During her participation in the work of UNGA 77 in New York The Minister of Planning and Economic Development participates in the round table "Egypt: Economic and Investment Prospects" within the activities of the Bloomberg Emerging Markets Forum

H.E. Dr. Hala El-Said, Minister of Planning and Economic Development, participated today in the round table held during the activities of the Bloomberg Emerging Markets Forum, under the title "Egypt: Economic and Investment Prospects".


The forum witnessed the presence of Dr. Mohamed Maait, Minister of Finance, while she was in New York to participate in the work of the 77th session of the United Nations General Assembly.


During her speech, El-Said shed light on Egypt's recent economic performance, the factors that distinguish Egypt as a promising investment front and gateway to Africa and Europe, as well as the opportunities of The Sovereign Fund of Egypt and the government's investment arm.
El-Said indicated that the Egyptian economy grew by 6.6% in the fiscal year 2022/2021, compared to 3.3% last year, confirming that the economy is growing faster than expected, with the highest growth rate since 2008.


El-Said added that the Egyptian government expects GDP growth of 5.5% in the 2022-2023 fiscal year, with the unemployment rate stabilizing at 7.2% during the last quarter of 2022/2021.


Al-Said indicated that the Egyptian government is seeking to invest heavily in infrastructures such as energy, transportation, and the road network, in addition to institutional and legislative reform.


 El-Said also pointed to several major projects carried out by the Egyptian state in these areas, referring to the Benban and Jabal al-Zayt projects in the field of renewable energy, smart transportation projects, water and waste management projects, and others.



El-Said explained that all these investments aim primarily to pave the way for the private sector to have a greater role in the Egyptian economy and contribute more to development efforts.

El-Said stressed that the Egyptian government prioritizes strengthening the role of the private sector in the Egyptian economy, as a cornerstone for stimulating sustainable and inclusive growth.


 El-Said explained that the focus in the coming period will be on directing long-term investments in key sectors such as renewable energy, water desalination, health, information and communication technology, and agricultural industries.


El-Said added that foreign direct investment in Egypt began to recover significantly after the pandemic, as foreign direct investment in 2020/2021 amounted to about 5.2 billion and is expected to double in the fiscal year 2021/2022.



El-Said explained that Egypt has a geographical advantage because it is relatively close to Europe, which provides opportunities for enhanced partnerships in all fields, especially in the field of energy, as well as being considered a gateway to Africa, as well as the presence of a large labor market, which is reflected in a population of more than 100 million people.


El-Said emphasized that Egypt is in a position to become a global center for maritime transport, as well as an industrial and logistical hub, by implementing a variety of strategic projects to improve infrastructure.


 El-Said added that at the policy level, Egypt enjoys strong commercial partnerships with several free trade agreements.


El-Said also reviewed the efforts made by the Egyptian government regarding the economic reform program, which contributed to macroeconomic stability accompanied by a more favorable business environment, as well as the national structural reform program.

El-Said also referred to the government's presentation of a draft document "State Ownership Policy", which sets out three directions for the state's participation in sectors and economic activity.


 El-Said also drew attention to the Sovereign Fund of Egypt, the investment arm of the government, and the projects in which the fund participated, as well as the establishment of 4 sub-funds of the sovereign fund.



El-Said explained that the state is currently focusing on enhancing foreign currency sources in Egypt, in addition to working with the private sector to increase exports, attract foreign direct investment, and increase tourism revenues.