Egypt is working to restructure its Mineral Resources Authority into an independent economic body as part of a broader push to unlock the country's untapped mineral wealth and dramatically increase mining's contribution to GDP. Petroleum and Mineral Resources Minister Karim Badawy said the new entity, to be called the Mineral Resources and Mining Industries Authority, will operate under a commercial model aimed at attracting foreign investment and maximising returns from exploration and extraction. The government is targeting a sixfold increase in the mining sector's share of GDP, from 0.5 per cent to 6 per cent, by 2030. "This marks a real beginning to fully leverage Egypt's vast mineral potential," Minister Badawy told parliament during a general session Monday. "We are writing a new chapter in Egypt's economic history." The restructuring includes amendments to the 2014 Mineral Resources Law, alongside a new mining investment framework designed to streamline licensing, ensure transparency, and align local regulations with international standards. The government also aims to build a modern geological database, expand mineral exploration auctions, and localise mining-related industries to add value domestically. Egypt holds significant deposits of gold, phosphates, and other minerals, but the sector has remained underdeveloped due to regulatory hurdles and underinvestment. Minister Badawy said new incentives, infrastructure upgrades, and investor-friendly policies will position Egypt as a regional mining hub. The plan is part of Egypt's broader Vision 2030 strategy to diversify the economy away from traditional sectors like oil and tourism. Minister Badawy pledged that the petroleum and mining resources ministry will work closely with lawmakers and investors to overcome bureaucratic challenges and deliver sustainable growth. "The next three years will be crucial," the minister said. "We have a clear roadmap and the political will to make mining a key pillar of Egypt's economic future." Attribution: Amwal Al Ghad English
