Egypt achieved a growth rate during the first half of 21/2022 that amounted to 9%: Egypt's Minister of Planning & Economic Development

H.E. Dr. Hala El-Said, Minister of Planning and Economic Development, said that the government had put forward a draft document "State Ownership Policy".

El-Said explained that the document identified three directions of state ownership and its presence in economic activity, including the complete exit from the number of activities within three years, and the continued presence of the state with stabilization or reduction of government investments in some sectors.


This came during its participation in the annual Suhoor ceremony of the Egyptian Direct Investment Association, in the presence of Mr. Abdullah Al-Abyari - Chairman of the Association's Board of Directors, representatives of the private sector, and investors in many pivotal economic and development sectors.


El-Said explained that the Egyptian state has developed its national plan to achieve comprehensive and sustainable development, represented in Egypt's Vision 2030, to be the organizing framework for interim development plans and programs. Therefore, the state was keen that the preparation, formulation, and implementation of this vision be through a comprehensive community partnership.

El-Said pointed to the importance of updating the vision to reflect the changes that occurred in the economy after the successful implementation of the National Program for Economic and Social Reform in November 2016 and to ensure the consistency of the national agenda with both the UN Sustainable Development Goals 2030 and Africa's Agenda 2063.


El-Said added that the 2023/22 plan also includes careful follow-up of the executive programs of the Egyptian Family Development Plan and upgrading the characteristics of the population, including the most important axes, the most important of which are the economic empowerment of women, increasing the degree of dependence on local resources, increasing the local component in the industry, settling high-tech industries and adding value, and stimulating Private sector participation in development efforts.


On the manifestations of the Egyptian state's interest in enhancing the participation of the private sector in development efforts; El-Said said that the axis of preparing the infrastructure and improving its quality is one of the main axes of the Egyptian state's efforts to stimulate the private sector.


 She pointed to the implementation of many legislative and institutional reforms by issuing a package of laws and regulations aimed at simplifying the procedures for setting up projects and encouraging the private sector and local and foreign investment.



El-Said added that the program also includes many other supportive axes, namely improving the business environment and enhancing the role of the private sector, by facilitating and developing trade movement, creating a supportive environment for competition, organizing private sector partnership, supporting the transition to a green economy, and maintaining the sustainable use of natural resources.


The Minister of Planning and Economic Development confirmed that the legislative framework supporting the partnership between the public and private sectors has received the attention of the state.

El-Said referred to the amendments to the law regulating the participation of the private sector in infrastructure projects, services, and public utilities, which aim to further encourage the participation of the private sector in the implementation of infrastructure projects.

El-Said pointed to the "Erada" business climate reform initiative, which aims to reform the legislative and regulatory framework to ensure business stimulation and launch a program of offerings in Egypt to list several state-owned companies on the stock exchange.




 The objectives of the program include attracting local and foreign investments to the capital markets in Egypt and thus increasing the participation of the private sector in economic development.


At the end of the meeting, Dr. Hala El-Said reviewed the most important results and indicators of the Egyptian economy, noting that a growth rate was achieved during the first half of this fiscal year, which amounted to about 9%, which predicted a rapid and strong recovery of the Egyptian economy in the wake of the Corona pandemic.

 Where the economic sectors achieved positive growth rates issued by the tourism sector, manufacturing industry, communications, information technology, and construction and building.

El-Said explained that the economy is expected to be affected by some challenges and external factors, especially the Russian-Ukrainian crisis.



 Despite these challenges, El-Said affirmed that the various economic measures taken by the Egyptian government in this regard have proven their effectiveness during the current period and their ability to confront the global inflation crisis and the lack of supply chains by increasing the strategic stock of all basic commodities and materials.


El-Said pointed out, however, that the growth rate is expected to reach 5.7% this year.