May 13, 2024, 5:16 PM

In Egypt;

Private sector investments hit 40 percent of total amount

Private sector investments hit 40 percent of total amount

TEHRAN, May 13 (MNA) – The share of private sector investment in Egypt reached 40 per cent in the current fiscal year, Planning and Economic Development Minister Hala El Said stated.

The government plans to raise the figure to 50 per cent next year. El-Sayed was speaking at the session “Public Sector Meets Private Sector: Unleashing Sustainable Investment in Egypt” session at the IFC Day in Egypt conference.

The minister highlighted the significant contribution of the private sector to the country's GDP at 71 per cent and employment at 80 per cent. El Said highlighted the key role of the private sector in achieving sustainable development and job creation. This is reported by Daily News Egypt, a partner of TV BRICS.

El Said said Egypt's economic development strategy until 2030 is based on diversity and knowledge fostered by a favourable working environment. She also presented the country's structural reform plan to strengthen the private sector.

To stimulate the private sector, measures were taken to simplify investment laws and create a public property policy. Public-private partnerships were also restructured and the Egyptian Sovereign Fund was established to attract private investment in various sectors.

El Said emphasised the importance of cooperation and coordination between different parties to strengthen the country's economic system with the active participation of the private sector.

Source: TV BRICS

News ID 215088


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