Egypt’s Minister of Planning and Economic Development Stresses Importance of Private Sector for Sustainable Development

In a session at the International Finance Corporation Day conference in Egypt, Dr. Hala Al-Saeed, the Minister of Planning and Economic Development, emphasized the importance of the private sector as a key element in achieving sustainable development. She highlighted that the private sector’s share in employment for the current year is 80%, and in investment, it is 40% with a target of reaching 50% next fiscal year. Additionally, the private sector’s share in the gross domestic product is expected to reach 71% this year.

Dr. Al-Saeed outlined Egypt’s Vision 2030 and its fourth main goal of developing the economy towards a diverse knowledge society. She stressed the need to modernize the labor market to meet the demands of the modern economy, especially given Egypt’s young population. The Minister also mentioned Egypt’s structural reform plan launched in 2021 to strengthen the economy and boost the private sector’s role.

The state has made efforts to simplify investment laws, develop a public-private partnership framework, and establish the Egypt Sovereign Fund to attract private investments in various sectors. Dr. Al-Saeed reiterated that fostering a dynamic economic system with private sector driving growth and development is essential for achieving development goals both domestically and internationally. She acknowledged that cooperation and coordination between all parties are crucial for achieving sustainable development in Egypt.

The session was attended by other notable figures such as Dr. Rania Al-Mashat, Dr. Mohamed Maait, Stefan Gimbert, and Engineer Tariq Tawfiq.

In conclusion, Dr. Al-Saeed highlighted that while government plays an essential role in shaping economic policies, it cannot achieve sustainable development without collaboration with other stakeholders, including private companies.

As such, she emphasized on simplifying investment laws and developing public-private partnership frameworks as crucial steps towards attracting foreign investors and promoting entrepreneurship in Egypt’s economy.

Furthermore, she reiterated her commitment to ensuring that Egyptian youth have access to education and training programs that will enable them to succeed in today’s job market.

Overall, her message underscores Egypt’s dedication towards building a prosperous future through collaborative efforts among all stakeholders involved in shaping its economic policies.