PM:Egypt aims to create 8M jobs in 6 years

CAIRO - 1 October 2024: Egypt’s Prime Minister, Mostafa Madbouly, announced the government’s ambitious plan to create 8 million jobs over the next six years, from 2024 to 2030. This initiative is part of a larger effort to sustain strong economic growth and improve employment rates in the country.

During his speech at the 48th Annual Meeting of the Arab Central Banks and Monetary Institutions Governors, Madbouly highlighted the series of reform measures taken by the Egyptian government. These reforms have enabled Egypt’s economy to withstand multiple crises and challenges over the past years, including the global pandemic and geopolitical tensions. The economy recorded an average growth rate of 4.3% between 2020 and 2023.

Madbouly also addressed the potential shifts in global labor markets due to the rapid development of artificial intelligence (AI). He stressed the need for policies that support economic growth and adapt to the changing job landscape brought on by AI advancements.

Egypt has forged investment partnerships with several Arab nations, which have significantly contributed to the country’s economic growth. Madbouly emphasized that Egypt is committed to enhancing the business environment through initiatives like the Golden License and other investment incentives across multiple sectors. These efforts aim to attract more foreign investment and stimulate long-term development.

The Prime Minister outlined the government’s development initiatives, with the Haya Karima (Decent Life) initiative being a key example. This project focuses on improving living conditions in rural villages across Egypt. Madbouly also underscored the importance of adopting new industrial strategies and tax policies to enhance the investment climate and attract more foreign capital.

Madbouly highlighted the government’s commitment to a new industrial strategy and a revamped tax policy designed to improve the overall business environment. These policies are expected to play a crucial role in attracting foreign direct investment (FDI) and fostering sustainable economic growth.

Despite global economic challenges, Egypt’s economy has shown significant resilience, achieving an average annual growth rate of 4.3% over the last four years. Madbouly credited this growth to the government’s economic reforms, support for the private sector, and implementation of the State Ownership Policy Document to enhance private sector involvement.

Madbouly acknowledged the ongoing trend of interest rate hikes by central banks around the world as they attempt to control inflation. However, he called for growth-supportive policies that also consider social dimensions and the need for economic stability.

Dr. Fahd bin Mohammed Al-Turki, Director General of the Arab Monetary Fund, addressed the challenges confronting Arab economies, including geopolitical tensions, rising unemployment, increasing debt levels, AI developments, and climate change. He emphasized the need for policies that enhance economic resilience in the face of potential shocks.

In his remarks, Hassan Abdalla, Governor of the Central Bank of Egypt, pointed out the challenges facing the region, including rapid changes in global economic conditions, uncertainties, and the impact of climate change on economies. The meeting also explored the role of central banks in addressing climate-related risks and the application of AI in the financial sector.

The 48th Meeting of the Arab Central Banks and Monetary Institutions Governors was officially opened by Prime Minister Mostafa Madbouly and Central Bank Governor Hassan Abdalla. The event gathered a large number of senior officials, representatives from international financial institutions, and banking leaders from across the globe.

This gathering underscores Egypt’s efforts to strengthen economic collaboration with Arab countries, promote sustainable growth, and prepare for future challenges in the global economy.