Egypt targets investments of LE 3.4T in 4 years: Min.

Egypt aims at raising the investments to LE 3.4 trillion in the upcoming four years,Planning Minister Hala el-Saeed said Wednesday.

This came during her closing speech of the Euromoney Conference.

Saeed added that the state is now focusing on the industrial sector to raise the Egyptian exports and provide job opportunities.

Regarding the partnership between the public and private sectors, she said that Egypt took measures to boost this partnership, including the economic reform program which encourages investors to invest in Egypt and through creating opportunities of partnerships via the state IPOs program.

She clarified that the IPOs program, which is to list 23 companies on the Egyptian Exchange (EGX), will boost the activities of the bourse.

She also added that the sovereign wealth fund is one of the active mechanisms that enhances cooperation and partnership between the public sector and both the private sector and international funds.

She also stated that the expansion in the energy sector and establishing several projects as the administrative Capital helped in enhancing the partnership between public and private sector.

Regarding gross domestic product (GDP), the minister clarified that the state targets a rate of 8 percent by the end of the upcoming four years.

She noted that the GDP recorded 5.3 percent in 2017/2018, recording the highest rate in 10 year and marking a continuous growth for the sixth quarter in row.

She also added that the structure of growth is now focused on investment and not in consumption which is reflected in the decline of the unemployment rate.

She said that the axes of the economic reform program include institutional reforms which resulted in the issuance of a group of regulations, such as the investment law and bankruptcy law to encourage SMEs and to attract investors besides involving the informal sector to the economy.

The 23rd round of Euromoney Conference took place in Egypt on September 4 and 5, under the theme of Resilience and Agility.

Egypt Today Contribution Time: 05-Sep-2018 13:51 (GMT)
Egypt Today Last Update Time: 05-Sep-2018 13:51 (GMT)