Egypt's Cabinet to present document on strategic directions of economy during Sisi's third term for national discussions

CAIRO – 7 January 2024: Egypt’s Cabinet has announced issuing a research project that includes the proposed strategic orientations for the Egyptian economy during the third presidential term of President Abdel Fattah El-Sisi, spanning 2024 to 2030.

The document includes eight proposed strategic orientations based on the consensus of experts in several key areas and the ambitious national targets for the year 2030, the Cabinet said in a statement on Sunday.

The document, prepared by the Cabinets Information and Decision Support Center (IDSC), outlines and defines the priorities for policy actions regarding the Egyptian economy until 2030. This includes the overall economic directions or sectoral and social directions supporting the renaissance of the Egyptian state.

Prime Minister Mostafa Madbouli noted that the project comes amid the ongoing conflicts and wars endured by the world, especially the Middle East, as well as the preceding crisis of the pandemic.

The comprehensive research project has been prepared for a group of economic orientations for the upcoming stage, taking into account the variables of global circumstances and sustainable development trends, stated Madbouli.

He stressed the government’s keenness to involve experts and specialists in shaping public policies to leverage their expertise in all sectors and specializations.

The document includes policies aimed at establishing the foundations of an economic renaissance based on enhancing local production capabilities and increasing the resilience of the Egyptian economy in the face of crises.

Moreover, it includes policies that prioritize continuing efforts to improve the lives of millions of Egyptians, enhance their livelihoods, spread levels of economic and human development throughout Egypt, and provide a decent life for all Egyptians.

The document also aims to achieve balanced regional development, consolidate the active role of the Egyptian economy internationally, and focus on supporting human capital. Additionally, it seeks to increase the participation of women, youth, and Egyptians abroad in establishing the foundations of the economic renaissance for the upcoming presidential term.

Main strategic directions

The document includes eight key strategic orientations, which encompass:

1- Achieving strong, comprehensive, sustainable, and balanced economic growth supporting the renaissance of the Egyptian state, ranging from 6 percent to 8 percent.

2- Adopting predictable and supportive economic policies to promote overall economic stability, targeting price stability, fiscal discipline, placing public debt on sustainable paths. In addition, the document seeks to implement a program to boost foreign currency inflows with a targeted sum of $300 billion by the end of 2030, three times the current levels.

3- Implementing strategies, plans, and programs that support the performance of leading economic sectors contributing to the renaissance of the Egyptian state.

4- Strengthening sustainable competitive economic pillars based on knowledge. This can be achieved by supporting the role of research and development in building the state's renaissance, accelerating the transition to industrial revolution technologies, and moving sustainably towards a green economy.

5- Continuously building on the achievements made in social sectors, primarily education and healthcare, and improving the citizens' living standards to ensure a life that matches the aspirations of Egyptians.

6- Ensuring a leading role for Egypt in the global economy by activating and maximizing the economic role of the Suez Canal, enhancing Egypt's role in transit trade, and continuing to establish effective strategic international partnerships.

7- Enhancing the participation of youth as a fundamental pillar of progress across various dimensions.

8- Ensuring an active role for Egyptians abroad in consolidating the foundations of the state's renaissance.

The document will be presented for national dialogues in the coming two months by experts in various fields, as well as for community participation, the Cabinet noted. Also, workshops will be held with a number of experts to discuss the topics included.

Madbouli has ordered sending copies of the document to prominent economists, experts, and specialists for studying the ideas included as a prelude to holding an extensive workshop with them.