What’s the government’s vision for the economy through 2030? The Planning Ministry yesterday launched the National Narrative for Economic Development, laying out a roadmap to sustain reforms and push the economy toward trade- and export-led growth, according to a statement. Planning Minister Rania Al Mashat described the narrative — launched under the theme ‘Policies Supporting Growth and Employment’ — as “an integrated framework that achieves coherence between the government’s work program and Egypt Vision 2030.”

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TL;DR: “The narrative is about the government’s vision, sectoral strategies, and how they are tied to quantitative targets. Traditionally, economic reform programs have been financial and monetary focused. What we discussed today goes deeper: it’s a real economic program,” Al Mashat told EnterpriseAM. “Our FDI strategy is directly linked to our industrial strategy, to job creation, and also to fiscal policy. Without macroeconomic stability, none of this would be possible,” she contiuned, adding that we can expect the growth result for 4Q 2024-2025 later this month.

The five-year vision prioritizes manufacturing, tourism, agriculture, energy, and ICT, while positioning the state as regulator and enabler. It also builds on Egypt’s structural reform program with a focus on three main pillars: macroeconomic stability, enhancing competitiveness and business climate, and supporting the green transition.

How will the state step back? The government is tying its broader reform goals to concrete tools. The State Ownership Policy sets the boundaries of where the state remains involved and where the private sector should take over, either through partnerships or exits. To carry this out we have two dedicated cabinet units and the Sovereign Fund of Egypt. Alongside this, 59 of 63 economic authorities in the country are under review for restructuring, merger, or liquidation.

The National Narrative sets out clear quantitative goals through 2030: Growth is targeted to rise to 7%, compared to the 4.5% projected for the current fiscal year. Total investments are expected to reach 18% of GDP by 2030, up from 15.2% this year.

Private sector participation to increase significantly under the plan: Private investments are expected to account for 66% of total investments and make up 11.9% of GDP by 2030. As for public investment, green projects are projected to make up 70-75% of all public investments, by 2030, compared to 50% in the current fiscal year. The narrative also targets stronger job creation, with the economy projected to generate 1.5 mn jobs a year by 2030, up from 900k this year.

As for debt: The government wants to take debt to “the lowest level ever seen in the country’s history” during the period of the plan, Prime Minister Moustafa Madbouly said. He also highlighted the government’s commitment to sustain 20% annual export growth over the next five years.

It was a full house for the launch event, with Investment Minister Hassan El Khatib, Finance Minister Ahmed Kouchouk, Oil Minister Karim Badawi, Industry Minister Kamel El Wazir, and more in attendance.

Kouchouk touched on the outcome of last fiscal year’s tax reforms: “Tax revenues grew 35% last fiscal year — more than EGP 600 bn — without the introduction of any new taxes, tax hikes, or additional burdens on citizens or investors,” he said, adding that this marks “an exceptional figure we haven’t seen since 2005.”

And more to come: The long-anticipated package of real estate tax relief will be announced “very soon,” he said.

Al Mashat made the rounds last night to walk the nation’s talking heads through the ins and outs of the five-year plan. She virtually joined Al Hekaya’s Amr Adib (watch, runtime: 16:01) and Ala Masouleety’s Ahmed Moussa (watch, runtime: 2:15).

What’s next? The narrative will be open for public consultation and community dialogue over the next few months. The final version of the narrative will be released in December.

The full narrative will be available online on the Planning Ministry’s website on 14 September.

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