Egypt looks to double investment rates, raise private sector economic contribution to 75% by 2030

Cairo – October 28, 2024: Egypt aims to double investment rates in the upcoming phase and looks to create a conducive environment for the private sector to lead economic growth, aiming for its contribution to the national economy to reach 75 percent by 2030.

During his ongoing visit to the United States, Hassan El Khatib, Minister of Investment and Foreign Trade, participated in a discussion panel at the International Monetary Fund (IMF) annual meetings, focusing on job creation and enhancing economic growth.

The minister highlighted Egypt's economic reforms and the government's commitment to improving the business climate and facilitating foreign trade.

He noted that the economic group of the cabinet – which includes the planning and finance ministries - is actively working on various measures to facilitate processes and solve investor-related issues.

The government is prioritizing structural reforms, addressing fiscal policies, and simplifying tax procedures, including changes to tax rates and fees to enhance competitiveness.

The InvestmentMin also shared insights on the government's ongoing efforts to implement financial, monetary, procedural, and trade reforms aimed at easing conditions for investors and increasing global capital's confidence in the Egyptian economy.

El Khatib pointed out that Egypt aims to foster an open investment environment, providing opportunities for the private sector to lead economic development, assuring that the government will adopt clear, transparent, and predictable economic policies.

He highlighted four main areas of focus: monetary policy through the Central Bank, clear tax rates for fiscal policy, an open trade policy to streamline the movement of goods, and state ownership policies.

Egypt boasts a competitive business environment that positions it as a key investment destination in the region, he added.

He added that the ministry, through the General Authority for Investment, is committed to simplifying investment procedures and digitizing services, thereby enhancing investor convenience.