The Ministry of Planning, Economic Development and International Cooperation Launches Dialogue with the Private Sector and International Partners to Build Strategic Partnerships Supporting Economic Development Efforts

With the participation of over 50 representatives from relevant entities:
The Ministry of Planning, Economic Development and International Cooperation Launches Dialogue with the Private Sector and International Partners to Build Strategic Partnerships Supporting Economic Development Efforts

 

H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, chaired the first meeting in a series of engagements with the private sector titled "Business Roundtable for Innovation, Development & Government Engagement" (BRIDGE). The meetings aim to increase the private sector's contribution to economic development, review investment opportunities in priority sectors in Egypt, and enhance the integration between the state's investment plans and the programs executed by development partners by encouraging public-private partnerships, blended financing opportunities, development financing, and grants for the private sector, as well as outlining opportunities in investment guarantees and corporate social responsibility.

 

The first meeting highlighted the youth and sports sector, reflecting the government's interest in developing these areas as a means to enhance human capital development. Participants included Dr. Racha Ragheb, Executive Director of the National Training Academy; Dr. Kevin Frey, CEO of the UN Generation Unlimited Initiative; Mr. Atter Hannoura, Director of the Public-Private Partnership Central Unit at the Ministry of Finance; Mr. Jeremy Hopkins, UNICEF Representative in Egypt; representatives from the Ministry of Youth and Sports; and approximately 50 private sector representatives from companies such as Decathlon Egypt, Mintra, Meta, SAP, Kraft, Shell, Henkel, among others, as well as the Sawiris Foundation for Social Development.

 

Reviewing Partnership Opportunities between the Public and Private Sectors

 

At the beginning of the meeting, H.E. Dr. Rania Al-Mashat explained that the BRIDGE Series aims to enhance effective communication with the business community and all stakeholders within the framework of cooperation between the public and private sectors and international development partners to support sustainable development. Al-Mashat added that this meeting will be followed by meetings in other sectors to develop a list of projects and enhance technical communication with relevant entities to reach constructive partnerships and collaboration opportunities between the public and private sectors and leverage various mechanisms available from development partners to enable the private sector and support the economic and social development plan.

 

Creating a Competitive Investment-Friendly Economy

 

The Minister of Planning, Economic Development, and International Cooperation presented a briefing on the government's plan within its 2024-2027 program to develop a competitive economy reliant on private investments to achieve sustainable and inclusive economic growth. H.E. Dr. Al-Mashat outlined the strategic opportunities identified by the government to enhance private sector involvement in developing Egypt's priority sectors, including joint investment opportunities and initiatives that could benefit from corporate social responsibility programs and other collaboration mechanisms suitable for the private sector in priority sectors and various governorates, contributing to localized development.

 

Developing Human Capital and Promoting Innovation

 

Al-Mashat highlighted four areas the government is focusing on to encourage private sector participation in development by building a competitive and investment-friendly economy, facilitating private sector involvement in development, enhancing human capital, and promoting innovation and technological advancement, alongside continued regulatory, institutional, and structural reforms. The Minister noted that the Ministry of Planning, Economic Development, and International Cooperation is working on several fronts to support the state's efforts and vision to create space for the private sector.

 

These efforts include aligning private sector initiatives with national strategies and visions, enhancing public-private collaboration and policy coherence, supporting development efforts through innovative approaches that ensure effective private sector participation in achieving development goals, encouraging innovation and research and development, executing international partnerships with development partners, identifying investment opportunities and market gaps, and supporting growth areas. H.E. Dr. Al-Mashat emphasized the critical role of private sector interventions in achieving development and supporting government priorities and development plans, noting that the private sector possesses financial resources, knowledge, innovative thinking, and efficiency essential for driving sustainable development and economic growth.

 

Youth as a Key Driver of Economic and Social Growth

 

H.E. Dr. Al-Mashat stated that the youth category is at the forefront of the government's action plan, representing 58% of the total population. The Minister highlighted that investing in youth is a central focus of the government’s plan, as they form a strong base for driving economic and social growth through leveraging their high energy and capabilities. She noted that investments in the youth and sports sector for the current fiscal year have increased by 20% year-on-year in areas such as infrastructure development, capacity building, sports for development, and learning and employment.

 

The UN Initiative "Shabab Balad"

H.E. Dr. Al-Mashat also reviewed initiatives undertaken by the ministry in collaboration with development partners and relevant parties to empower youth, encourage investment, and promote innovation, including the Egyptian version of the UN initiative " Shabab Balad," as well as the Hub for Advisory, Finance & Investment for Enterprises platform, which aggregates various funding mechanisms, tenders, and technical support available from development partners for the private sector, in addition to diagnostic studies and reports issued by development partners.

 

Dr. Racha Ragheb, Executive Director of the National Training Academy, expressed that investment is a priority within the academy's framework, which focuses on investing in human capital for a sustainable future, given that human capital is one of the country's greatest resources. She highlighted the academy’s work in fostering innovation and technology to achieve economic progress and its initiatives aimed at preparing individuals for executive positions.

 

Dr. Kevin Frey, CEO of UN Generation Unlimited, thanked Dr. Rania Al-Mashat for organizing these meetings, stating, and said that "three years ago, we discussed the challenges faced by youth at the World Youth Forum, since then, we have made significant progress, and that public-private partnerships are one of the mechanisms that the initiative works on to take effective action and coordinate efforts between various entities and the youth themselves to achieve the desired impact and innovate solutions that enhance development efforts."

 

Mr. Jeremy Hopkins, UNICEF Representative in Egypt, noted that Egypt was one of the leading countries in the region to adopt the Generation Unlimited initiative, known as "Shabab Balad," and that they are working to implement this initiative in collaboration with the Ministry of Planning, Economic Development, and International Cooperation and relevant entities. He highlighted that the initiative is based on several core pillars, including education, employment, entrepreneurship, training, skill development, communication, and digital inclusion, emphasizing that collaboration with the private sector is a fundamental aspect of the initiative.

 

Mustafa Magdy, Assistant Minister of Youth and Sports for Youth Policies and Development, and Mustafa Ezz-al-Arab, Assistant Minister of Youth and Sports for Community Development, outlined the ministry's strategy and vision to enhance national plans for comprehensive youth and adolescent development, promote sports participation, and improve governance in the youth and sports sector. They added that studies have shown that investing in sports yields significant returns and produces important health and wellness benefits, underscoring the economic dimensions of the sports sector, which are influenced by fundamental economic factors such as supply and demand. They noted that the ministry aims for the sports sector to contribute 3% to the GDP by 2030 and to encourage investment opportunities in this sector.

 

Private sector representatives emphasized the importance of exploring cooperation opportunities within the series of meetings organized by the Ministry of Planning, Economic Development, and International Cooperation to contribute to achieving sustainable development goals, support growth in Egypt, and advance the government's developmental agenda.