Egypt’s Minister of Planning and Economic Development, Dr. Hala Al-Saeed, emphasized the private sector’s critical role in driving employment, investment, and economic growth in the country during a session at the International Finance Corporation Day conference. She highlighted that the private sector currently accounts for 80% of employment and 40% of investment, with a target to reach 50% next fiscal year. Additionally, the private sector is expected to contribute 71% to Egypt’s gross domestic product this year.
Dr. Al-Saeed reiterated the importance of the private sector in achieving sustainable development, highlighting Egypt’s Vision 2030 goal of developing the economy towards a diverse knowledge society. She stressed the need to modernize the labor market to meet the demands of the modern economy and attract foreign investments. The Minister also discussed Egypt’s structural reform plan launched in 2021 to strengthen its economy and boost the private sector’s role.
She mentioned that the government has taken several steps to simplify investment laws, develop a public-private partnership framework, and establish the Egypt Sovereign Fund to attract private investments in various sectors. Dr. Al-Saeed reiterated her commitment to fostering a dynamic economic system with the private sector driving growth and development while acknowledging the importance of cooperation and coordination between all parties to achieve development goals both domestically and internationally.
The session included other notable figures such as Dr. Rania Al-Mashat, Dr. Mohamed Maait, Stefan Gimbert, and Engineer Tariq Tawfiq who shared their insights on how public-private partnerships can drive economic growth while mitigating risks.
Overall, Dr. Al-Saeed’s remarks underscored Egypt’s commitment towards building a diversified economy that leverages private sector participation while promoting sustainable development goals.
