Minister of Planning and Economic Development Concludes Participation in "Investment, Industry, Export - Golden Triangle" Conference

H.E. Dr. Hala El Said, Minister of Planning and Economic Development, wrapped up her involvement in the "Investment, Industry, Export - Golden Triangle" conference organized by the Egyptian Businessmen's Association. The conference, held under the auspices of the Prime Minister, brought together high-ranking government officials, parliamentary representatives, Egyptian private sector entities, and experts.

In her closing remarks, Dr. Hala El Said underscored the conference's importance as a continuation of the Egyptian Businessmen's Association's pivotal role over four decades in harmonizing efforts between the Egyptian business community and the government for comprehensive economic and social development. She emphasized the conference's focus on investment, industry, and export, which are key pillars of Egypt's developmental agenda.

El-Said addressed the unprecedented global economic and geopolitical challenges and their impact on development efforts, stressing the need for coherence between fiscal and monetary policies during crises.

Regarding Egypt's development amidst challenges, El Said highlighted the National Program for Structural Reforms, aiming to enhance the real sector's contribution to the economy, bolster the private sector, enhance labor market efficiency, and instigate structural reforms to bolster economic resilience, competitiveness, and sustainable growth.

El-Said outlined the program's emphasis on increasing the relative weight of manufacturing industries, agriculture, communications, and information technology, to transform the economy into a productive one geared towards exports. She mentioned targets for a 20% annual increase in exports, reaching $140 billion by 2030.

In addition to these sectors, El Said discussed tourism and logistics, emphasizing Egypt's strategic geographic location and significant investments in infrastructure, positioning it as a vital logistics hub for trade, attracting both local and foreign investment due to its robust infrastructure.

About investment and bolstering the role of the private sector, El Said highlighted that the private sector serves as the primary employer in Egypt, contributing approximately 70% to the GDP. She underscored that pivotal sectors in the economy are spearheaded by the private sector, noting that private sector investments have reached around 40% this year, in contrast to 60% for the government. The aim is to achieve a balanced 50-50 split in the upcoming year, with the private sector's share expected to rise to 65% by the end of 2027.

El-Said emphasized Egypt's current focus on amplifying the private sector's involvement in development, through streamlining all relevant procedures and legislation to foster private sector growth and expand investment opportunities within Egypt.

In a similar vein, El Said drew attention to The Sovereign Fund of Egypt (TSFE) as the government's investment arm, designed to fortify partnerships and attract greater participation from both local and foreign private sectors to augment investments and diversify funding sources for sustainable development objectives. This involves leveraging both utilized and underutilized state assets and resources. She underscored that the majority of the Sovereign Fund's board members hail from the private sector.

El Said elucidated that the Fund's modus operandi revolves around assessing various investment prospects, whether through utilized or underutilized assets, or direct investment avenues, all aligned with Egypt's Vision 2030. She referenced subsidiary funds spanning tourism, real estate investment, heritage development, infrastructure, healthcare, pharmaceuticals, financial services, digital transformation, and the multi-issuance asset management and restructuring subsidiary fund. She stressed that the Fund's investment endeavors aim to generate added value and expand the scope of managed assets.

El Said also addressed collaborative initiatives between the Fund and the private sector to leverage the Universal Village lands in the 6th of October City for establishing a network of schools delivering exceptional educational services targeting the middle class. Additionally, she highlighted investment collaborations aimed at developing Tahrir Complex, repurposing the former Ministry of Interior headquarters into a sophisticated multi-use hub in downtown Cairo, alongside the ministries square (ministries relocated to facilitate the move to the new administrative capital), where comprehensive visions have been developed in collaboration with British and Swiss firms.

El-Said added that the Fund is actively exploring green hydrogen projects, water desalination, and new and renewable energy ventures, with ongoing assessments for establishing a subsidiary fund dedicated to industry, given its substantial employment, export potential, and interconnectivity with other sectors. She indicated that various industries are currently under scrutiny in collaboration with the private sector.

El Said noted that one of the principal pillars of the structural reform program is enhancing the efficiency and adaptability of the labor market, underscoring its transition into a dynamic, technology-driven sphere, with educational outputs necessitating alignment with its advanced dynamics. Hence, achieving harmonization between supply and demand facets within the labor market is imperative, accentuating the significance of technical and technological education. She highlighted the government's endeavors to internationally accredit a multitude of technical and technological schools and colleges, enhancing their appeal to societal members. El-Said referenced the social protection axis, spotlighting the "Decent Life" initiative aimed at elevating the living standards of citizens in rural areas.

In conclusion, El Said extended a warm reception to all private sector investment proposals with (TSFE), underscoring the pivotal importance of industry localization within Egypt.