Minister of planning Ashraf Al-Araby said the government is working on a development programme based on an assignment letter from President Abdel Fattah Al-Sisi, to be presented on the coming parliament.
Al-Araby added that the population growth rate rose to 2.5%, describing this rate as very high. Al-Araby pointed out that raising the average per capita income growth rates requires an increase of three times that current proportion.
He explained that during the last financial year (FY) the economic growth rates reached 4.3%, predicting that economic growth will rise to 5%. He noted that among the challenges experienced by the national economy is the requirement for increasing investment rates .
Al-Araby added that the economy achieved an average of 14% in investment by the end of the last FY, noting that this is a very low percentage.
He pointed out that these challenges can be addressed through cooperation between the government and the private sector to improve investment.
“The government is targeting cooperation with the private sector to attract investment,” said Al-Araby .”The private sector is the key player for the development of the economy in coordination with the government.”
The minister added that the government is involved with the private sector, according to the public-private partnership law (PPP) in attracting foreign direct investments (FDI).
He noted that there are opportunities that can be exploited for the development of plans and programmes, as well as follow-up mechanisms and evaluating the performance of the government in order to achieve competitiveness and fight corruption.