Rédaction Africa Links 24 with MENA
Published on 2024-03-31 09:55:38
Prime Minister Mostafa Madbouly has set an ambitious target for Egypt’s annual exports, aiming for a 15-20 percent growth to exceed $145 billion by 2030. Currently, Egypt’s annual exports stand at $53 billion. Madbouly made these remarks during an inspection tour of factories in the 10th of Ramadan industrial city, located 55 km from Cairo on the Cairo-Ismailia Desert Road on March 30, 2024.
During his tour, Madbouly expressed confidence in the Egyptian economy, stating that he expects it to return to normal by the end of the year. He highlighted the recent success of the Suez Canal Economic Zone (SCZone), which has secured contracts worth billions of dollars with global investors. These contracts are expected to create thousands of job opportunities, further boosting Egypt’s economy.
Madbouly also addressed the ongoing dollar crisis in Egypt, assuring the public that it is nearing its end. He mentioned that he has been closely monitoring foreign exchange inflows with the governor of the Central Bank of Egypt (CBE) on a daily basis. Despite the progress being made, Madbouly acknowledged that it will take some time for everything to fully return to normal.
The SCZone, established as a world-class free zone and trade hub along the newly-expanded Suez Canal, has been a key player in attracting foreign investment and creating economic opportunities in Egypt. With its strategic location and infrastructure, the SCZone has become a magnet for global investors looking to benefit from Egypt’s growing economy.
Madbouly’s vision for Egypt’s future exports reflects the government’s commitment to economic growth and development. By setting a goal of surpassing $145 billion in annual exports by 2030, Egypt aims to solidify its position as a key player in the global market. This ambitious target will require continued investment in key sectors such as manufacturing, agriculture, and services, as well as fostering a business-friendly environment to attract foreign investment.
As Egypt works towards achieving its export targets, the government remains focused on addressing challenges such as the dollar crisis and ensuring a stable economic environment for businesses to thrive. By implementing strategic initiatives and fostering partnerships with global investors, Egypt is poised to capitalize on its potential and emerge as a strong player in the global economy.
In conclusion, Prime Minister Mostafa Madbouly’s optimistic outlook on Egypt’s economic prospects and his commitment to driving export growth signal a positive trajectory for the country’s future. With a strategic focus on key sectors and continued investment in infrastructure and trade, Egypt is well-positioned to achieve its ambitious export targets and pave the way for sustained economic growth in the years to come.
Read Original article on Egypt Independent
