Egyptian Prime Minister, Mostafa Madbouly, during his weekly press conference, addressed several pivotal topics concerning Egypt’s economic and technological landscape.

The Prime Minister called on the private sector to participate actively in the industrial revival, emphasizing that the state’s strategy focuses on maximizing assets through partnerships rather than outright sales.

In the realm of industrial development, Madbouly noted the presence of five international mobile phone manufacturing companies operating within Egypt. He stressed the necessity of supporting these companies to foster growth and position Egypt as a competitive player in the global technology market.

Madbouly also touched upon the International Monetary Fund (IMF) agreement, describing it as a vote of confidence in the Egyptian economy. He reported a growth rate of 3.5%, indicating a positive economic trajectory, and noted that private sector investments constitute 63.5% of total investments.

In addition, the first tranche of support for Egypt from the European Union, amounting to one billion euros, entered the Central Bank last Friday. Egypt was required to pay 39 billion dollars in 2024, and it was paid, with less expected in 2025.

He emphasized the government’s commitment to ensuring price stability, particularly with the approach of Ramadan, a period traditionally marked by increased consumer spending. Madbouly stated, “We are striving to ensure price stability in the coming period, especially with Ramadan approaching.”

Highlighting the significance of technological advancement, the Prime Minister encouraged the youth to engage more actively in the tech sector, stating, “Technology is the future, and I encourage young people to focus on this sector.” This aligns with the government’s broader strategy to accelerate economic reforms and enhance the investment climate in Egypt. Madbouly announced that measures to ease the investment climate would be revealed soon, aiming to attract both domestic and international investors.

The Prime Minister also highlighted the government’s proactive approach in engaging with various economic sectors. Over the past months, meetings have been held to listen to concerns and suggestions, reflecting a collaborative effort to address challenges and stimulate economic growth. He mentioned plans to form private sector groups to facilitate direct dialogue with ministers, enhancing public-private partnerships.

A significant investment of EGP 56 billion is being channeled into the development of the spinning and weaving project in El-Mahalla El-Kubra, underscoring the state’s commitment to revitalizing traditional industries and boosting local production capacities.

Looking ahead, Madbouly announced that the Grand Egyptian Museum is scheduled to officially open in 2025, marking a significant milestone in Egypt’s cultural and tourism sectors.