Egypt's economy volume increased threefold within 6 years: Finance min.

CAIRO - 14 September 2022: Egypt's economy volume increased threefold within six years, in a way that reflects the government’s success in directing development funds to real investments, feasible projects, and initiatives that contributed to improving financial performance indicators during the fiscal year ending June 2022, affirmed Finance Minister Mohamed Maait.

 

Egypt recorded the highest growth rate since 2008 at 6.6 percent of gross domestic product (GDP) compared to a global average of 3.2 percent for emerging economies, said the minister in a statement Wednesday.

 

The minister, meanwhile, added that the public budget has achieved a primary surplus for the fifth year in a row at a value of LE 100 billion and 1.3 percent of GDP, while the budget deficit decreased from 13 percent in the 2012/13 fiscal year to 6.1 percent in the previous fiscal year, despite the current global challenges and the severe repercussions they impose on various global economies.

 

The minister affirmed full readiness to overcome all obstacles to stimulate local and foreign investments, including enhancing the Egyptian-Korean partnership to expand Egyptian production and export capabilities and provide more job opportunities.

 

The minister's remarks came during his meeting with South Korean Ambassador to Egypt Hong Jin-wook along with representatives from the Korean Businessmen Association in Egypt, the Korea Trade and Investment Promotion Agency (KOTRA) office in Cairo, the Korean community and the sub-council of the Overseas Korean Traders Association in Cairo.

 

The minister also pointed out to the distinguished ties binding the two countries, affirming support to the South Korean companies operating in Egypt.

 

The minister further extended invitation to his South Korean counterpart to attend meetings of "Finance Day", which will be held on the sidelines of the United Nations Climate Change Conference (COP27).

 

For his part, the South Korean ambassador expressed appreciation of the efforts exerted by the finance minister in promoting investments of Korean investments in Egypt.

 

He further lauded the continued consultation and cooperation between the government and the South Korean companies operating in Egypt.

 

There are more than 170 Korean companies operating in the Egyptian market, with over $800 million investments, he noted.

 

The representatives of the South Korean companies and the community, who attended the meeting, thanked Maait for this meeting, saying that it was a good opportunity to increase their awareness of the Egyptian government’s policies on supporting and promoting business activities.