The Egyptian Cabinet prepared a research project titled “A document on the most prominent strategic directions of the Egyptian economy for the new presidential term (2024-2030).” The document identifies the priorities of the Egyptian economy until 2030, in terms of macroeconomic trends and specific strategies.
The document outlines eight strategic directions for the Egyptian economy for 2024-2030, which include:
- Achieving strong, inclusive, sustainable, and balanced economic growth that supports the renaissance of the Egyptian state, ranging between 6% and 8%. The document focuses on the quality of economic growth, by enhancing the contribution of exports and investments in generating output and creating 7-8 million job opportunities during that period.
- Adopting predictable economic policies that support macroeconomic stability, aiming to achieve price stability and fiscal discipline, putting public debt on sustainable paths, and implementing a program to boost foreign exchange receipts to $300bn by the end of 2030. This includes attracting foreign direct investments of $100bn and doubling the export growth rate to at least 20% annually to reach $145bn by the same year.
- Raising the growth rate of tourism revenues to 20% annually to $45bn, and enhancing the growth rate of Suez Canal revenues to about 10% annually to $26bn in 2030.
- Increasing the private sector’s contribution to employment from 60% in 2022-2023 to 90% by 2030.
- Establishing ten specialized export zones in several targeted Egyptian governorates, with facilities and licenses, and developing ten export industrial clusters with strong forward and backward linkages in terms of value added and employment, according to the document.
- Targeting ten basic export markets to increase the access of Egyptian goods to them, and setting up a national academy for technical training according to the specializations of the targeted economic regions. This is being implemented through industrial technical training for at least 500,000 trainees annually.
- Implementing strategies, plans, and programs that support the performance of the economic sectors leading the renaissance of the Egyptian state.
- Strengthening the foundations of a sustainable, competitive, knowledge-based economy by supporting the role of research and development in building the renaissance of the Egyptian state, accelerating the transition to industrial revolution technologies, and moving sustainably towards a green economy.
