Egypt aims to increase industry contribution to growth by 20%

The industrial sector plays an important role in the national economy, Egypt’s minister of planning and administrative reforms said on Tuesday.

Hala al-Saeed emphasized that the government hopes that this sector will achieve an extraordinary development boom in the coming period, as it is one of the fastest growing sectors with large production.

This came during a meeting with the Board of Directors of the Egyptian Federation of Investor Associations (EFIA) to discuss the opportunities presented by the industrial sector as one of the leading sectors on which the country will be highly dependent in the coming period, and the challenges of working in this sector.

“The government intends to increase the industrial sector’s contribution to economic growth to 20 percent in the current fiscal year 2018-19 from the current 15 percent,” Saeed said.

The minister pointed to the creation of a national community network that brings together public and private sector plans to target efforts in specific areas.

She explained that the government has started in the provinces of Sohag and Suez, in cooperation with the Terous Foundation, implementing projects related to environmental improvement, recycling and cultural projects in youth centers and cultural palaces.

“The government intends to increase the growth rate from 7.5 to eight percent and raise the investment rate to 25 percent by the end of the four-year plan,” Saeed noted.

Regarding the private sector, the minister said the government intends to increase the share of private investment from 58 to 60 percent of the total investment target.

The Minister reviewed the latest developments in Egypt’s Vision 2030 and what has been added in the process of updating the vision in cooperation with ministries and other stakeholders.

Issues of population, water and sustainable development of new urban cities were added, with priority given to the reform agenda and the modernization process, Saeed stressed.

She also talked about the system of programs and performances implemented by 21 ministries, adding that the government cooperates with other ministries on their implementation, increasing the efficiency of spending.