Egypt targets 30mln tourists by 2031 under new investment plan
Egypt targets 30 million tourists by 2031 under a new investment plan for its tourism and antiquities sectors.
The target was part of a government strategy to increase foreign direct investment, which was reviewed at a meeting on Tuesday chaired by Prime Minister Mostafa Madbouly.
'The government is working to formulate clear plans with specific targets in order to present investment opportunities in various sectors, in a way that contributes to increasing foreign direct investment,' the prime minister said at the start of the meeting at the government's headquarters in the New Administrative Capital.
Madbouly added that the tourism sector is one of the country's most important, and the meeting aimed to follow up on the efforts of the tourism and investment ministries in this regard.
Sherif Fathy, Minister of Tourism and Antiquities, said a unit is being formed to monitor investment opportunities with the goal of creating an 'investment opportunities bank' to present available projects in the sector. The minister clarified that achieving the tourist arrival target is linked to expanding hotel capacity.
In 2024, hotel capacity grew by an additional 7,200 rooms, 55% of which were new, the minister said. Around 19,000 new hotel rooms are expected to be added in 2025. The plan also calls for investment in tourist restaurants, cafeterias, and the preservation and restoration of antiquities. The Supreme Council of Antiquities has averaged 36 projects annually over the past five years, he noted.
The minister reviewed the targeted investment plan for 2025 to 2031, which covers hotel rooms, restaurants, safaris, camps, and theme parks across Egypt's governorates. It also includes investment in the rehabilitation and reuse of archaeological sites and museums through public-private partnerships.
Hassan El-Khatib, Minister of Investment and Foreign Trade, said the meeting was the third in a series to discuss sectoral investment targets within the state's unified national investment strategy.
He described tourism and antiquities as a vital area for investment, adding that opportunities in these sectors will be made available on the country's investment map with all necessary data for investors.
El-Khatib explained that the national investment strategy's methodology involves diagnosing each sector, setting priorities, proposing policy and legislative reforms, and preparing a detailed investment map with ready-to-implement opportunities. The implementation timeline includes coordination meetings between relevant ministries, the formation of joint working groups, and the submission of periodic progress reports to the cabinet.
The meeting was attended by the ministers of Tourism and Antiquities, and Investment and Foreign Trade, along with officials from both ministries.
© 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info).
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