RIYADH: US investments in the North African country have increased drastically and employment rates have also increased significantly in 2021, as compared to 2020. On the other hand, the Ministry of Tourism is working to bolster the tourism sector. Meanwhile, the EU is also backing Egypt as a major hub of energy in the Middle East and North Africa and the Mediterranean regions, according to the EU ambassador to Cairo.
- US investments in Egypt surged to $24 billion in the financial year 2021-22, up from $9 billion in the financial year 2020-21, local newspaper Daily News Egypt reported, citing Prime Minister Mostafa Madbouly. The majority of the investments are concentrated in the fields of energy, petrochemicals, infrastructure, tourism, agriculture, and industry.
- The total number of employed Egyptians hit 27.1 million during 2021, reflecting a 3.7 increase when compared to 2020 figures, local newspaper Youm 7 reported, citing a report released by the Ministry of Planning and Economic Development. The unemployment rate among males reached 5.6 percent in 2021, down from 6 percent in 2020 while the unemployment rate among females dropped from 17.7 percent in 2020 to 16 percent in 2021.
- The Ministry of Tourism has been reported to have hosted several intensive meetings to stimulate domestic tourism, Youm 7 also reported. Led by Assistant Minister of Tourism and Antiquities Ahmed Youssef, the meetings discussed plans to raise tourism as well as archeological awareness in addition to implementing internal tourism movements in several governorates.
- The EU supports Egypt’s decision to become a major hub of energy in the MENA and Mediterranean regions, local newspaper Egypt Today reported, citing European Union Ambassador to Cairo Christian Berger.