Egypt targets 6.5% GDP growth by ’30

Egypt aims to achieve a GDP growth rate of 4.2 per cent in the fiscal year 2024/2025, to be increased to 5.5 per cent by 2026/2027, and 6.5 per cent by 2030, the Economic Ministerial Group outlined this plan during a meeting on Wednesday.

The ambitious plan also targets raising the share of private investments from 25.5 per cent of total investments in 2023/2024 to 70 per cent by 2030 and boosting the value of Egyptian exports.

During the meeting, Supply Minister, Hassan El Khatib, presented a statistical model predicting investment growth. He stressed the need for more investor incentives to enhance market competitiveness, digitising investment procedures, separating investors from service providers, establishing a fixed tax rate on project profits, and simplifying tax processes.

The meeting also shared a vision for investment and trade policies from 2024 to 2030, focusing on increasing Egyptian exports and productive investments, particularly in manufacturing. This vision includes a ten-year policy document aimed at boosting investor confidence and maximising the private sector’s role.

Rania Al-Mashat reviewed Egypt’s country programme with the OECD, designed to implement Vision 2030 and structural reforms across five pillars: inclusive growth, innovation, governance, statistics, and sustainable development. The programme features 35 sub-projects and a framework for monitoring and coordinating implementation.

The OECD report, which outlines challenges and recommendations, was presented to the Prime Minister, who underscored the importance of addressing these recommendations.

Prime Minister Madbouly emphasised the need to control inflation and support the central bank’s policies to ensure currency stability and a stable tax system.

Attribution: Cabinet