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Egypt Targets 7-8% Sustainable Annual Growth

The Mosque of Muhammad Ali is seen shrouded in fog at the Saladin Citadel fortification in Cairo, Egypt, 12 September 2023. (EPA)
The Mosque of Muhammad Ali is seen shrouded in fog at the Saladin Citadel fortification in Cairo, Egypt, 12 September 2023. (EPA)
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Egypt Targets 7-8% Sustainable Annual Growth

The Mosque of Muhammad Ali is seen shrouded in fog at the Saladin Citadel fortification in Cairo, Egypt, 12 September 2023. (EPA)
The Mosque of Muhammad Ali is seen shrouded in fog at the Saladin Citadel fortification in Cairo, Egypt, 12 September 2023. (EPA)

Egypt’s Planning Minister Dr. Hala El-Saied said Egypt is targeting sustainable annual growth ranging between 7 to 8 percent.

Speaking at the "Story of a Homeland” conference that was inaugurated by President Abdel Fattah al-Sisi on Saturday, she added that despite diverse sources the growth remains unsustainable.

The minister remarked that Egypt aims to boost private sector investments from 36 percent to 65 percent of the overall investments by 2030.

The government is seeking to increase exports to $100 billion during the next five years to attract private investments worth $40 billion by 2060, and to proceed with its plans to boost the private sector's role in the economy.

Speaking at the same event, Prime Minister Mostafa Madbouli said Egypt would manage to produce all its petroleum products next year.

He added that crude oil will continue to be imported but will be refined in the country.

The PM said that the project to double the Suez Canal has replaced the idea of alternative routes.

Egypt plans to expand the length of the canal from 72 kilometers to 82 kilometers.

The canal is a prime source of foreign currency to Egypt.

Sisi had previously stated that the revenue generated from the Suez Canal is anticipated to reach $10.5 billion by the end of the year.

The annual revenues of the canal reached $9.4 billion during the 2022/2023 fiscal year, announced Suez Canal Authority (SCA) chief Osama Rabie in July.

During the G20 summit hosted by India last month, a memorandum of understanding was signed to set up the India-Middle East-Europe Economic Corridor. The IMEC project envisages laying down, alongside the railway line, cables for electricity and digital connectivity, as well as pipelines for clean/green hydrogen export.

Madbouli added that Egypt aims to increase the number of tourists from 15 million annually to 30 million in the next five years.

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China Denies It Is Currently in Talks with Washington over Tariffs

A general view shows container ships at a terminal with Hong Kong's financial center, including IFC 2, in the background in Hong Kong, China, April 23, 2025. REUTERS/Tyrone Siu 
A general view shows container ships at a terminal with Hong Kong's financial center, including IFC 2, in the background in Hong Kong, China, April 23, 2025. REUTERS/Tyrone Siu 
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China Denies It Is Currently in Talks with Washington over Tariffs

A general view shows container ships at a terminal with Hong Kong's financial center, including IFC 2, in the background in Hong Kong, China, April 23, 2025. REUTERS/Tyrone Siu 
A general view shows container ships at a terminal with Hong Kong's financial center, including IFC 2, in the background in Hong Kong, China, April 23, 2025. REUTERS/Tyrone Siu 

Beijing on Thursday denied it has held trade talks with Washington despite repeated comments from the US government suggesting there had been engagement.

“There is currently no economic and trade negotiations between China and the United States,” the Chinese commerce ministry’s spokesperson He Yadong said.

Yadong added, “Any claims about the progress of China-US trade negotiations are groundless as trying to catch the wind and have no factual basis.”

US President Donald Trump had suggested on Tuesday that the final tariff rate on China's exports would come down “substantially” from the current 145%.

Trump told reporters that Washington is going to be “very nice” to Beijing. “145% is very high and it won't be that high,” Trump said in a question-and-answer session with reporters in the Oval Office.

Earlier in the day, Treasury Secretary Scott Bessent told a private investor conference put on by JPMorgan Chase that he believed the current situation between China and the US would not last. He told the gathered investors to expect a “de-escalation.”

On Wednesday, Trump said that any reduction in tariffs placed on China will depend on the actions of its leaders.

“It depends on China how soon the tariffs can come down,” he said speaking in the Oval Office.

Trump then confirmed that he was in direct contact with China and President Xi “every day” and that he hopes the two sides would reach a deal.

Meanwhile, Trump’s top economic adviser said he is “optimistic” that a trade deal can be cut with China.

“I’m optimistic that we will have a deal with China, and I’m optimistic that we will be able to take the temperature down a bit and provide both economies and the world breathing space,” Stephen Miran, chairman of the Council of Economic Advisers, said at Semafor’s World Economy Summit.

On Wednesday, Chinese President Xi Jinping said that tariff and trade wars undermine the legitimate rights and interests of all countries, hurt the multilateral trading system and impact the world economic order.

Also, Beijing clarified it has not held trade talks with Washington despite repeated comments from the US government suggesting there had been engagement.

Foreign Ministry spokesperson Guo Jiakun said, “China and the United States have not conducted consultations or negotiations on tariffs, let alone reached an agreement,” calling reports of such information “false news.”

Meanwhile, in Washington DC, China's central bank Governor Pan Gongsheng said China will firmly support free trade rules and the multilateral trading system, in remarks made at a G20 meeting on the sidelines of the IMF-World Bank Spring Meetings.