In a recent session at the IFC Day in Egypt conference, Minister Rania El-Sayed announced the government’s plan to increase private sector contribution to the country’s GDP to 50%. Currently, the private sector accounts for 71% of GDP and 80% of employment in Egypt.
El Said emphasized the crucial role of the private sector in achieving sustainable development and job creation. Egypt’s economic strategy until 2030 focuses on diversity and knowledge, supported by a conducive work environment. The minister outlined the country’s structural reform plan aimed at strengthening the private sector.
To boost private sector growth, initiatives have been implemented to simplify investment laws, establish a public property policy, restructure public-private partnerships, and set up the Egyptian Sovereign Fund to attract private investment across various sectors.
El Said stressed the importance of collaboration and coordination among different stakeholders to enhance Egypt’s economic system with active private sector participation. This move is vital for the country’s long-term growth and stability.
Source: TV BRICS