Egyptian Prime Minister Dr Moustafa Madbouly provided insights on Monday into the Egyptian government’s achievements in building a resilient economy and its ongoing efforts to enhance economic stability. Addressing the World Government Summit in Dubai, he highlighted the implementation of 144 reform measures between May 2022 and September 2023, aimed at supporting the private sector and improving Egypt’s business environment. The government’s focus is on expanding the economy, with a goal to increase the contribution of key sectors, such as agriculture, industry, telecommunications, and information technology, to 50% of the gross domestic product by 2030.
Dr Madbouly acknowledged the challenges faced by modern governments, particularly the economic impact of global crises leading to the highest inflation rates in decades. In response, the Egyptian government has implemented strategies to counter these effects, making structural changes to promote private sector involvement in growth initiatives. Over 1000 private companies are actively participating in large-scale national projects to enhance infrastructure development in the country.
Emphasizing the government’s commitment to social welfare, Dr Madbouly highlighted the Decent Life initiative, Egypt’s largest development program recognized by the United Nations for promoting sustainable development goals. This initiative aims to alleviate the burdens on the neediest strata of society.
The Prime Minister discussed challenges facing developing countries, including the financing gap for Sustainable Development Goals, estimated at around $4 trillion, and the impact of technological advancements on labor markets, with artificial intelligence applications affecting between 25-40% of jobs.
Dr Madbouly outlined the government’s efforts to increase agricultural land, enhance food security, and boost the manufacturing sector’s contribution to GDP to 20% by 2030. The government has streamlined approval processes, provided industrial land grants, and localized 152 industrial investment opportunities to achieve this goal.
Highlighting the tourism sector’s resilience, he noted a remarkable 28% growth rate in the fiscal year 2022/2023, outperforming other economic sectors. The government’s green economy transition includes a target to raise the contribution of renewable energy to 42% of the total energy capacity by 2030.
In summary, the Prime Minister showcased the Egyptian government’s comprehensive approach to economic development and resilience, addressing challenges and driving sustainable growth across various sectors.
