CAIRO – Egyptian Minister of Planning, Economic Development and International Co-operation Rania el-Mashat said Tuesday Egyptian economy has become more stable and predictable, despite global challenges.
In an interview with CNN’s Middle East Marketplace Journalist and media Correspondent Richard Quest, the minister of international co-operation said, the government continues to implement structural reforms to ensure the sustainability of economic stability and enhance Egypt’s competitiveness as a regional hub for exports to Europe.
Mashat said Egypt has an industrial base that includes many basic products, as cement, iron, plastic and processed food, which supports manufacturing value chains, explaining that Egypt’s economic vision aims to shift from non-tradable sectors to tradable sectors, with the aim of adding higher value, enhancing competitiveness of Egyptian products at global markets.
As for economic expectations Mashat said, the expected growth rate of the Egyptian economy will reach 4% by the end of the current fiscal year, with expectations of registering 4.5% in the next fiscal year, despite challenges resulting from global protectionist trade policies, highlighting regional cooperation as a key factor in supporting growth.
She underscored the importance of joint economic committees with Jordan, Iraq and other countries, to promote economic integration.
She pointed out to strategic projects such as power linkage between Egypt and Saudi Arabia for contributing to the integration of energy networks with the Gulf countries, along with Egypt’s strategic location as a major crossing point for submarine cables for the Internet across the Red Sea.
The minister of international cooperation said the State is pressing ahead with efforts to ensure economic growth led by the private sector, through implementing structural reforms that enhance the capabilities of the Egyptian economy and provide an environment for luring local and international investments.
