Egypt aims to foster collaboration between Egyptian companies and those from BRICS nations in the areas of manufacturing, joint projects, and technology transfer.
The total volume of Egypt’s trade relations with the BRICS countries amounts to about $25 billion across diverse sectors, Minister of Planning and Economic Development, Hala El-Said, announced during her participation at ST. Petersburg International Economic Forum 2024.
El-said highlighted Egypt’s exceptional geographical location and its aspiration to establish itself as a hub for trade, logistics, and smart logistics services, with over EGP 10 trillion invested in infrastructure.
Egypt aims to foster collaboration between Egyptian companies and those from BRICS nations in the areas of manufacturing, joint projects, and technology transfer.
The minister of planning explained that Egypt achieved 95% in the first indicator of export diversification.
She added that Egypt’s share of exports to GDP rose from 6.7% in 2015 to 10.7% in 2022, and the ratio of Egyptian services exports to GDP recorded 5.7% in 2022.
The volume of Egypt’s trade with the global market exceeded more than $100 billion, El-Said added.
Recently, El-Said noted that the FY2024/2025 plan which targets a real economic growth rate of 4.2%, compared to the expected low rate of 2.9% in FY2023/2024.
According to the minister, the targeted growth rate is expected to drive the gross domestic product (GDP) at current prices to reach EGP 17.3 trillion by the end of the FY 2024/2025 plan.
She pointed out that Egypt targets to increase the percentage of private investments out of total investments from 37% in FY2023/2024 to 48% in FY2024/2025, especially in light of the expected investments in the Ras El Hekma project.
