Mining industry to contribute $7 bln to Egypt’s GDP by 2030 – minister

Egypt expects the contribution of its mining sector to the gross domestic product to rise to $7 billion by 2030, Petroleum Minister Tarek el-Molla said on Monday.

The mining sector currently accounts for 0.5 percent of GDP, far below the country’s rich mining resources and capabilities.

As such, Egypt has started plans, including mining law amendments to make the industry more attractive to investors, el-Molla added.

“The amendments will make the country’s mining sector more alluring to both local and foreign investments,” the minister said.

“Our strategy targets a quantum leap in the mining sector performance. By 2030, we plan to reach $7 billion worth of the sector’s contribution to the GDP, providing 110,000 new jobs, and attracting investments up to $7 million.”

The North African country aims to boost its mining sector’s share in gross domestic product (GDP) to 2 percent in the coming five years, el-Molla said earlier in 2018.