The Egyptian government is stepping up action on more than one axis as part of the resolution of the dollar deficit crisis. Perhaps the government’s program of proposals and the promotion of tourism income are the most prominent in this file, in addition to its moves in the files of rationing imports, increasing exports, increasing income from remittances from Egyptians working abroad, in addition to developing resources. Suez Canal.

In terms of the tourism sector, the Egyptian government is set to launch a new tourism investment stimulus package as part of its goal of reaching 30 million tourists by 2028.

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Egyptian Prime Minister Mostafa Madbouly said his country is working to improve the investment climate in tourism and increase the number of operating hotel establishments to meet the required annual targets.

The influx of tourists to Egypt in the first half of this year recorded about 7 million tourists compared to about 5.9 million tourists last year, an increase of 18.6%, and is expected to reach 15 million tourists by the end of 2023.

Since the first quarter of the fiscal year, the Egyptian government has been working intensively to contain the crisis of the dollar shortage, and in this framework, it has taken many decisions and measures, the most important of which is an agreement with the International Monetary Fund for new financing in the amount of $ 3 billion, in addition to accelerating the pace of the government proposals program.

In recent statements, Madbouli said: “We have a concrete plan to improve the tourism experience in Egypt in all aspects, including strengthening the integration between the tourism and aviation sectors, in such a way as to maximize the added value of Egypt’s unique tourism and cultural potential. He explained that the government aims for an annual growth of the sector of at least 20%.

Egyptian Tourism Minister Ahmed Issa said in a statement that the ministry is in the process of implementing a new policy aimed at improving the investment climate in tourism. To keep up with the latest developments in the tourism industry around the world, and also to ensure that Egypt gets its fair share in the global tourism traffic, especially since it has a great tourism potential that is not available in many countries of the world.

He added: “One of the most important points of Egypt’s strategy to attract 30 million tourists is to improve the investment climate in tourism and increase the number of hotel establishments. The number of hotel establishments is not commensurate with Egypt’s ambition to increase inbound tourism and meet the necessary annual target.”

The Egyptian government, which is working to boost dollar revenue to $191 billion over the next five years, has tasked the tourism sector to do its part by boosting the sector’s revenue by 20%.

Fitch Solutions expects Egypt to generate about $10.7 billion in tourism revenue in FY 2021/22 and this figure is expected to increase to $14.4 billion in the current fiscal year.

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