There is no doubt that the Egyptian economy is facing many challenges as a result of the subsequent global crises that have had their negative impacts on the global economy, too.
However, the reforms that Egypt have implemented over the past ten years have made its economy capable of absorbing external shocks and maintaining steady growth rates.
In order that he Egyptian economy remain flexible and resilient to global challenges, the government has outlined a comprehensive eight-direction research paper for the coming six years (2024-2030), which tackles several aspects of economy and quality of life.
The document takes into consideration the global economic challenges resulting from disputes and wars erupting around the world, especially in the Middle East region, as well as the sustainable development goals.
The government engaged specialists to draw up the research paper to benefit from their vast expertise in enhancing all sectors and improve the economic conditions of our nation for the period 2024-2030.
One of the most prominent directions of the document is that Egypt targets foreign currency revenues worth $300 billion over the period 2024-2030, which is threefold the present amount. The question is: how can Egypt increase its foreign currency proceeds to this figure?
According to the research paper, the government will carry on with a national programme to mobilise foreign exchange resources to enhance the resilience of the Egyptian economy in the face of crises, in addition to increasing the US dollar returns with a set target of $300 billion by 2030. This figure will be attained by increasing exports to no less than 20 per cent annually over the coming six years, and thereby enable the national economy to reach an export target of up to $145 billion by 20230.
In addition, the paper includes raising growth rate of tourism revenues by 20 per cent annually to $45 billion by 2030. A growth rate of the foreign direct investments, including investments in real estate, is set at 10 per cent annually to hit about $19 billion by 2030.
The document also includes raising the Suez canal revenues — among the expected returns from shipping of $4 billion — 10 per cent annually, to hit a target of $26 billion by 2030.
The document also includes the adoption of policies to open new market for around one million Egyptians in fields that are in high demand, including artificial intelligence, information technology, nursing, biotechnology and other specialisations.
The document proposes a company to manage exports and renting real estate in Egypt in foreign currency in exchange for granting a five-year residency.
In addition, a $1 billion fund would be launched to invest in a portfolio of attractive state-owned assets with the promise of high returns.
Mohamed Fahmy is the editor-in-chief of The Egyptian Gazette and Egyptian Mail newspapers
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