São Paulo – Investment in industry was up 22% to EGP 99.5 billion (USD 6.3 billion) in the 2018/2019 fiscal year in Egypt, Al Ahram reported quoting minister of Planning and Economic Development Hala El-Saeed. The fiscal year in Egypt runs from July to June.
In 2017/2018, industrial investment had come out to EGP 81 billion (USD 5.1 billion). During a meeting with members of the Egyptian Parliament’s Industry Committee, the minister said petroleum industry investment was up 95% in 2018/2019.
El-Saeed said petroleum, tourism, construction, real estate, agriculture, transport, logistics, and the Suez Canal were among key drivers of growth in the past fiscal year. El-Saeed said her Ministry is intent on fostering investment in manufacturing, and that the administration is focused on growing high value-added segments.
One target for the ongoing 2019/2020 fiscal year is to achieve 6% growth, and industry is expected to be one of the key drivers. Other targets include a narrower debt-to-GDP ratio and budget deficit, as well as jobs creation.
Translated by Gabriel Pomerancblum
