Egypt Vision 2030
Egypt's 2030 vision plans to develop a competitive, balanced and diversified economy. Supporting innovation and knowledge, social justice, economic development and the environment. The sustainable development strategy is achieved through a collaboration system investing in human capital and diversified locations in Egypt to improve Egyptians' quality of life that is built on transparency and social equality.
Equal economic, social and political rights supporting society's participation entitlement and encouraging social mobility
Equal opportunities achieving social inclusion providing protection and support to minority groups
Knowledge, Innovation and Scientific Research
legal reforms supporting knowledge and innovation
Promoting innovation and knowledge
Supporting SMEs into developing innovative activities
Public private partnerships supporting technological advancement
Sustainable inclusive economic growth
Increasing GDP per capita
Raising awareness about preserving the environment's natural resources
Solid waste management system
Reducing air pollution
Encouraging civil society and private sector participation in preserving and protecting biodiversity
According to the latest survey conducted on a sample of the labor force, unemployment rates fell to about 10% in Q3 2018 compared to 11.9% in Q3 2017.
The economic growth rate increased to 5.3% during FY2017/18 compared to 4.2% in FY2016/17.
Private investments witnessed a rise of 48.2% during FY2017/18 reaching EGP 316.4 billion compared to EGP 213.5 billion during FY2016/17. The total implemented investments also increased during the FY2017/18 by 40.2% EGP 721.1 billion compared to EGP 514.4 billion during FY2016/17
Net international reserves rose by 41.5% to reach US$ 44.3 billion in FY2017/18 compared to US$ 31.3 billion during FY2016/17.
Youth and Innovation
Egypt's young and educated workforce provides investors with access to talented labour. Their passion and creativity, together with legislative support, have helped put Egypt among the top 10 countries worldwide to launch start-ups, according to Forbes in 2015.
Egypt boasts a large, young, well-trained and highly competitive labour force of around 29.1 million (more than 31% of the total Egyptian population).
Egypt's vast youth population coupled with its rapidly growing internet penetration (40%), e-commerce potential (expected to reach US 2.7 billion by 2020) and strategic geographical location all provide an attractive investment environment.
Egypt has long been known as a regional net exporter of educated and skilled labour. But as the economy expands, young Egyptians are increasingly opting to stay in their home country.
Every year approximately 300,000 Egyptians graduate from university; around 200,000 as trained engineers and 15,000 with European language skills. IT & telecom, energy, O&G, building materials, pharmaceuticals are particularly strong skillsets amongst graduates.
In 2016, Egypt was shortlisted as the Outsourcing Destination of the Year for the European Outsourcing Association Awards, one of the most prestigious outsourcing industry awards. The contribution of Egypt's ICT industry to GDP grew by 13% in the last two years, reaching 4.1% of total GDP.
In May 2016, the Egyptian Information Technology Industry Development Agency, ITIDA, announced that eight multinationals planned to expand their presence in Egypt, in the process creating 6,000 new jobs.
Compared to other outsourcing destinations in Europe and Asia, Egypt enjoys an exceptionally low attrition rate. Against this background, the country is heavily investing in skills development and talent management.
The Next Technology Leaders is an initiative to qualify 16,000 Egyptian youths in the ICT field through online and interactive training in collaboration with multinational corporations, Egyptian universities, and learning institutions.
Because of its geographic location, as well as being the second largest signatory to multinateral trade agreements in the world, Egypt connects investors with established and emerging markets.
Egypt, in 2015, reached the 19th position (out of 157 countries) in the Unctad's “Liner Shipping Connectivity Index" " which measures competitiveness in the maritime system based on the network and the quality of the container liner service offered by the ports.
In addition, between 2007 and 2014 Egypt rose 35 positions in the Logistic Performance Index, reaching the 62nd position. In 2016, Egypt has moved up 13 places to rank 49 in LPI (World Bank indicator measuring logistics competitiveness of 160 countries in the world).
Egypt has a number of bilateral investment agreements in place with countries around the world, including Belgium, China, Finland, France, Germany, Greece, Italy, Japan, Libya, Luxembourg, Morocco, the Netherlands, Romania, Singapore, Sudan, Sweden, Switzerland, Thailand, Tunisia, the United Kingdom, and the United States.
Egypt is a signatory to a number of other international trade agreements as it:
- Joined the Common Market for Eastern and Southern Africa (COMESA) in 1998.
- Co-signed a Trade and Investment Framework Agreement (TIFA) with the United States in 1999 to create freer trade and increased investment flows between the two countries.
- Became a member of the General Arab Free Trade Agreement (GAFTA), and the Agadir Agreement with Jordan, Morocco, and Tunisia, which relaxes rules of origin requirements on jointly manufactured products for export to Europe.
- Had an FTA with Turkey since 2007 and in 2013 ratified an FTA with the Mercosur bloc of Latin American nations.
- Signed an Association Agreement with the European Union (EU) in 2001, which came into effect in 2004. Under its terms, Egyptian products are given immediate duty free access into EU markets while EU products are being phased in over a 12-year period.
- In 2010, Egypt and the EU added an agricultural annex to their FTA, liberalising trade in over 90% of agricultural goods. It is worth noting that Egypt is a major trading partner with the EU, particularly in the Southern Mediterranean region.
- EU-Egypt bilateral trade more than doubled between 2004 and 2012 from €11.8billion to €23.9billion.
- The EU accounted for 22.9% of Egypt's trade volume in 2013 and ranks first for imports and exports.
- Egyptian fuel and mining products accounted for 49.5% of EU imports from Egypt in 2014, followed by textiles and clothing (10.2%) and chemicals (9.1%). EU exports to Egypt consist mainly of machinery and transport equipment (24.5%).
- EU exports of services to Egypt are dominated by business services, while EU imports from Egypt consist mainly of travel services and transport.