The private sector is a key partner in the development process: Minister of Planning
05 October 2022
H.E. Dr. Hala El-Said, Minister of Planning and Economic Development participated on Wednesday at the fourth annual Habi Conference entitled "Empowering the Private Sector", which is held by the Egyptian newspaper Habi, in the presence of some economic experts, officials, and media professionals.
During her speech, El-Said reviewed the most important efforts and reforms implemented by the state to create a business environment and stimulate the local and foreign private sectors.
El-Said pointed out that despite the challenges, the Egyptian state has taken, in recent years, several serious measures to encourage the private sector to participate effectively in various development and investment fields.
El-Said explained that the Ministry of Planning and Economic Development held 2019 community dialogues to come up with the document of the national structural reform program, which was launched by the Prime Minister in April 2021, and is based on focusing on the productive sectors and sectors of the real economy.
El-Said pointed out that recent years have witnessed growth in all sectors, as the telecommunications sector witnessed a growth of 16%, industry 9%, tourism witnessed a strong push to move towards 45%, and other sectors.
El-Said added that one of the important axes in the structural reforms plan is the labor market, adding that Egypt enjoys a large proportion of young people under the age of 30 to 35 years, which reflects the importance of the labor market, explaining that according to the opinions of specialists, there is a gap between the outputs of the educational process and the requirements of the labor market.
El-Said stressed that work is being done to reduce that gap between supply and demand, as the focus is on the requirements of the labor market while working to adapt the output and supply according to those requirements.El-Said added that the third important pillar of the structural reform plan is to increase the participation of the private sector, as it is a key partner in the development process, noting that some measures have been taken to create the climate and increase the participation of the private sector.El-Said indicated that amendments were made to the law regulating the participation of the private sector, with the formation of a permanent joint committee from the ministries of planning and finance to expedite these procedures and projects for participation.El-Said added that some elements in the investment law have begun to be activated to give more incentives to the private sector, such as the golden license, which the investor obtains within 20 days. technological.
El-Said pointed to the establishment of The Sovereign Fund of Egypt (TSFE) to increase the participation of the private sector and motivate it to participate in various projects through a special law that gives it investment flexibility, explaining that the fund represents an important investment arm for the state that is managed by specialized cadres with international expertise in the fields of investment.