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Friday, 10 April 2020

Egypt's industry sector investments rise to EGP 99.5 billion in FY2018/2019: Minister

Doaa A.Moneim , Thursday 27 Feb 2020
Hala El-Saeed
Egypt's Minister of Planning and Economic Development Hala El-Saeed during a meeting with Parliament's Industry Committee members on Wednesday (Photo courtesy of Ministry of Planning and Economic Development)
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Views: 1680

Investments by Egypt's industrial sector surged 22 percent in the 2018/2019 fiscal year to EGP 99.5 billion, Egypt's Minister of Planning and Economic Development Hala El-Saeed said on Wednesday.

The figure stood at EGP 81 billion in the previous 2017/2018 fiscal year, she added.

During a meeting with members of parliament's industry committee, the minister said investments in petroleum industries saw an increase of 95 percent during FY2018/2019, and the ministry targets increasing manufacturing investments.

Manufacturing contribution in gross domestic product by the end of FY 2018/2019, which ended in June, amounted to EGP 846 billion, up 17.9 percent from a year earlier, according to El-Saeed.

The Egyptian government is targeting a 6 percent economic growth rate next year, pushed by the industrial sector.

El-Saeed also said that petroleum, tourism, construction, real estate, agriculture, transport, logistics, and Suez Canal were among key drivers of growth in the past fiscal year.

Reviewing macroeconomic indices, El-Saeed said that economic growth rose by 5.6 percent during the second quarter of FY2019/2020, up from 5.4 percent in the same quarter of FY2018/2019, adding that the economic growth increase is stable.

She added that the government is focusing on having value added sectors be the main source of increasing economic growth, saying that the key source of the attained economic growth from 2014 until 2016 was through the consumption sector, accounting for 70 percent, which is unacceptable.

The meeting also touched upon expanding investment opportunities, making use of tapped and untapped state-owned assets, diversifying finance resources for the sake of increasing the economy's competitiveness, and setting the sustainable, inclusive economic development goals.

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