After the research project for the strategic directions of the Egyptian economy.Economic welcome to the document «2024-2030». and calls to encourage productive sectorsCopy
After the Information and Decision Support Center at the Council of Ministers prepared a research project, under the title "The most prominent strategic directions of the Egyptian economy for the new presidential term (2024-2030), economists and industrialists confirmed that the research project represents a movement of stagnant waters for the Egyptian economy, which suffers due to international conditions and wars that affect the economies of all countries, and called for the importance of putting it up for societal discussion with taking executive steps to encourage investment, which is largely related to facilitating access to land and industrial licenses and providing supplies. Production.
Amr Fattouh, Vice Chairman of the Industry Committee of the Egyptian Businessmen Association and a member of the Board of Directors of Badr City Investors, pointed to his previous suggestions during a workshop at the Information and Decision Support Center at the Council of Ministers, the need to expand the granting of the golden license, as the total number of companies that were granted the golden license reached 24 companies, and called for state intervention to support the industries of production requirements, such as «polymer» to save the cost of importing it, while supporting the idea of establishing an e-commerce company with products «Made in Egypt», on To be a platform for export. He said that he called for facilitating the entry of production lines and machines to factories without any duties or customs to motivate manufacturers and importers to shift from import to industry, as well as the need to stimulate fiscal and monetary policies to encourage investment, increase the participation rates of the private sector in economic activity, and overcome obstacles facing investment, in a way that contributes to improving Egypt's position in the Global Competitiveness Index, and in a way that increases the participation rate of Egyptian and foreign private investment to reach 80% of the volume of investment, with the importance of involving experts and specialists. In formulating public policies to make the most of the national minds and expertise available in all sectors and disciplines.
Haitham El Hawary, a member of the Federation of Egyptian Industries, commenting on the announcement of the most prominent strategic directions document for the Egyptian economy, said that the economic situation is currently stable and is likely to recover with new national projects, especially in the infrastructure sector that encourages investment and will gradually improve despite the international and regional pressures pressuring the economy with the fluctuation of currency prices and the provision of production requirements and raw materials.
Al-Hawari called on the government to find new paths to open export markets, and said: The state, when developing its vision to deal with the challenges of the economy, must take innovative mechanisms to align itself with industry and agriculture, as well as support the private sector, and organize an economic conference for various experts in the productive and industrial sectors to develop a clear vision that enables the economy to recover and launch and achieve self-sufficiency for most sectors that have comparative advantages.
Ashraf Hajar, a member of the Egyptian-Lebanese Businessmen Association, called for providing bold measures and decisions to encourage productive sectors, especially those in which Egypt has promising opportunities, while providing job opportunities and attracting foreign investment.
Dr. Mostafa Madbouly, Prime Minister, has confirmed that an integrated research project has been prepared for a set of economic trends for the next stage, taking into account the variables of global conditions and sustainable development trends, as the government considers the involvement of experts and specialists in public policy-making a vital and indispensable matter to make the most of the national minds and expertise available in all sectors and disciplines. To a number of senior economists, experts and specialists, to study its ideas, in preparation for holding an expanded workshop with them, during which the Prime Minister and the concerned ministers will listen to their comments, observations and visions on the document. A brief version of the document will also be published on the "Hiwar" platform for discussion by various segments of society to enhance community participation.
For his part, Osama El-Gohary, Assistant Prime Minister, Head of the Information and Decision Support Center at the Council of Ministers, explained that the document includes policies aimed at consolidating the pillars of an economic renaissance based on raising the capabilities of local production, increasing the levels of resilience of the Egyptian economy in the face of crises, and includes policies that set on continuing to work, to improve the lives of millions of Egyptians, improve their livelihoods, spread levels of economic and human development throughout Egypt, and provide a decent life for the masses of Egyptians. It also aims to achieve balanced spatial development, consolidate the active role of the Egyptian economy internationally, and focus on supporting human capital, and more participation of women, youth and Egyptians abroad in consolidating the pillars of economic renaissance for the next presidential term.
He added that the document included many ambitious goals that the Egyptian state will seek to achieve during the period 2024-2030, in addition to including urgent action priorities in order to ensure the continuation of the pillars of the renaissance that Egyptians aspire to at all levels, at the level of eight main strategic directions, including achieving strong, comprehensive, sustainable and balanced economic growth that supports the renaissance of the Egyptian state ranging from 6% to 8%, amid a greater focus on the quality of economic growth, by enhancing the contribution of both exports. Investments in output generation, focusing on a pro-employment pace of economic growth to create 7 to 8 million jobs during that period.
The strategic directions also included the adoption of predictable economic policies that support macroeconomic stability aimed at achieving price stability, fiscal discipline, putting public debt on sustainable paths, implementing a program to enhance foreign exchange receipts with a target of $ 300 billion by the end of 2030, representing three times the current levels, as well as implementing strategies, plans and programs that support the performance of the economic sectors leading the renaissance of the Egyptian state.
It also included strengthening the pillars of a sustainable competitive knowledge-based economy by supporting the role of research and development in building the renaissance of the Egyptian state, accelerating the pace of transition to industrial revolution technologies, moving at a sustainable pace towards a green economy, as well as continuing all the gains achieved at the level of social sectors, especially the education and health sectors, improving the living standards of citizens to ensure a life that meets the aspirations of Egyptians, and playing a leading role for Egypt in the global economy by activating and maximizing the economic role of the Suez Canal, and enhancing Egypt's role. In transit trade, continuing to conclude effective international strategic partnerships, and enhancing youth participation is the main pillar of progress at a number of levels, as well as an active role for Egyptians abroad in consolidating the foundations of the renaissance of the Egyptian state.
The Assistant Prime Minister stressed that in implementation of the directives of the President of the Republic and based on the importance of the document in formulating the directions and objectives of the Egyptian economy during the new presidential term, it will be presented to national dialogues during the next two months by experts in many fields, as well as for community participation, where workshops will be held with a number of experts to discuss the topics included in the document in many axes, including the files of the economy and development and other priority topics.
El-Gohary also explained that the preparation of the document was based on the summary of the opinions of a number of prestigious local and international experts included in the integrated research project that was implemented at the Cabinet Information Center to formulate recommendations to support the solidity and flexibility of the Egyptian economy and consolidate the pillars of its renaissance, in which about 400 experts participated in 19 basic areas for the Egyptian economy, and concluded to identify 873 recommendations supporting decision-making in the short and long term, to advance the prospects of the Egyptian economy. With regard to future targets, the document was based on the ambitious visions and programs adopted by a number of concerned ministries for (2024-2030), while urgent priorities were extracted from a number of sources, foremost of which are the short-term plans for those ministries during the fiscal years (2023/2024) and (2024/2025).