CAIRO, April 29 (MENA) - Prime Minister Mostafa Madbouly welcomed positive news regarding Egypt’s unemployment rate, which has dropped to 6.6%, emphasizing that this reflects the country’s successful efforts in employment and economic management.

Speaking at a press conference on Tuesday following a Cabinet meeting, which included Ministers Rania Al-Mashat of Planning, Economic Development and International Cooperation and Ahmed Kouchouk of Finance, Madbouly reviewed outcomes from their recent participation in the 2025 IMF and World Bank Spring Meetings in Washington.

He congratulated Egyptian workers on Labor Day, praising their contributions to national development. He also reviewed recent diplomatic engagements by President Abdel Fattah El Sisi, including meetings with the Hungarian Parliament Speaker and the Governor General of Australia, noting the importance of boosting relations between both countries.

Madbouly stressed the strategic significance of President Sisi’s visit to Djibouti, describing it as a pivotal step in boosting joint projects in sectors like energy, transportation, and logistics. He also referenced the recent visit of Sudan’s Sovereign Council head General Abdel Fattah Al-Burhan to Cairo, underscoring Egypt’s continued support for stability in Sudan.

Furthermore, he noted the official visit of the Angolan president, the current African Union chairman, and emphasized the importance Egypt places on reinforcing African relations. Madbouly himself visited Uganda recently, delegated by President Sisi to discuss the situation in Somalia, particularly regarding a potential UN mission and Egyptian peacekeeping involvement.

Addressing economic matters, Madbouly spoke about a key meeting with President Sisi and several ministers, where a consensus was reached to unify outdated regulatory fees into a simplified tax or fee, aiming to streamline investor procedures. A follow-up meeting will finalize proposals before presenting them to the president for implementation, he said.

He reaffirmed the government’s commitment to improving the investment climate through expanded issuance of the "golden license," unified procedures, tax incentives, and land allocation for investors. These efforts also include reducing customs clearance time and launching a new export rebate program, he said.

Madbouly acknowledged the global economic uncertainty but said international institutions have revised their growth forecasts for Egypt upward in light of the country’s recent reforms. He said that in line with Egypt’s industrial focus, two major agreements were signed: one between Egyptian pharmaceutical company "Gypto Pharma" and a leading American drugmaker, aiming for the American FDA certification and market access, and another to establish factories producing polyester fibers to reduce import dependence.

He also drew attention to a project with the Suez Canal Economic Zone to localize production of metal packaging, moving toward self-sufficiency. He highlighted a $1.6 billion agreement with China’s Sheng Feng Group to build a large industrial complex in the Suez Canal area, with the foundation stone recently laid.

The premier concluded with an update on the “New Delta” agricultural development project, covering over 2 million feddans. He emphasized the strategic importance of the initiative and expressed hope that it would soon begin delivering significant results for Egypt’s future.
(MENA)
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