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Egypt Independent
2 days ago
- Business
- Egypt Independent
PM reviews preparations for launching ‘National Economic Development Narrative'
Prime Minister Mostafa Madbouly stressed the importance of the 'National Narrative for Economic Development,' describing it as a key document, reference framework, and practical roadmap for the new economic model Egypt seeks to implement. He said the narrative aims to consolidate various policies, strategies, and targets into a unified platform that guides the government's current direction and activities. These include the government action program, strategies for foreign direct investment (FDI), industrial development, foreign trade, and the National Employment Strategy, all in line with Egypt Vision 2030. The initiative is also intended to further Egypt's economic reform agenda through greater engagement with the private sector, international institutions, and global development partners. Madbouly made the remarks during a meeting on Monday, July 28th, 2025, with Minister of Planning, Economic Development and International Cooperation Rania Al-Mashat, held to follow up on the progress of launching the 'National Narrative for Economic Development: Policies Supporting Growth and Employment.' The prime minister praised the efforts made by the Ministry of Planning, Economic Development and International Cooperation, in coordination with all relevant ministries and entities, to finalize the narrative. He underlined that the document will serve as a roadmap for Egypt's economic development priorities in the coming years, and thanked all those involved in its preparation. During the meeting, Madbouly reviewed the key components of the narrative, which is designed to support Egypt's economic reform trajectory and address national objectives amid regional and global challenges. For her part, Mashat affirmed that, under President Abdel Fattah El Sisi's directives and with the continued supervision of the prime minister, the narrative is now in its final stages of preparation. She noted that it has been developed in full coordination with concerned national stakeholders to provide a comprehensive framework and actionable program that takes into account regional and international economic dynamics, while capitalizing on Egypt's considerable economic potential to achieve inclusive and sustainable growth. Mashat explained that the narrative is built around five core pillars: strengthening macroeconomic stability; attracting FDI; promoting industrial development and foreign trade; enhancing labor market efficiency and resilience; and advancing regional planning to support economic growth. She added that the narrative builds on the government's structural reform program launched in March 2024, which has enabled Egypt to overcome key economic challenges and utilize its competitive advantages in multiple sectors. The minister also noted that the narrative includes a set of quantitative targets translating structural reforms into macroeconomic objectives, with estimates extending through 2030 and long-term ambitions for 2050. These targets cover areas such as economic growth, job creation, FDI inflows, industrial localization, and other national priorities, she added. Mashat said that the government continues to closely monitor regional and global developments to assess their impact on Egypt's economic trajectory. She stressed that the narrative has been designed as a flexible, adaptive document capable of being updated as needed to keep public policies aligned with Egypt's development goals.
Middle East
3 days ago
- Business
- Middle East
OPEN// PM reviews preparations for launching 'National Economic Development Narrative'
NEW ALAMEIN, Egypt, July 28 (MENA) – Prime Minister Moustafa Madbouli stressed the importance of the "National Narrative for Economic Development," describing it as a key document, reference framework, and practical roadmap for the new economic model Egypt seeks to implement. He said the narrative aims to consolidate various policies, strategies, and targets into a unified platform that guides the government's current direction and activities. These include the government action program, strategies for foreign direct investment (FDI), industrial development, foreign trade, and the National Employment Strategy, all in line with Egypt Vision 2030. The initiative is also intended to further Egypt's economic reform agenda through greater engagement with the private sector, international institutions, and global development partners. Madbouli made the remarks during a meeting on Monday with Minister of Planning, Economic Development and International Cooperation Rania Al-Mashat, held to follow up on the progress of launching the "National Narrative for Economic Development: Policies Supporting Growth and Employment." The prime minister praised the efforts made by the Ministry of Planning, Economic Development and International Cooperation, in coordination with all relevant ministries and entities, to finalize the narrative. He underlined that the document will serve as a roadmap for Egypt's economic development priorities in the coming years, and thanked all those involved in its preparation. During the meeting, Madbouli reviewed the key components