Egypt eyes 6 pct economic growth in 5 years - Sisi

Friday 13-03-2015 07:42 PM
Egypt eyes 6 pct economic growth in 5 years - Sisi

CAIRO, Mar 13 (Aswat Masriya) - Egypt has a sustainable development strategy in place until 2030, President Abdel Fattah al-Sisi said in the inaugural speech for Egypt's Economic Development conference which kicked off in Sharm al-Sheikh on Friday.

The strategy, which aims to build a modern society on the basis of an open-door policy is built on three axes, Sisi said.

The president said the first axis is to restore the full stability of the state. The second axis is pinned on improving the investment environment by making legislative adjustments, while the third is the execution of national projects in different fields.

Sisi said on the long-term, Egypt aims to increase economic growth by six percent in the coming five years, and reduce unemployment by ten percent.

Egypt's youth make up two-thirds of the population, Sisi said, adding that 30 million of them are currently in the labour force. Egypt's unemployment rate, which spiked following the January 2011 uprising, currently stands at of 13.2 percent. 

Egypt has long been campaigning for this major economic conference among regional and international trade allies.

The state strongly believes heavy participation in the conference would help in the recovery of an economy battered by political turmoil during the past four years.

Sisi concluded his speech by echoing the words, "long live Egypt," three times. This was his campaign slogan during presidential elections last year.

Heads of participant states took the floor following his speech, starting with the oil-rich Gulf countries. 

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