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Tuesday, 25 February 2020

Egypt's Sisi directs to prioritize job-creating investments

Ahram Online , Saturday 26 Oct 2019
El-Sisi
President El-Sisi during his meeting with ministers on Saturday (Photo courtesy of Presidential Spokesperson)
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President Abdel-Fattah El-Sisi has ordered to prioritize job-creating investments — particularly for youths — and to focus on improving productivity, developing the capabilities and efficiency of the Egyptian labour force.

El-Sisi's remarks came during a meeting with Prime Minister Mostafa Madbouly, Planning Minister Hala El-Saeed and Finance Minister Mohamed Maait on Saturday.

According to a statement by the Presidential Spokesman Bassam Rady, the meeting tackled the developments of macroeconomics indicators.

El-Saeed pointed out that the GDP of the 2018/2019 fiscal year achieved growth rate of 5.6%; the best rate in 11 years, though the slowdown of global economy growth rate of 3.8% in 2018 and expected to reach 3% this year.

The minister of planning stated that exports and investments have contributed by 80% to the growth achieved in Egypt in 2018/2019.

She also highlighted that the unemployment rate dropped to 7.5% in the second half of the current year, compared to its highest rate of 13.4% in 2013.

From his side, president El-Sisi directed to continue to exert maximum efforts to build on the positive developments in economic indicators.

El-Sisi also ordered to activate the role of the Egyptian sovereign fund through making partnership with the private sector and providing investment opportunities and overcome any obstacles to investments so as to create job opportunities and raise living standards of citizens.

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