After the success of the first phase of the economic reform program launched by the Egyptian government in early November 2016, the second phase foresees the inclusion of 10 important axes that the government is working to achieve to achieve some objectives in the next phase.
The second phase of the economic reform program in Egypt aims to carry out structural reforms in the sectors of the economy, the labor system and implement governance in all state institutions through the National Program for Structural Reform of the Egyptian Economy.
According to data from the Ministry of Economic Planning and Development, the second phase of the reform program will focus on 3 sectors over the next three years, namely the technology-intensive manufacturing industry, agriculture and communications sector and of information technologies. The program should operate through 10 axes in these sectors.
The government aims to increase the relative weight of the manufacturing, agriculture, communications and information technology sectors, to increase the contribution of the three sectors to GDP from 26% in 2019 and 2020, to between 30 and 35% in 2023. and 2024.
The Egyptian government is also aiming to increase the contribution The industrial sector in GDP up to 15% during the fiscal year 2023/2024 compared to approximately 11.47% in the fiscal year 2019/2020.
The second phase of the reform program also aims to increase industrial investment rates in sustainable way, deepen and localize the industry, increase the international competitiveness of manufacturing industries and encourage industrial exports, in so that the contribution of the industrial sector to GDP increases to 15% during the fiscal year 2023/2024.
The Egyptian government also aims to increase the productivity of the agricultural sector by around 30% and improve its competitiveness, until the sector’s contribution to GDP rises to around 12% during the fiscal year 2023/2024.
Regarding the communications and information technology sector, the government aims, through the implementation of the second phase of the economic reform program, to increase the sector’s contribution to GDP to 5% and then to 7% during the year. fiscal year 2023/2024.
It also aims to transform the balance of payments from deficit to surplus, to reach a surplus of between $ 3 and $ 5 billion. Finally, a GDP increase of up to 15% during the fiscal year 2023/2024, compared to around 11.7% during the fiscal year 2019/2020.
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