Minister of Planning: Focusing on strengthening foreign currency sources… and attracting foreign direct investment

Today, Dr. Hala Al-Saeed, Minister of Planning and Economic Development, participated in the round table held during the activities of the Bloomberg Emerging Markets Forum, under the title “Egypt: Economic and Investment Prospects”, in the presence of Dr. Mohamed Maait, Minister of Finance, during her presence in New York to participate in the work of the 77th session of the United Nations General Assembly .

During her speech, Hala Al-Saeed highlighted the economic performance of Egypt in recent times, the factors that distinguish Egypt as a promising investment front and gateway to Africa and Europe, as well as the opportunities of Egypt’s sovereign fund and the investment arm of the government, as well as the expectations of economic growth during the 2022/2023 fiscal year.

Al-Said indicated, according to a press release, today, Friday, that the Egyptian economy grew by 6.6% in the 2022/2021 fiscal year, compared to 3.3% last year, confirming that the economy is growing faster than expected, which is the highest growth rate since 2008.

Al-Said added that the Egyptian government expects a GDP growth of 5.5% in the 2022-2023 fiscal year, with the unemployment rate stabilizing at 7.2% during the last quarter of 2022/2021.

The Minister of Planning explained that the state is currently focusing on enhancing foreign currency sources in Egypt, in addition to working with the private sector to increase exports, attract foreign direct investment, and increase tourism revenues.

Al-Said indicated that the Egyptian government is seeking to invest heavily in infrastructure such as energy, transportation and the road network, in addition to institutional and legislative reform, pointing to a number of major projects undertaken by the Egyptian state in these areas, referring to the Benban and Jabal al-Zayt project in the energy field. He explained that all these investments aim primarily to pave the way for the private sector to have a greater role in the Egyptian economy and contribute more to development efforts.

Al-Said stressed that the Egyptian government gives priority to strengthening the role of the private sector in the Egyptian economy, as a cornerstone to stimulate sustainable and comprehensive growth, explaining that the focus in the coming period will be on directing long-term investments in key sectors such as renewable energy, water desalination, health and information technology. Communications and agro-industry.

Al-Saeed added that foreign direct investment in Egypt began to remarkably recover after the pandemic, as foreign direct investment in 2021/2020 amounted to about 5.2 billion, and it is expected to double in the 2022/2021 fiscal year.

El-Said explained that Egypt enjoys a geographical advantage as it is relatively close to Europe, which provides opportunities for enhanced partnerships in all fields, especially in the field of energy, as well as being considered a gateway to Africa, as well as the presence of a large labor market, which is reflected in a population of more than 100 million people.

El-Said stressed that Egypt is in a position to become a global center for maritime transport, as well as an industrial and logistical hub, by implementing a variety of strategic projects to improve infrastructure, adding that at the policy level, Egypt enjoys strong commercial partnerships. With the establishment of several free trade agreements.

Hala Al-Saeed also reviewed the efforts made by the Egyptian government regarding the economic reform program, which contributed to macroeconomic stability accompanied by a more favorable business environment, as well as the national structural reform program, with a focus on increasing the productive capacity and competitiveness of the economy in addition to enhancing its flexibility.

Al-Saeed pointed to the government’s presentation of a draft document “State Ownership Policy”, which sets out three directions for the state’s participation in sectors and economic activity. A subsidiary of the sovereign fund.

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