Egypt’s government is targeting a growth rate of 7.8%-8% by 2022, according to Hala El-Saeed, Minister of planning, monitoring, and administrative reform.
El-Saeed said that the industrial sector is contributing 6.3% to the overall growth.
During her speech at the Euro- money Conference Egypt held on Wednesday, El-Saeed noted, “we believe it is a main pillar, as it is a sector that results in growth in other sectors, as well as creating job opportunities and increasing export rates. We are expanding in the arena of industrial areas, with 13 new ones.”
On the unemployment front, El-Saeed pointed out that the government aims to create 700,000 to 900,000 jobs annually, to absorb the 650,000 to 750,000 graduates per year, as well as hiring unemployed personnel. The rate currently stands at 9.9% as of this year’s last quarter.
The government additionally intends to offer 764,000 housing units, and develop 1,600 km of road net- works, she added.
“As for creating investment opportunities, 23 public companies are eye- ing IPOs in the coming 34 months to attract investments. We established a fund to support public/private partnerships,” the minister elaborated. “In the fiscal year 2017/2018, a 5.3% growth rate was achieved—the highest in the last 10 years. Another achievement on that note is that this growth rate has been a consistent one, growing steadily over six quar- ters in a row. We are targeting an 8% growth rate in the coming four years.”
El-Saeed elaborated that the government is relentlessly working to achieve unprecedented development across all sectors. The agility and resilience of the economy are achieved locally by the reforms undertaken to make the economy more flexible and adaptable. Moreover, the government is moving toward digitising the economy and decreasing public debt, besides working on developing education to provide a skilled manpower for the job market.
The minister further explained that there are achievements over the past four years, achieved despite the various challenges that took place in the country. This in light of regional political and economic instability, saying “the government put forth a sustainable development plan in 2016 as a framework for the development process in partnership with the private sector and the civil society. This plan encouraged the private sector and supported the recovery of the economy, through enhancing the business and investment environment by enacting new laws, simplifying the due processes, and including the most needed segments in the regulations, such as the small and medium sized enterprises.”
Besides, infrastructure progress
was focused on by investing in sectors such as renewable and non-renewable energy and road networks. New mega projects have been launched such, as the Suez Canal axis.The establishment of 14 new cities took place, including New Mansura, New Assyout, and El Alamein, as well as the New Administrative Capital. These projects were vital to pave the way to attract more private sector investors.
The government also embarked on an administrative restructure to ensure sustainable development, and capacity building. This includes digitising governmental services. Furthermore, the government prioritised national security, which translates to everything related to citizens, energy and water. We are focusing on building the Egyptian citizen through the development of education, cultural, and health sectors, according to the minister.