of the narrative, which is designed to support Egypt's economic reform trajectory and address national objectives amid regional and global challenges. For her part, Mashat affirmed that, under President Abdel Fattah El Sisi's directives and with the continued supervision of the prime minister, the narrative is now in its final stages of preparation. She noted that it has been developed in full coordination with concerned national stakeholders to provide a comprehensive framework and actionable program that takes into account regional and international economic dynamics, while capitalizing on Egypt's considerable economic potential to achieve inclusive and sustainable growth. Mashat explained that the narrative is built around five core pillars: strengthening macroeconomic stability; attracting FDI; promoting industrial development and foreign trade; enhancing labor market efficiency and resilience; and advancing regional planning to support economic growth. She added that the narrative builds on the government's structural reform program launched in March 2024, which has enabled Egypt to overcome key economic challenges and utilize its competitive advantages in multiple sectors. The minister also noted that the narrative includes a set of quantitative targets translating structural reforms into macroeconomic objectives, with estimates extending through 2030 and long-term ambitions for 2050. These targets cover areas such as economic growth, job creation, FDI inflows, industrial localization, and other national priorities, she added. Mashat said that the government continues to closely monitor regional and global developments to assess their impact on Egypt's economic trajectory. She stressed that the narrative has been designed as a flexible, adaptive document capable of being updated as needed to keep public policies aligned with Egypt's development goals. (MENA) R R N/R E E
See - Sada Elbalad
05-06-2025
- Business
- See - Sada Elbalad
Labour Min. Meets President of World Employment Confederation to Activate Cooperation in Common Areas
Taarek Refaat Minister of Labour Mohamed Gebran met, at the Egyptian mission headquarters, with Bettina Schaller, President of the World Employment Confederation (WEC), and her accompanying delegation to discuss areas of cooperation between the ministry and the confederation in common areas. This came on the sidelines of his participation in the 113th Session of the International Labour Conference in Geneva. The two sides agreed to form a joint committee to review and study the signing of a memorandum of understanding (MoU) between the two parties, as the Minister affirmed the Egyptian state's readiness to provide skilled and trained Egyptian workers. He pointed to the ministry's ongoing development of the vocational training system in cooperation with the private sector to qualify young people for professions needed by the Labour market at home and abroad, after granting them professional practice certificates and measuring their actual skills. He also noted that the Ministry is ready to respond to job applications using international skills. Gebran reviewed some of the measures related to employment and recruitment, including the ongoing preparations for issuing the National Employment Strategy, as well as the establishment of the Supreme Council for Planning and Employment of the Workforce to engage the government, employers, and workers in formulating general employment policy. This council will link employment to the needs of the Labour market at home and abroad, and ensure that work is compatible with the worker's experience, skills, or academic qualifications by assessing their skill level and granting them a license to practice the profession. The minister emphasized that the state should not monopolize employment and licensing agencies to conduct employment operations at home and abroad, while establishing the necessary controls to supervise and monitor them. He pointed out that employment agencies should also be encouraged to open new Labour markets abroad. The new Labour Law specifies the cases in which a company's license may be revoked, leaving this to ministerial decisions. This provides protection, guarantees, and security for companies in their work, while ensuring their compliance with the law. It also regulates electronic recruitment processes to ensure their seriousness and establishes reliable databases of their results. On her part, Schaller provided an explanation of the capabilities and services of the World Employment Confederation. She praised the Ministry of Labour's efforts in the vocational training and qualification system for youth in the Labour Market. She also stated that the Egyptian Labour market is extremely promising, given the size of its workforce, particularly among youth. Finally, the WEC president pointed out that the components of the Labour market in Egypt are ready to embrace changes in the world of employment and that it is attractive to investment and has all the elements for success, which explains why international companies are investing in it. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks News Shell Unveils Cost-Cutting, LNG Growth Plan Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream
Daily News Egypt
03-05-2025
- Business
- Daily News Egypt
