Egypt’s resilient economy: Navigating global risks with ‘Egypt Vision 2030’

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In a seminar organised by Marsh McLennan, a global professional services firm specialising in risk measurement and strategy development, Hossam Heiba, CEO of the General Authority for Investment and Free Zones, emphasised Egypt’s ability to withstand global economic risks due to its diversified economy and robust investment systems. The “Egypt Vision 2030” development strategy plays a crucial role in safeguarding against future uncertainties.

Despite regional and global crises, Egypt achieved growth during the COVID-19 pandemic. This resilience can be attributed to the country’s sectoral diversity across industry, agriculture, and services, as well as institutional variety spanning governmental, private, and informal sectors. Furthermore, Egypt’s investment systems, including free zones, investment zones, and technological zones, provide flexibility in navigating external changes.

Looking ahead, “Egypt Vision 2030” prioritises addressing global risks by securing food supplies, improving health and education sectors, optimising resource utilisation, promoting renewable energy, and safeguarding the environment.

Heiba also highlighted Egypt’s economic partnerships, particularly the strategic agreement with the European Union. This agreement focuses on industry localization, technology transfer, and energy sectors such as natural gas production, clean energy, and green hydrogen.

The Egyptian government has taken significant steps to enhance the investment environment, including electronic company formation, support for entrepreneurship, and amendments to the Investment Law. The introduction of the golden licence streamlines necessary approvals for economic entities, from establishment to operation, production, and distribution.

Infrastructure development remains a priority, with major national projects doubling road lengths and expanding ports. Integrating the new road network with river transport positions Egypt as a key player in global maritime trade.