File Photo: During the harvesting of the crops of Sugar beet in the project of West Minya on July 24,2021. Photo courtesy of The Egyptian Ministry of agriculture and land restoration Facebook page
Egypt has increased the total investments directed to the agriculture sector in FY2021/2022 by 72 percent to reach EGP 73.8 billion (representing 5.9 percent of the country’s total investments), up from the EGP 43 billion allocated in FY2020/2021, Minister of Planning and Economic Development Hala El-Said announced on Monday.
El-Said also revealed that investments in the sector posted EGP 39.5 billion in FY2019/20.
This comes within the report prepared by the planning ministry on Egypt’s economic targets for the current FY2021/22, which is the fourth year of the government’s medium-term plan for sustainable development (FY2018/19 – FY2021/22).
The report said that the agriculture sector contributes to Egypt’s GDP with 15 percent, the workforce with 25 percent, and total commodity exports with 18 percent.
El-Said indicated that the medium-term plan targets increasing the agricultural production value by 9 percent to reach EGP 1.1 trillion (in current prices) in FY2021/22, as well as raising agricultural gross domestic production by 11 percent to record EGP 821 billion in the same FY.
The minister noted that the COVID-19 crisis has shown the great importance of the agriculture sector, particularly in meeting the citizens’ food needs without causing market bottlenecks.
It has also played a vital role in supporting Egypt’s trade balance through tapping export opportunities, which were provided amid the crisis, to enter new markets.