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.
