MP Mohamed Abou El-Enein, Member of the House of Representatives, affirmed that the draft State General Budget and the Economic and Social Development Plan reflect the considerable efforts made by the Government over the past period. He praised both the parliamentary report on the budget and the Government’s performance in preparing the State’s overall development plan.
Speaking during the plenary session of the House of Representatives while discussing the draft State General Budget, Abou El-Enein commended the competent parliamentary committee for what he described as its “valuable” report. He also expressed his appreciation to the Government for presenting the draft plan and budget, paying special tribute to the Minister of Finance for introducing new policies and legislative reforms that have helped present a different image of the Egyptian economy to the world.
He noted that, through Egypt Vision 2030, the Egyptian State had set ambitious targets for growth, investment, and savings. The Vision aimed to raise the investment rate to between 20% and 25% and achieve economic growth ranging from 6% to 8%. However, the global developments and exceptional circumstances witnessed in recent years have created significant challenges that have affected the achievement of these objectives.
Abou El-Enein pointed out that these developments had compelled the State to reprioritize its agenda and respond to a range of emerging challenges. Nevertheless, he stressed that Egypt’s strategic vision remains firmly in place and continues to serve as the overarching framework guiding the country’s development path in the coming period.
He explained that the real challenge facing the Egyptian economy is not merely increasing revenues, but rather maximizing the utilization of the vast untapped economic potential across Egypt’s governorates. He emphasized that Egypt possesses a large and diversified economy with abundant opportunities throughout all governorates and regions, making it essential to unlock these dormant capacities and transform them into viable investment projects and genuine economic opportunities.
Reviewing the figures contained in the new budget, Abou El-Enein noted that government investments allocated to the governorates account for only about 7.5% of total public investment. He described this percentage as modest and inconsistent with the scale of the developmental challenges and ambitions the State seeks to achieve.
He stressed that this highlights the need to increase investments directed toward infrastructure in the governorates, considering it the fundamental pillar for attracting investment and stimulating local economic growth. He underscored the importance of adopting a new economic approach based on harnessing the productive capacities available throughout the Republic.
Abou El-Enein further pointed out that, over the past years, the State has spoken of transforming Egypt into a regional hub for energy, financial services, and logistics. He stressed that the next phase requires building on this trajectory by presenting Egypt to the world in a more professional manner through a modern marketing strategy that accurately reflects the country’s true capabilities.
He added that modern Egypt needs a new marketing vision focused on highlighting the country’s competitive advantages and maximizing the value of its natural resources, human capital, and unique geographic location, thereby attracting greater international investment and generating higher value for the national economy.
Abou El-Enein called for allocating dedicated budgets and clear performance programs for each governorate, enabling governors to take responsibility for leading economic growth within their respective governorates through well-defined strategic plans, measurable objectives, and continuous monitoring and evaluation mechanisms.
He stressed the importance of bringing about a fundamental shift in Egypt’s economic and strategic thinking during the coming phase, explaining that while the figures contained in the budget are important, they still do not fully reflect the true size of the Egyptian economy or the enormous potential the country possesses.
He emphasized that Egypt needs a new framework for investment and development that focuses on marketing the country globally in a more effective manner and building a strong national brand capable of attracting investors from around the world, while maximizing the added value of the country’s available resources.
He also called for launching innovative programs in the industrial and agricultural sectors and developing more effective approaches for engaging both domestic and foreign investors, in a way that would create a qualitative leap in attracting investment and further stimulate the private sector, which constitutes a key pillar of the State’s economic plan for the coming years.
Abou El-Enein concluded by stressing that the next phase requires new visions and innovative ideas that are commensurate with the scale of regional and global challenges, ensuring higher growth rates and maximizing the utilization of Egypt’s vast economic potential.
