Tourism sector accounts for 20% of Egypt’s GDP: Al-Mashat

0
40

Minister of Tourism says 3 million work in tourism sector the tourism sector is considered a key component for growth and employment in the country, as it accounts for 20% of Egypt’s GDP, according to Minister of Tourism, Rania Al-Mashat.

Al-Mashat explained that Egypt has 3 million people working in the tourism sector. She pointed out that the goal of the tourism structural reform programme in Egypt is to eventually have at least one individual from each Egyptian household working, either directly or indirectly, in the tourism sector.

Her remarks came on Saturday during a discussion session with the Practice Manager-Markets and Technology at World Bank Group, Martha Martinez Licetti, Senior Director of Manufacturing, Agri & Services at International Finance Corporation (IFC) Tomasz Telma, and IFC’s Vice President Of Economics And Private Sector Development, Hans Peter Lankes.

The minister stressed the importance of the tourism industry in the growth of the countries’ economies, highlighting that the world tourism movement increased by 6% in 2018, contributing $8.8tn, accounting for 10% of the world economy, and 30% of the world services exports. This is in addition to providing 319 million jobs, equivalent to 1/10 of the world’s total employment.

Al-Mashat expressed the ministry’s keenness to cooperate with international economic and financial institutions, such as the International Monetary Fund and the World Bank.

However, Al-Mashat stated that funding the sector from international financial institutions is still very weak, and called for increased financing from international financial institutions.

For her part, Licetti praised the practical and serious steps being taken by the Egyptian Ministry of Tourism to promote this sector and create sustainable tourism in the medium term.

Moreover, she asserted the importance of the role of international institutions in supporting the tourism sector, pointing out that the various aspects of cooperation between these institutions and the ministry of tourism will contribute toward supporting and developing the tourism sector in Egypt.

Noteworthy, Egypt has adopted a tourism structural reform programme last November for the first time. Aiming to develop the tourism sector, the structural reform programme includes different pillars, such as institutional reforms, legislative reforms, promotion and marketing activities, infrastructural and tourism development, and the global trends programme.

Source: dailynewsegypt