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On 11 July 2007, Egypt became the first Arab and first African country to sign the OECD Declaration on International Investment and Multinational Enterprises. This marks a new stage in Egypt's drive to attract more foreign direct investment (FDI). A series of policy reforms have helped to underpin a fifteen-fold increase in Egypt’s FDI between 2001 and 2006. FDI reached a record USD 9 billion in the first three quarters of its 2007 fiscal year. This compares with USD 6.1 billion for the whole of 2006.
A signing ceremony at OECD headquarters was followed by a news conference with Egypt's Minister of Investment, Dr. Mahmoud Mohieldin, and OECD Secretary-General Angel Gurría. The news conference also presented the findings of the OECD Investment Policy Review of Egypt.
Since 2006, Egypt has chaired a joint Middle-East and North Africa-OECD Investment Programme and, in November 2007, hosted the second MENA-OECD Ministerial Meeting, “Making reforms succeed: moving forward with the investment policy agenda”, with the participation of the Prime Minister of Egypt, Ahmed Nazif and the OECD Secretary-General, Angel Gurría.
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