Egypt's Al-Sisi signs new labour law, issues directives at Labour Day event
Egyptian President Abdel Fattah Al-Sisi attended a Labour Day celebration on Saturday at the Suez Steel Company, where he announced the signing of a new labour law and issued several directives aimed at supporting workers. During the event in the city of Suez, Sisi also inaugurated the second phase of the Suez Steel Company plant. Presidential spokesperson Ambassador Mohamed El-Shennawy confirmed Al-Sisi had signed the 'New Labour Law'. In a speech delivered at the event, Al-Sisi described the legislation as representing 'a qualitative leap in the journey of labour rights,' adding that it 'guarantees clear gains for workers, consolidates concepts of worker protection and fairness, affirms the rights due to working women, enhances job security guarantees for employees, and complies with international labour charters and agreements'. In his address, Al-Sisi also directed the government to undertake several measures: Finalise a draft law concerning domestic workers and conduct a societal dialogue about it. Expand social protection coverage to include irregular workers and provide benefits upon death. Implement an initiative for youth skills development through free grants aligned with labour market needs. Work towards faster resolution of labour cases to ensure workers receive dues promptly. Form a permanent committee to monitor the implementation of the National Employment Strategy upon its launch. The spokesperson stated the celebration included the screening of a documentary about Egyptian workers, 'Generous Hands,' and another film about the Suez Steel Company. Speeches were also delivered by Kamel El-Wazir, Deputy Prime Minister for Industrial Development and Minister of Transport and Industry; Mohamed Gibran, Minister of Labour; and Abdel Moneim El-Gamal, Head of the Egyptian Trade Union Federation, who presented Sisi with the Federation's shield. Rafiq Dow, Vice Chairman and Managing Director of Suez Steel Company, also addressed the attendees. Ambassador El-Shenawy added that Al-Sisi watched presentations via video conference showcasing several new private sector factories and awarded honours to individuals from various labour sectors before inaugurating the steel plant's second phase. In his speech, Al-Sisi emphasised the state's appreciation for the value of work and the role of workers in development. He noted the choice of Suez for the event was 'in appreciation of the active development movement this valiant city is witnessing' and stated that factories established on Egyptian land are 'a living witness to the great achievements made by the sons of this nation.' He affirmed the government's commitment to providing training, expanding technical education, and seeking overseas opportunities for Egyptian labour.
Al-Ahram Weekly
03-05-2025
- Business
- Al-Ahram Weekly
El-Sisi promises rights and reforms as workers drive national projects
President Abdel-Fattah El-Sisi marked Labour Day on Saturday with a speech celebrating Egyptian workers as central to the country's economic development, describing them as "key partners" in Egypt's drive to localize industry, expand job creation, and strengthen technical skills. The president delivered his remarks from the Suez Steel Company, an industrial site in the city of Suez chosen, according to the presidency, to spotlight ongoing development projects in the area. 'Our celebration today is not just an annual tradition,' El-Sisi said, 'but a clear message reflecting the state's deep appreciation for the value of work and the role of workers in driving industrial growth.' The president linked the success of new factories and production facilities to what he called the 'strong arms' and 'unwavering determination' of Egyptian workers. Their efforts, he noted, are helping to build industrial hubs, new cities, and critical infrastructure — steps he framed as essential to broader economic transformation and job opportunities for Egypt's youth. In his address, El-Sisi also announced the signing of a new labour law, describing it as 'a qualitative leap in the journey of workers' rights.' According to the presidency, the law strengthens job protections, supports women's rights, and brings Egypt closer to international labour standards. The president outlined further directives aimed at embedding labour protections into the broader New Republic framework: Completing legislation to regulate domestic work. Expanding social protection for informal workers, including death grants. Launching a youth skills initiative offering free vocational training. Accelerating the resolution of labour disputes. Establishing a permanent committee to oversee the forthcoming National Employment Strategy. El-Sisi also emphasized efforts to modernize Egypt's workforce through the expansion of technical schools and technological universities, as well as international labour agreements aimed at securing jobs for Egyptian workers abroad. The ceremony featured speeches from senior officials, including Deputy Prime Minister Kamel El-Wazir and Labour Minister Mohamed Gobran, as well as a documentary spotlighting the Suez Steel Company and the role of Egyptian workers in recent national projects. Follow us on: Facebook Instagram Whatsapp Short link:
