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Egypt
09.01.24 14:17
Economics

Egypt aims at increasing the private sector's contribution to employment by 90 per cent by 2030

The Cabinet has presented a research project

The Egyptian Cabinet has prepared a research project titled "A document on the most significant strategic directions of the Egyptian economy for the new presidential term (2024-2030)". The paper prioritises the Egyptian economy until 2030 in terms of macroeconomic trends and specific strategies. This is reported by Daily News Egypt, a partner of TV BRICS.

It outlines eight strategic directions for the Egyptian economy for 2024-2030, which include:

  • Achieving strong, inclusive, sustainable and balanced economic growth in the range of 6 to 8 per cent;
  • adopting predictable economic policies that support macroeconomic stability, and implementing a programme on increasing foreign exchange earnings to USD 300 billion by the end of 2030. This includes attracting $100 billion (9 trillion roubles) in foreign direct investment and doubling the export growth rate to at least 20 per cent per annum;
  • increasing the growth rate of tourism revenues by 20 per cent per annum, to $45 billion (RUR 4 trillion), and increasing the growth rate of Suez Canal revenues by about 10 per cent per annum, to $26 billion (RUR 2.3 trillion) in 2030;
  • increasing the private sector's contribution to employment from 60 per cent in 2022-2023 by 90 per cent by 2030;
  • establishing ten specialised export zones in several targeted provinces in Egypt with equipment and licences and developing ten export industrial clusters;
  • identifying ten major export markets and establishing a national academy for technical training according to the specialisation of the targeted economic regions. This will be realised through industrial technical training for at least 500,000 trainees per year.
  • implementing strategies, plans and programmes that promote the efficiency of economic sectors leading to the economic recovery of the Egyptian state;
  • strengthening the foundations of a sustainable, competitive, knowledge-based economy by supporting the role of research and development, accelerating the transition to industrial revolution technologies and making steady progress towards a green economy.
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