Egypt Outlines Economic Strategy and Private Sector Empowerment to Goldman Sachs
Egypt’s Minister of Planning, Economic Development and International Cooperation, Rania Al-Mashat, recently shared updates on the country's economic reform progress and efforts to empower the private sector during a meeting with Goldman Sachs delegation including Chief Economist Farouk Soussa.
Al-Mashat stressed that maintaining macroeconomic stability is a key governmental priority since launching Egypt’s reform program, aiming to boost confidence and credibility in the Egyptian economy. “Maintaining macroeconomic stability is a priority through continuous structural reforms,” she said.
The government focuses on supporting macroeconomic stability and advancing the national structural reforms program built on three pillars:
- Strengthening macroeconomic resilience and stability
- Improving the business environment and investment climate
- Driving the transition to a green economy
Following President Abdel Fattah Al-Sisi’s directives, Egypt consolidated all investor fees and levies into a unified framework to reduce burdens and enhance public finance. A national committee now implements the World Bank’s Business Ready (B-Ready) report recommendations to strengthen the business environment and economic competitiveness.
Al-Mashat highlighted Egypt’s new economic strategy geared toward high-potential, export-oriented sectors such as non-petroleum manufacturing, tourism, transport and storage, and ICT, which have exhibited robust growth despite global challenges.
International cooperation has been crucial, with development finance for Egypt reaching $4.2 billion last year and ongoing negotiations with the European Union for an additional €4 billion in support.
Empowering the private sector underpins the new agenda, supported by the phased implementation of the State Ownership Policy Document based on:
- The sovereign fund to maximize asset returns
- The State-Owned Companies Law to regulate and restructure state enterprises for greater private sector participation
- Expansion of public-private partnerships, including IFC collaboration to enhance PPP projects in infrastructure
Looking forward, Egypt aims to drive economic growth, reduce regulatory hurdles, and position the private sector as the main engine of sustainable development.
Source: Daily News Egypt