Egypt's IDSC unveils strategic directions for economy during 2024-2030
Updated 1/8/2024 7:10:00 AM
Arab Finance: Egypt’s Information and Decision Support Center (IDSC) has published a document on “The Most Prominent Strategic Directions of the Egyptian Economy for the New Presidential Period 2024-2030,” which defines the priorities for policy action for the economy until 2030.
The document introduces eight strategic directions for the Egyptian economy, which include achieving strong, comprehensive, sustainable, and balanced economic growth ranging between 6% and 8% by boosting the contribution of exports and investments to the gross domestic product (GDP).
It also focuses on a pace of economic growth that supports employment to provide between 7 to 8 million job opportunities during that period.
Moreover, it adopts predictable economic policies that support macroeconomic stability, aiming to achieve price stability and financial discipline, putting public debt on sustainable paths, and implementing a program to enhance foreign exchange receipts with target proceeds of $300 billion by the end of 2030.
It also includes attracting foreign direct investments worth $100 billion and doubling the export growth rate by no less than 20% annually to reach $145 billion by 2030.
Additionally, it aims to raise the growth rate of tourism revenues by 20% annually to $45 billion, as well as increase the Suez Canal revenues to about 10% annually to reach $26 billion in 2030.
This is in addition to raising the private sector’s contribution to operation from 60% in fiscal year (FY) 2022/2023 to 90% in 2030.
Furthermore, 10 specialized export zones will be established in some targeted Egyptian governorates, and 10 export industrial clusters will be developed according to strong forward and backward links in terms of value-added and employment.
The document also showed that Egypt eyes tapping into new 10 basic export markets between 2024 and 2030.
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