Egypt Records Highest Non-Petroleum Exports in 10 Yrs

On Wednesday, the Egyptian Minister of Planning and Economic Development, Hala Al-Saeed, said that Egypt recorded highest revenues of non-Petroleum exports in more than 10 years.

In a statement, the minister emphasized that the government investments implemented in the first quarter of 2020/2021 amounted to EGP 40 billion , a growth rate of 60%, of which EGP 28.4 billion are investments funded by the public treasury with a growth rate of 29%.

However, due to the precautions of the COVID-19 pandemic, the volume of Egypt’s non-oil exports dropped, in first 9 months of this year to reach $18.149 billion, compared to $18.81 billion during the same period in 2019, a decrease of 3.6%.

Al-Saeed pointed out that the sectoral structure of these investments included: housing, pre-university and university education, local development, transportation, health, irrigation, and a number of other sectors.

The country has been pushing forward with efforts to attract investors to the SCZone in recent years, highlighting the available opportunities for foreign corporations.

Egypt ranked first in Africa and second in the Arab world in attracting foreign investments in 2020, according to the statement.

Egypt's annual growth rate rose by nearly 15.5 percent during the first four months of the 2020/2021 fiscal year, attaining up to EGP 287 billion (approximately $18.23 billion), despite the consequences of the coronavirus pandemic, according to the government data.