The government had announced in May that it would be holding a three-month societal dialogue on the document.
The State Ownership Policy Document identifies the sectors from which the state plans to withdraw, decrease, or increase its presence over the coming three years.
Over the next three years, the private sector's participation in public investments will rise to 65 percent, up from 30 percent currently, Madbouly said in a panel discussion today with a group of experts and specialists.
Madbouly said that this is part of the state’s plan to maintain a growth of 7 percent or more for the Egyptian economy in the coming period despite global challenges.
Officials, economists and representatives from the parliament, the private sector, the academic community, the Federation of Egyptian Industries, and the Federation of Egyptian Chambers of Commerce attended the discussions Monday.
Dialogue platform, mobile app
The newly-launched digital platform aims to enhance the mechanisms of communication between the government and the private sector, empowering the private sector to participate with the government in economic policymaking, a statement by the Cabinet said.
By accessing the platform, experts and specialists will be able to share their opinions and suggestions and participate in the dialogue regarding the different sectors included in the document, such as education, healthcare, agriculture, and communications.
Also, citizens will be allowed to follow up on the dialogue developments and recommendations published on the platform, the statement noted.
Moreover, the Cabinet also launched a mobile app named ‘Sharek’ that provides information about the document as well as regular news about the state’s activities in this regard.
The dialogue with the experts aims to reach a consensus about the activities from which the government will withdraw and the requirements of the private sector to increase its presence, the Cabinet statement noted.
Close look at ownership policy document
The document is a continuation of the reforms adopted by the Egyptian state, Madbouly said during the panel discussion, affirming that the state seeks to implement the second phase of the country’s 2021 structural reform program and a program to monetise assets worth $10 billion annually.
The state is also keen to launch a package of investment incentives, especially green incentives, develop the system for acquiring land plots for industrial projects, improve the competition climate, and support competitive neutrality, Madbouly added.
According to the document, areas the government intends to exit within three years include a number of activities in the agricultural sector and grains, with the exception of wheat.
Areas that will see the government’s exit also include drinking and sewage water, communications and information technology, accommodation services, and food and beverage services.
Areas where the government may maintain or reduce its presence include a number of activities in the transportation sector, education, water sector, mining, power, real estate, mobile phone services, and sports.
On the other side, the government seeks to maintain or increase its investments in some activities in education, water, the Suez Canal, healthcare, social work, wholesale trade and power transmission.
In May, Assistant Prime Minister Osama El-Gohary said the document is expected to help reassure local investors, lure foreign investments and boost the confidence of international institutions in the Egyptian economy.
Expanding the private sector’s role
President Abdel-Fattah El-Sisi asserted in a December speech that the state seeks to encourage non-state-run companies to participate further in housing, agricultural, energy, transport, and road projects.
El-Sisi, who has repeatedly invited the private sector to participate in new projects, also said in December that Egypt was implementing – in partnership with the private sector – development projects "worth EGP 1.1 trillion, and these projects have created jobs for more than 3 million families."
Amid global crises, Madbouly said in May that a four-year private sector partnership programme, worth EGP 40 billion, would be declared soon.
Madbouly’s made the remarks in a briefing held to explain the country's plan to handle the repercussions of the global crises on the Egyptian economy, during which he noted that the Ukraine crisis has cost Egypt EGP 130 billion in direct losses owing to the spike in commodity prices and increased interest rates.
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