PM: Egypt’s govt. believes in critical role of private sector

The Prime Minister met with a group of investors from various sectors on Wednesday evening to discuss the challenges currently facing the private sector and explore potential solutions for advancing across multiple sectors. The meeting aimed to foster collaboration between the government and the private sector in overcoming obstacles and driving growth in the coming years, according to a Cabinet statement.

The Prime Minister reaffirmed the government’s strong belief in the critical role of the private sector as the engine of Egypt’s development. He highlighted that private sector investments accounted for the largest share of total public investments, underscoring their importance to the nation’s economic growth. However, he acknowledged that since 2011, the private sector’s role has naturally diminished due to the instability affecting Egypt. This uncertainty has led to a more cautious approach from investors, who have been hesitant to expand their investments. As a result, the government was compelled to increase its own public investments during certain periods to support the economy.

The Prime Minister emphasised that despite these challenges the private sector remains Egypt’s largest source of job creation, with its contributions to GDP being the most significant. Through experience, the state has come to believe that the private sector is best suited for management and operation, owing to its extensive expertise in these areas.

The discussions ultimately reinforced the government’s commitment to revitalising the sector’s role in Egypt’s development. Efforts will focus on creating a more supportive environment for investment, ensuring sustainable growth and long-term economic progress.

Attribution: Amwal Al Ghad English

Subediting: M. S. Salama