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President Al-Sisi directs increasing private sector investment - Daily News Egypt

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President Al-Sisi directs increasing private sector investment

Cabinet meeting discusses preparations for ‘Egypt- ICF 2021’

Egypt’s President Abdel Fattah Al-Sisi reviewed the situation of the Egyptian economy during a meeting with the Ministerial Economic Group on Wednesday, in which he directed strengthening the role of the private sector and increasing its share in total investments. 

The President ordered encouraging domestic and foreign private investment, and continuing to create an attractive business climate to increase private investments, taking into account the important developmental role of the private sector, especially with regard to increasing job opportunities and growth rates.

The meeting included: Prime Minister Mostafa Madbouly, Governor of the Central Bank Tarek Amer, Minister of Planning and Economic Development, Hala El-Said, Minister of International Cooperation Rania Al-Mashat, Minister of Finance Mohamed Maait, Minister of Public Enterprise Hisham Tawfik, Minister of Trade and Industry Nevine Gamea, and President Advisor for Financial Affairs Mohamed Amin. 

The meeting also discussed preparations for the “Egypt – International Cooperation Forum (ICF): Engaging for Impact” which will be held on 8-9 September in Cairo. 

In its first edition, Egypt-ICF is an international cooperation and development financing forum, bringing state representatives from around the globe; namely the Middle East and African region, international financial institutions, development partners, stakeholders from the private and public sectors, and the civil society.

During the meeting, the officials emphasised the gradual escalation in GDP growth rates since the beginning of the current year 2021, to achieve a significant and remarkable jump to reach 7.7% in the fourth quarter of the year, despite the great challenges related to COVID-19 pandemic.

They also reviewed the positive impact of the stimulus packages adopted by the state during the pandemic period on raising growth rates, as many economic activities maintained positive growth rates.

The meeting also witnessed the presentation of the most important goals of the Egyptian economy during the next stage, which is mainly based on achieving sustainable growth by reaching high levels of investment and maintaining price stability, in addition to achieving high levels of employment and decent job opportunities. 

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