Sisi Keen on New Investments, Job Opportunities

In a meeting with concerned officials, President Abdel Fattah El Sisi instructed concerned officials to maximize efforts to create new job opportunities and activation of Egyptian Sovereign Fund.

Sisi was convened Saturday with Prime Minister. Mostafa Madbouly, Dr. Hala Al-Saeed, Minister of Planning, Dr. Mohamed Maait, Minister of Finance, Ahmed Kojak, Deputy Minister of Finance for Financial Policies, Dr. Ehab Abou Eish, Deputy Minister of Finance for Treasury and Ayman Suleiman, Executive Director of Egypt Sovereign Fund.

Presidential Spokesperson Ambassador Bassam Rady said that the meeting dealt with the developments of macroeconomic indicators, while the Planning minister explained that the growth rate of GDP for the fiscal year 2018/2019 reached 5.6%, which is the best economic growth rate achieved in 11 years. 

The global economy has slowed to 3.8 percent in 2018 and is expected to reach 3 percent this year. 

The Minister of Planning said that the contribution of net exports and investment in the growth achieved in Egypt in 2018/2019 reached 80 percent, pointing out that the highest growth sectors were telecommunications, construction, tourism, Suez Canal and industry. 

Al-Saeed also pointed to the decline in the unemployment rate from 13.4 percent, the highest rate in 2013 to reach the beginning of the economic reform program to 12.4 percent in 2016, and then continue to decline due to the positive effects of economic reform to 7.5 percent in the second quarter of this year, which is A rate lower than the 2010 record of 8.9 percent.

The President directed officials to continue exerting maximum efforts to build on the positive developments in economic indicators, stressing the priority of investments that provide new job opportunities for citizens, especially youth, and focus on improving productivity and developing the capabilities and efficiency of the Egyptian workforce, especially in the areas of modern technology and communications. 

The spokesman added that the meeting also discussed the strategy of the Egyptian Sovereign Fund.

Suleiman said that the Fund aims to establish new partnerships with the local and foreign private sector to increase the contribution of the private sector in the economy and maximize its role in promoting economic growth. 

In this context, President Sisi directed the officials to activate the role of the Egyptian Sovereign Fund through partnership with the private sector. 

Moreover, Sisi stressed the importance of providing investment opportunities in new sectors so that it becomes an attractive element for the Egyptian economy, while overcoming any obstacles hindering investment.