Private sector contributes to Egypt’s GDP by 70%, hires 80% of workers
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.