The government is seeking to raise the average annual per capita income to US$15,000 by 2016/2017–the level of income in North Mediterranean countries, according to Minister of Economic Development, Osman Mohamed Osman.
The current average annual per capita income stands at US$3000.
Osman added that the continuing increase in personal savings indicates that there is sufficient liquidity to carry out projects and encourage investments.
He said that the government is planning to reach a rate of growth of between seven and eight percent by 2016/2017, adding that the private sector will play the main role in achieving this target. To achieve this target, it would be necessary to increase investments to around LE500 billion by 2016/2017, compared to LE96 billion at present.
Osman said that the private sector and the government will need to double the number of factories, open up new markets and facilitate financing and government procedures.
He also said that there is a need for skilled labor and energy. Besides, he added, there is a need to keep the budget deficit at five percent and to manage currency exchange prices and interest rates.
Translated form the Arabic Edition