Egypt: Planning Minister - European Investments in Egypt Worth U.S. $45 Billion

Minister of Planning, Dr. Ashraf El-Araby said that the value of European investments in Egypt until now reaches USD 45 billion while the value of Gulf investments in Egypt reaches USD 50 billion.

In statements, Araby pointed out that the recovery and development of the Egyptian economy requires attraction of foreign investments with the value of USD 50 billion annually in addition to 850.000 jobs annually to absorb the labor market, which represents a major challenge before the current and next governments.

The Minister made clear that foreign direct investments (FDIs) in Egypt do not exceed USD 2 billion annually. He added that unemployment rate reached 13.5% in general and 30% among youths.

Minister Arab explained that the budget deficit reached nearly EGP 240 billion on June 30, 2013. He said that the current government aims to reduce this budget deficit to reach 10% of GDP.

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