Planning min., American Chamber of Commerce discuss economy

CAIRO –23 February 2018: On Thursday, Minister of Planning and Administrative Reform Hala El Said met with a delegation from the American Chamber of Commerce, headed by Tarek Tawfik, president of the Chamber, to discuss a number of economic issues.

During the meeting, Said contended that the economic growth rate achieved comes as the result of the efforts of all operating sectors, and it is still maintaining its upward trajectory in the fourth consecutive quarter, which is indicative of the healthy economic path that the government has pursued since November 2016.

She also mentioned the reduced inflation rates that transpired over the recent period, expecting them to fall to 12 percent by the end of this year. Said added that unemployment rates have also witnessed a drop from 12.6 percent to 11.3 percent in just one year.

She noted that the Ministry of Planning is keen to involve the private sector and civil society in the development projects, noting that Egypt will voluntarily submit a report on the implementation of the goals of its sustainable development in July.

Moreover, the minister mentioned the completion of the unified planning law and the efforts exerted by the ministry to offer training programs to young people across all the governorates of Egypt as part of the government’s ambitious 2030 strategy to provide a high-quality education across the nation.

During her speech, Said highlighted the state’s general policy concerning support of micro and medium enterprises in order to empower youth, in addition to encouraging private investment, construction projects and manufacturing industries to enhance the state’s export capacity and achieve a fair distribution of the wealth among all the governorates.

For his part, Tawfik talked about the “competitiveness of the Egyptian governorates” in the economy, pointing out to the importance of wealth that is provided by investment in the real estate sector, which will contribute positively to the Egyptian economy.

Tawfik also contended the American Chamber of Commerce is keen to provide the necessary support to the government to achieve fruitful cooperation in attracting foreign direct investment and to overcome the challenges facing the private sector to spur more real estate investments in Egypt.