Egypt’s FM Says Private Sector Central to Growth Amid Global Economic Pressures

Egypt’s Minister of Foreign Affairs Badr Abdelatty said on Tuesday that strengthening the resilience of global labour markets is essential to achieving sustainable development and long-term economic stability, as Egypt pushes ahead with sweeping economic reforms despite mounting regional and international challenges.

In his remarks at a panel discussion titled “Global Market Resilience” at the International Partnerships Conference in London, Abdelatty said employment and job creation remain at the core of Egypt’s economic strategy, particularly in light of the country’s large and growing youth population.

The foreign minister outlined a series of economic and structural reforms introduced by the government in recent years, saying they had helped strengthen fiscal and monetary stability, improve the investment climate and expand economic empowerment and social protection programmes.

Abdelatty described the private sector as the primary driver of economic growth, noting that the government is implementing broad measures aimed at improving the business environment, streamlining procedures and offering a range of investment incentives in line with Egypt’s State Ownership Policy Document, which seeks to expand private sector participation across the economy.

He said the reforms had reinforced investor confidence in the Egyptian economy and its ability to withstand external shocks, contributing to rising private sector investment and growing interest in opportunities across the Egyptian market.

Abdelatty noted that private sector investments increased during the first quarter of the current fiscal year, reflecting what he described as a broader shift toward enhancing the sector’s role in job creation and the development of high-skilled employment opportunities.

The minister also raised the alarm that ongoing military escalation in the region was adding pressure to global labour markets through higher energy, food and fertilizer prices.

He said the challenges highlighted the urgent need for stronger international cooperation to safeguard global economic stability and strengthen the ability of labour markets to adapt to rapidly evolving global conditions.