Egypt aims to boost mining sector’s GNP contribution to 5-6%
Updated 12/18/2024 11:17:00 AM
Arab Finance: The Ministry of Petroleum and Mineral Resources is aiming to boost the mining sector’s contribution to Egypt’s gross national product (GNP) from the current 1% to between 5% and 6%, Petroleum Minister Karim Badawi announced.
This will be achieved by attracting more investment and modernizing the sector, as per Badawi.
During his meeting with local and international mining investors, Badawi outlined several measures aimed at making Egypt more appealing to mining investments.
These measures include a draft law to transform the Egyptian Mineral Resources Authority (EMRA) into an economic entity, upgrading gold exploitation agreements to meet global standards, and removing bureaucratic obstacles.
The ministry is also working closely with the Parliament and other government bodies to simplify procedures and improve services for investors.
As part of the meeting, the minister engaged with investors to acknowledge the challenges they face, with the aim to resolve them and ease their operations.
During the meeting, EMRA unveiled a new global bid for mining exploration projects. Investors can submit proposals to explore kaolin sand, glass sand, and associated materials in various areas as of Wednesday, December 18th, 2024, until Thursday, February 13th, 2025.
These projects will operate under a tax, royalty, and free share system.
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