CAIRO: A report issued by the Ministry of Economic Development said that the ministry`s economic and social development plan for the next fiscal year 2010/2011, which is the fourth year of the five-year plan (2007/2012) targets achieving real economic growth rate at 5.8 percent. The report said that the ministry also targets in the fiscal year 2010/2011, which will begin this July, to increase the rate of national savings to 18 percent of the domestic GDP, and increase the investment rate to about 19 percent of the GDP. The plan aims to increase private investments during the next fiscal year, bringing The share of total investment to 65 percent compared to 53 percent, which is the share expected in the current fiscal year 2009/2010, as well as the goal of increasing foreign direct investment to $8 billion compared to $5.5 billion, the ministry said. The report pointed out that the plan for 2010/2011 to adopt the goal of dual and balanced development in terms of further increasing of the rate of economic growth through increased levels of investment and employment, and “maximize the participation of citizens and benefit from the fruits of high growth through improving living standards and the deepening of community participation and the transition from the objective social dimension to reduce poverty to the goal of human development and overall social and sustainable development.” The plan aims to also provide around 710,000 new jobs, to help the rate of unemployment to decline to 9 percent, as well as the objective of stabilizing the proportion of the budget deficit to less than 8 percent of the GDP; the development of commodity and service exports by 17 percent; and the development of foreign exchange reserves to about $5.36 billion by the end June 2011. The report also explained that the target in the development plan aims at the “development of productive capacity sectors of the national economy and in line with the economic growth rate target and increased industrial output growth rate to about 6 percent, and the implementation of infrastructure works to about 77,000 acres – and the internal reclamation works for about 65 thousand acres.” The fourth year of the 5-year plan aims at the production of 89 million tons of crude oil and natural gas growth rate of 7 percent for the year, the same rate expected for the current fiscal year “as well as the expansion of the electric power generated at a rate 64 percent and used energy at a rate of 6.9 percent.” The plan aims as well at maintaining a high growth rate of the construction sector by 13 percent and increase tourism revenue by 9 percent to $12 billion dollars and the continued growth of the telecommunications sector by over 12 percent, “and double the exports of telecom and technology through outsourcing services to reach $2 billion.” BM
