Friday, May 24, 2024

Egypt’s tourism investments to grow 64pc to $540mn: Minister

Egypt’s minister of planning and economic development expects investments in the tourism and antiquities sector to rise 64 percent in the fiscal year 2021/22.

Hala El-Said estimated investments will reach around 8.5 billion Egyptian pounds ($540 million) up from 5.2 billion Egyptian pounds in the fiscal year 2020/21.

The tourism sector occupies a special significance for the Egyptian economy due to its high growth rates and its large sectoral contribution to the country’s GDP growth, the minister said.

The ministry’s report included the tourism sector’s targets in the 2021/22 plan.

The sector’s production level is expected to reach about 120 billion Egyptian pounds at current prices, compared to 93 billion Egyptian pounds during 2020/21, a growth rate of nearly 29 percent.

It is aimed to extend the tourism sector’s GDP share to 91.4 billion Egyptian pounds in the next fiscal year, compared to 69.5 billion Egyptian pounds in the previous year.

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