CAIRO - 6 June 2024: Minister of Planning and Economic Development, Hala El-Said, revealed that Egypt’s trade relations with the BRICS countries have reached a total volume of approximately $25 billion across various sectors, during her participation in the ST. Petersburg International Economic Forum 2024.
She emphasized Egypt’s advantageous geographical location and its ambition to become a prominent hub for trade, logistics, and smart logistics services, with investments over LE 10 trillion in infrastructure to support this goal.
Egypt aims to foster collaboration between its companies and those from the BRICS nations in manufacturing, joint projects, and technology transfer.
Minister El-Said highlighted that Egypt has achieved a 95 percent score in the first indicator of export diversification.
She further noted that Egypt’s share of exports to GDP has risen from 6.7 percent in 2015 to 10.7 percent in 2022, while the ratio of Egyptian services exports to GDP reached 5.7 percent in 2022.
El-Said also mentioned that Egypt’s overall trade volume with the global market has exceeded $100 billion.
Recently, El-Said noted that the FY 2024/2025 plan which targets a real economic growth rate of 4.2 percent, compared to the expected low rate of 2.9 percent in FY2023/2024.
This targeted growth rate is projected to drive Egypt’s gross domestic product (GDP) at current prices to reach LE 17.3 trillion by the end of the FY2024/2025 plan.
Furthermore, the minister emphasized Egypt’s goal to increase the percentage of private investments out of total investments from 37 percent in FY2023/2024 to 48 percent in FY2024/2025, particularly with the anticipated investments in the Ras El Hekma project.
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