Egypt’s Minister of Investment and Foreign Trade, Hassan El-Khateeb, recently reported a notable increase in remittances from Egyptians working abroad. During the first 10 months of 2024, these remittances rose by 45%, reaching approximately $23.7 billion. This marks a significant improvement over the $16.3 billion sent home during the same period last year. Egypt now ranks among the top seven countries globally for remittances.
The Growing Importance of Skilled Labor Exports
El-Khateeb shared these figures during the launch of the CIRA Care initiative, aimed at raising awareness about the importance of investing in human capital. The initiative highlights how Egypt’s skilled labor exports contribute significantly to both national income and the country’s standing on the global stage. Currently, over 5 million Egyptians work abroad, with many located in the Gulf region.
Fostering a Competitive Workforce
The Minister stressed that human capital remains a core priority for Egypt. The country benefits from a large, youthful, and highly educated workforce. El-Khateeb noted that Egypt offers competitive wages, making it an attractive destination for investors seeking high productivity at a reasonable cost. This workforce is an essential asset for Egypt’s ongoing development.
A Strategic Focus on Human Capital Development
El-Khateeb also outlined Egypt’s broader development strategy, with a particular emphasis on social and human development. For the 2024/2025 fiscal year, 42% of government investments will focus on building human capital. These investments will target education, healthcare, and vocational training, with the goal of preparing the workforce for the demands of the global market.
Future Goals for Economic Growth and Employment
Looking toward the future, the Minister expressed confidence in Egypt’s ability to increase its remittances further. He highlighted ambitious plans to reduce unemployment to 6.5% by 2027. A major focus will be on improving technical education, expanding healthcare coverage, and promoting entrepreneurship. Key targets include increasing the number of technical schools and raising healthcare insurance coverage to 85% of the population.
