Dr. Al-Mashat also participated in the first session of the conference, which focused on the industrial sector as a key driver of Egypt's economic development. The session included discussions with a select group of investors and industrialists.
In her address, the Minister of Planning and Economic
Development and International Cooperation emphasized that the Egyptian
government is pursuing a clear and well-defined plan to strengthen
macroeconomic stability, enhance resilience against global changes, improve the
flexibility of financial policies, create job opportunities for youth, and
protect vulnerable groups through comprehensive and sustainable social
programs.
She further stated that the government prioritizes
industrial development, human development, and entrepreneurship. This is
evidenced by the formation of specialized ministerial groups, demonstrating the
state's focus on export-oriented sectors, localizing industry, prioritizing
human development, and creating opportunities for startups and entrepreneurs,
ultimately fostering innovation and a knowledge-based economy.
Al-Mashat emphasized that while macroeconomic stability is
essential, it is insufficient for achieving comprehensive economic development.
Therefore, the government continues to implement the national structural reform
program. Over the past year, numerous measures have been implemented to improve
the business environment and expand private sector participation. These include
implementing the electronic investment licensing system, issuing regulations
for the energy certificate of origin, and enacting the law governing state
ownership in companies it owns or in which it has a stake, among other
initiatives.
She also mentioned the government's establishment of a one
trillion pound ceiling for public investments, and the role of the Ministry of
Planning and Economic Development and International Cooperation in monitoring
compliance with this limit across all state agencies. This aims to create more
opportunities for the private sector to once again lead the drive for
development and sustainable growth. Furthermore, the government activated the
unified public finance law to set an annual ceiling for public debt and
established a maximum for annual borrowing based on financial sustainability
criteria.
She also highlighted the positive outcomes of these efforts,
including a rise in private sector investment, which accounted for 63% of total
investments in the first quarter of the current fiscal year. Furthermore, for
the first time in 2024, concessional financing for the private sector surpassed
that allocated to the government.
The Minister of Planning and Economic Development and
International Cooperation added that her ministry is working closely with the
Ministries of Investment and Foreign Trade, and Industry to develop a strategy
for promoting foreign direct investment in Egypt (2025-2030), as well as the
National Industrial Development and Trade Promotion Strategy, in partnership
with the World Bank Group.
She emphasized that the most crucial aspect of economic
growth is not merely its quantity but its quality, including the development of
vital sectors such as non-oil manufacturing industries. This reflects the
state's focus on transitioning to productive, export-driven sectors.
The Minister announced that, in light of recent economic
developments, the National Wages Council will convene tomorrow, Sunday, to
discuss the minimum wage for the private sector.
She also discussed the growth of investments in the
renewable energy sector, noting that the government has allocated 7 billion
pounds from the development plan's reserve for the current fiscal year to
strengthen the electricity grid and integrate additional renewable energy
projects.
She added that international partnerships and development funding from external institutions are not exclusively for the government; the private sector also benefits. She emphasized that Egypt is considered an attractive platform for foreign investment and development funding due to its established credibility. Given current challenges, regional blocs and trade between Egypt and its neighboring countries will be of particular importance in the coming period.