Egypt aims to increase the mining sector’s contribution to its gross domestic product (GDP) to approximately 6% from less than 1% currently, and will launch a comprehensive aerial geophysical survey for minerals in June, the country’s petroleum and mineral resources minister said.
Speaking at the opening of the OECD Critical Minerals Forum in Istanbul, Minister Karim Badawi announced that the upcoming survey will be the first project of its kind since 1984. He noted that providing accurate geological data is a fundamental pillar for evaluating mineral resources, offering attractive investment opportunities, and accelerating investors’ decision-making processes.
During a high-level ministerial panel, Badawi stated that the government has placed the mining sector at the core of its current priorities, recognising its significant opportunities and economic value. To achieve its GDP target, the state is working to unlock the sector’s full potential, develop work mechanisms, and improve the investment climate, he added.
Egypt is developing a more stable and attractive investment environment by updating legislative and contractual frameworks to align with global best practices, the minister explained. This includes providing appropriate incentives for both large and medium-sized companies.
Badawi highlighted the country’s strong fundamentals for developing the sector, pointing to a mineral-rich geology with formations extending towards Saudi Arabia and neighbouring countries. He also cited unique infrastructure capable of converting mining potential into economic value, whether through transport and export or the localisation of mining and raw material-related industries.
This industrial development is supported by the availability of diverse energy sources and an expansion in renewable energy, Badawi said, noting the state’s plan to accelerate the increased contribution of renewables in the electricity mix by 2028 instead of 2030.
The minister emphasised the importance of an integrated system of cooperation between governments, the private sector, and industrial institutions to ensure the deployment of the latest technologies for full mineral utilisation. He highlighted the growing role of modern technology and artificial intelligence in accessing previously unknown resources, lowering risks, and accelerating exploration and mining operations.
Furthermore, Badawi called for joint action to innovate commercial models for large-scale mineral exploitation, stating this would positively impact efforts to overcome challenges in cross-border cooperation for mineral utilisation and the establishment of related manufacturing industries.
The forum was attended by high-level international figures, including OECD Secretary-General Mathias Cormann, Turkish Minister of Energy and Natural Resources Alparslan Bayraktar, Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef, Senior Advisor to the U.S. Secretary of Energy Mike Kobb, International Council on Mining and Metals (ICMM) President and CEO Rohitesh Dhawan, and the Philippine Undersecretary of Industry.
