CAIRO, March 26 (MENA) - Prime Minister Mostafa Madbouli expressed on Wednesday regret over the continued Israeli aggression on Gaza, saying Egypt is exerting relentless efforts to restore ceasefire in Gaza in preparation for resuming negotiations and putting into effect the reconstruction plan adopted by the Arab League lately and supported by different world states.

At a press conference following the weekly cabinet meeting, Madbouli referred to his meeting this week with his Palestinian counterpart Mohammad Mustafa, saying talks tackled the executive steps to be taken to put into effect Gaza reconstruction plan once the ceasefire in Gaza is restored.

Madbouli highlighted President Abdel Fattah El Sisi's participation in a celebration marking Laylat al Qadr, during which the President expressed appreciation for the resilience of the Egyptian people and their awareness of the challenges facing the country.

He also referred to the celebration marking Egyptian Women's Day on March 21, during which President Sisi praised the crucial role of Egyptian women in all aspects of life.

About the economy, Madbouli unveiled positive growth indicators in the second quarter of the fiscal year, saying these indicators prove that the national economy is progressing well and that it is on the right track.

He reviewed discussions with investment and finance ministers regarding the finalization of an export rebate program, set to take effect in the next fiscal year for three years with a special focus on boosting local manufacturing.

He said the program was redrafted to boost the Egyptian industry to achieve a hoped-for exports boom by 2023.

He also highlighted executive steps agreed upon during his talks with the advisory committee for export development in some key sectors, namely textile and ready-made clothes, agricultural products, and pharmaceuticals with the aim of increasing exports from $14 billion annually to $34 billion within five years.

Madbouli lauded efforts of Planning, Economic Development and International Cooperation Minister Rania al Mashat that were crowned by a major agreement with the International Finance Corporation (IFC) to provide advisory services for managing and operating Egyptian airports, stressing that this agreement does not involve selling state assets but aims to improve operation of state assets through specialized firms.

Also, he referred to the signing of a contract with China’s Shining Feng Group to set up a $1.7 billion industrial complex in the Suez Canal Economic Zone, saying the complex includes nine factories to be established within the coming five years at most.

About economic indicators, Madbouli corrected false reports that were lately circulated on unemployment figures, saying they dropped to 6.4%, the lowest in two decades compared to 13% in 2014. He also referred to a decline in unemployment rates among young people aged between 15 to 29 years from 26.5%, recorded ten years ago, to 14.2 percent.

He also noted a decline in inflation and stable net assets and foreign reserves, expressing confidence in further economic growth after addressing external challenges.

At the end, Madbouli said there is a remarkable growth in all sectors of State except the Suez Canal and oil and gas excavation proceeds that declined over the past period.

He expected a six percent growth rate in case foreign challenges were neutralized. (MENA)
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