Egypt aims to increase private sector investment to LE1.2 trillion within the next five years, according to Minister of Trade and Industry and acting Investment Minister Rachid Mohamed Rachid.
Public sector investments have stood at LE520 billion over the past five years, Rachid told reporters on Sunday during the ruling National Democratic Party (NDP) annual conference. He added that investment totals jumped by 130 percent during the same period.
Rachid noted that industrial investments jumped from LE4 billion in 2004-2005 to LE40 billion in 2010. The government has a target of LE80 billion annually, he said.
Internal trade increased from LE700 million in 2004-2005 to roughly LE10 billion in 2010, with a government target of LE25 billion annually, Rachid said.
The government plans to raise the value of its exports to LE200 billion within the next few years, according to Rachid, who noted that Egypt has 68 newly installed industrial zones, in addition to 11 previously existing zones and 22 private industrial areas.
Rachid also revealed a trade, investment and agricultural ministries-sponsored plan to establish agricultural-industrial zones. He added that this plan prioritizes farmers’ interests while strengthening the Egyptian economy.
