Trade Minister: Egyptian real estate sector represents over 20% of GDP

Trade and Industry Minister Ahmed Samir said the Egyptian real estate sector represents more than 20 percent of the Gross Domestic Product (GDP).

Samir added that the sector plays a key role in economic development in various countries, noting that this sector is a key catalyst for growth, investment and jobs.

The Egyptian government has implemented ambitious reforms to boost investment, he said, highlighting the state’s belief in the importance of exchanging views to realize sustainable development.

Minister Samir made the remarks on behalf of Prime Minister Moustafa Madbouli during the 21st Edition of the National Convention (NATCON) of the Confederation of Real Estate Developers’ Association of India (CREDAI) that was held in Egypt’s Red Sea resort city of Sharm El Sheikh.

He highlighted the depth of Egyptian-Indian relations in various domains, especially in the trade, investment and cultural fields.

Being held after the Story of Homeland conference, the forum represents an important platform for business communities to communicate and exchange knowledge, he said.

The minister noted that the Indian investments in Egypt hit dlrs 3.2 billion in 52 projects in the fields of tourism, chemicals and food industries.

Samir referred to cooperation among Egypt, India and countries in the African continent in the real estate development sector to contribute to realizing urban development, creating jobs, and developing the African infrastructure.

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