Egypt needs to empower private sector – ex-investment minister Bahaa El-Din

Egypt needs to enforce existing laws regulating businesses to attract more investors, which shall support the country’s gross domestic product and economic activity, according to former Minister of Investment Ziad Bahaa El-Din on Sunday.

Bahaa El-Din remarks came during his participation on the first day of the Egyptian Economic Conference (EEC 2022) held at New Administrative City (NAC).

Egypt’s private sector absorbs 78.4 percent of the labour force in the Egyptian market, said the Minister of Planning and Economic Development, Hala al-Saeed.

al-Saeed added that the government has taken measures to empower the private sector and raise its contribution to 60 percent of GDP.

These measures included drafting the state ownership policy document, making amendments to Law No. 67 of 2010 that regulates partnerships between the state and the private sector.

In addition to that the government enhanced Law No. 77 of 2017 that grants the golden licence to investors and offered incentives on green investments, al-Saeed mentioned.

The measures also contained implementing of the competitive neutrality policy, establishing a sovereign wealth fund in Egypt, and transforming Suez Canal Economic Zone into a global logistical and industrial centre.

However, al-Saeed stressed on Egypt’s structural reform programme launched in April 2021 as the second phase of the country’s economic reform programme adopted since November 2016.