Recent research has shed light on Egypt’s economic aspirations for expanding its exports, with Prime Minister Mostafa Madbouly setting a target of achieving an annual export growth rate of 15 to 20%, currently standing at $53 billion. The ambitious agenda aims to boost exports to over $145 billion by 2030.
During a visit to factories in the 10th Ramadan Industrial City, located around 55 km from Cairo on March 30, 2024, the Prime Minister expressed optimism about an upcoming economic recovery later in the year. He emphasized the significant progress made in the Suez Canal Economic Zone (SCZone), a top-tier free zone located adjacent to the newly expanded Suez Canal, where substantial multi-billion dollar agreements with global investors have been recently finalized. These deals are expected to generate thousands of job opportunities.
Madbouly also mentioned that efforts were underway to address the dollar crisis, with continuous monitoring of foreign currency inflows in collaboration with the Central Bank governor. However, he acknowledged that a complete return to normalcy would take time.
These developments underscore Egypt’s commitment to enhancing economic growth, attracting foreign investment, and promoting job creation. The focus on elevating exports and fostering employment opportunities reflects a strategic vision aimed at solidifying Egypt’s global economic position.
It is imperative to closely track the progress of these economic endeavors, as their success not only stands to benefit Egypt’s economy but also holds the potential to positively impact the wider regional economic landscape.
Please find below relevant links for further reading on this topic:
1. Egypt Independent – PM: Egypt’s Economy Will Return to Normal by End of 2024