Egypt plans new policies to drive private sector growth in tourism, energy, health
Egypt is preparing a new package of policies and facilitations designed to increase private sector investment in targeted economic sectors, Prime Minister Mostafa Madbouly said on Sunday.
Madbouly instructed relevant ministries to draft the new measures to support the state’s comprehensive development goals, aiming to create jobs and increase production and export volumes.
The prime minister said President Abdel Fattah Al-Sisi had directed the government to stimulate private sector contributions in several specific areas. These include the Universal Health Insurance system, the “Decent Life” initiative for rural development, and the new and renewable energy sector.
The government has also prioritised industry, tourism, information and communications technology (ICT), and agriculture on its agenda.
Madbouly highlighted specific targets the new incentives would support, including increasing annual visitor numbers to 30 million in the coming years.
Regarding the energy sector, the government aims to raise the share of new and renewable energy to 42% of the energy mix in the next few years.
The prime minister stressed the importance of doubling export rates, noting promising opportunities in sectors such as the pharmaceutical industry. He also called for continued efforts to attract investment in the petroleum sector to expand exploration and extraction, thereby increasing oil and natural gas production to meet consumption needs.
Madbouly noted that current economic indicators are showing positive results, led by the real productive sectors. He stated the government is working simultaneously on reducing debt and improving services for citizens.
To achieve these goals, Madbouly emphasised the need to fully implement the provisions of the investment law and activate previously approved stimulus packages. He also pointed to the continuation of structural reforms.
Ministers attending the meeting confirmed that new facilitation packages would be announced in the coming period to attract local and foreign private investment.
Attendees included Deputy Prime Minister and Minister of Health and Population Khaled Abdel Ghaffar, Minister of Electricity and Renewable Energy Mahmoud Esmat, Minister of Finance Ahmed Kouchouk, Minister of Tourism and Antiquities Sherif Fathy, Minister of Housing, Utilities and Urban Communities Sherif El-Sherbiny, Minister of Investment and Foreign Trade Hassan El-Khatib, and Minister of Petroleum and Mineral Resources Karim Badawi. Minister of Planning, Economic Development and International Cooperation Rania Al-Mashat participated via video conference.
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