Egypt targets to raise mining sector contribution in GDP to 5% in 5 years

Egypt targets to raise mining sector contribution in GDP to 5% in 5 years

Tarek El-Molla, Egypt's Minister of Petroleum and Mineral Resources, speaks during an interview with Reuters at his office in Cairo, Egypt, October 29, 2015 – Reuters Photo







CAIRO – 16 February 2021: Ministry of Petroleum and Mineral Resources aims to raise the contribution of the mining sector in the gross domestic product (GDP) to 5 percent over the next five years, according to Oil Minister, Tarek El Molla.

 

Molla added in his statement to the House of Representatives, that the contribution of the mining sector to the GDP is "insignificant", and does not exceed half a percent only, which does not reflect the real capabilities of this sector.

 

He explained that the oil and gas sector contributed about 27 percent of the GDP during 2019, and 24 percent during 2020 despite the challenges of the Corona pandemic.

 

The minister emphasized that the results of the auctions recently put forward by Egypt are a real start for the mining