FILE - Minister of Planning Hala al-Said
CAIRO - 29 June 2024: H.E. Dr. Hala El-Said, Minister of Planning and Economic Development, delivered a comprehensive address today at the Egypt-EU Investment Conference, setting the stage for robust discussions on economic reform and investment opportunities. The conference, themed "Unleashing Egyptian Potential in a Rapidly Changing World" and under the patronage of President Abdel Fattah El-Sisi, attracted a prestigious gathering including Ursula von der Leyen, President of the European Commission, Dr. Mostafa Madbouly, Prime Minister of Egypt, and an array of senior officials from Egypt, EU member states, and global business leaders.
Dr. El-Said's keynote speech highlighted Egypt's steadfast commitment to ongoing structural reforms aimed at enhancing economic resilience and fostering sustainable growth across key sectors. Emphasizing the continuity of reform efforts since 2014, Dr. El-Said outlined four strategic pillars driving Egypt's economic transformation.
The first pillar focuses on bolstering productivity across critical sectors such as industry, agriculture, information technology, tourism, and logistics. These efforts are designed to fortify Egypt's economy against external shocks and capitalize on emerging opportunities in the global market.
Under the second pillar, Dr. El-Said underscored the pivotal role of the private sector as a key partner in development. She highlighted recent policy reforms and legislative measures aimed at creating an enabling environment for private investment. Initiatives include currency exchange liberalization, financial sector reforms, and targeted incentives for green and sustainable investments, with the government covering up to 30% of initial costs. Small and medium-sized enterprises (SMEs) benefit from a five-year tax exemption, further stimulating entrepreneurial activity.
Infrastructure development emerged as a cornerstone of Egypt's economic strategy, with substantial investments directed towards expanding transport networks and modernizing ports along the Red and Mediterranean Seas. These initiatives are pivotal in reinforcing Egypt's position as a strategic global trade hub and enhancing connectivity within the region.
Addressing labor market dynamics, Dr. El-Said highlighted Egypt's youthful demographic dividend, emphasizing investments in technical, vocational, and technological education to equip the workforce with skills aligned with evolving industry needs.
Social welfare initiatives also featured prominently in Dr. El-Said's address, with particular emphasis on the "Hayah Karima" initiative—a landmark development project providing essential services including sanitation, healthcare, and education to rural communities, benefiting over 50% of Egypt's population.
Gender equality and family welfare were highlighted as integral components of Egypt's development agenda, with initiatives aimed at empowering women economically and socially. Dr. El-Said underscored the importance of these initiatives in fostering inclusive growth and societal progress.
On the economic impact of recent reforms, Dr. El-Said noted significant strides in attracting private sector investments, citing 65 investment opportunities spanning 14 sectors over the past three years. She highlighted the private sector's increasing role, accounting for 80% of Egypt's workforce and 70% of national production, according to data from the Central Agency for Public Mobilization and Statistics.
Turning to the Sovereign Fund of Egypt, Dr. El-Said described it as a pivotal mechanism for driving public-private partnerships and strategic investments in key sectors such as renewable energy and transportation infrastructure. The fund's initiatives aim to leverage Egypt's competitive advantages and foster innovation-led growth.
Looking ahead, Dr. El-Said reaffirmed Egypt's commitment to nurturing innovation and entrepreneurship, with ongoing efforts to revitalize underutilized assets through collaborative ventures with the private sector.
In closing, Dr. El-Said highlighted the Sovereign Fund's achievements, including 17 transformative projects executed in collaboration with domestic and international partners. These projects have mobilized significant investments, with domestic contributions totaling EGP 52 billion and foreign inflows amounting to USD 5.1 billion over the past four years.
The Egypt-EU Investment Conference continues to serve as a platform for fostering dialogue, collaboration, and investment partnerships aimed at unlocking Egypt's vast economic potential amid evolving global dynamics.
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