Egypt eyes growth, trade boost after $553 bln infrastructure investment: minister

Egypt has invested $553 billion in infrastructure over the past decade, covering roads, energy, water, housing, and other sectors, laying the groundwork for a new phase of economic growth, Investment Minister Hassan El-Khatib said on Tuesday.

Speaking to participants in Egypt’s overseas military diplomatic representation course, El-Khatib emphasised the need for sustained 6–7 percent economic growth to create jobs and improve living standards. He said foreign direct investment, which has averaged $8 to $10 billion annually, would need to double to support these ambitions.

El-Khatib highlighted reforms in monetary policy that have cut inflation from 38 percent to 12.3 percent, with a target of 7 percent, enabling lower interest rates to encourage investment and trade. Foreign currency reserves now stand at $51 billion, net foreign assets are positive at $20 billion, and remittances from Egyptians abroad have reached $37 billion.

On trade, the minister said Egypt’s challenge lies in boosting exports rather than limiting imports. He noted that 83 percent of the country’s imports are production inputs, with the remainder largely essential goods for sectors such as tourism. To increase competitiveness, customs clearance times have been reduced from 16 days to 5.8 days, with a goal of just two days, and efforts are underway to strengthen trade relations with six African countries as regional export hubs.

El-Khatib also stressed the role of digital transformation in improving Egypt’s business environment. A new platform under development will allow investors to complete company registration, licensing, and fee payments digitally. A temporary system currently provides 469 licences and services.

Attribution: Amwal Al Ghad English