political turmoil would end.

Translated from the Arabic Edition