The Egyptian Cabinet plans raising investments in Egyptian market by 19 percent during financial year 2017-18, state’s Trade and Industry Minister Tarek Qabil announced Monday.
In his speech to the American business mission that is currently visiting Cairo, Qabil stated that Egypt’s GDP achieved a growth rate of 4.2 percent despite the challenges that face the national economy.
A delegation encompassing a number of American officials and businessmen is currently visiting Egypt to discuss deepening joint trade and investment cooperation as well as enhancing bilateral ties.
The Cabinet also plans to raise national economic growth rates to 6 percent within the next fiscal year and lower financial deficit to 8.5 percent in FY2018-19, the minister elaborated.
Qabil pointed out that the Egyptian government pays great attention to the economic reform through applying an inclusive strategy that aims at putting Egypt among the best 30 states all over the world in social and economic development fields.
Egypt Vision 2030 relies on three major axes; social justice, economic development, and environment protection, the minister said, clarifying that it targets upgrading living standard of the Egyptian citizen.
Egyptian Ministry of Industry is about to announce a comprehensive strategy for industrial development that depends on upgrading a number of sectors notably engineering industries, automotives, and building materials.
The strategy plans developing Small- and Medium-sized Enterprises (SMEs) through conducting feasibility studies and providing technical support.
American exporters and investors have grate chances to make use of Egypt’s large market that would enable them to enter a number of states and blocs, Minister Qabil stated.
Moreover, he emphasised on the importance of U.S. role that supports Egypt’s efforts to achieve all economic goals, pointing out to the vital role of both Egyptian and American business societies in enhancing economic growth process.