Global Arab Network | Egypt: ,281 billion investments in agricultural sector

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Egypt: $1,281 billion investments in agricultural sector

- Gamal Ragay

Sunday, 04 July 2010 13:13

The agricultural sector’s targeted investments hit 7.3 billion Egyptian pounds ($ 1,281 billion) in the current 2010/2011 plan, said Egypt Minister of Economic Development Othman Mohamed Othman.

“The agricultural and reclamation sector investments are up to 4.2 billion EGP, 88% of the total sum, while those of the water resources and irrigation sector are up to 300 million EGP,” said Othman in exclusive statements to al-Ahram daily on Saturday 3/7/2010.

He noted that the agriculture and irrigation sector is shouldering the responsibility of achieving food security and providing the input for industrial activities.

“This sector contributes by 14% of the gross domestic product (GDP), and about 20% of Egypt’s total exports and its various activities account nearly 25% of the total workforce in Egypt,” added the minister.

The annual average of agricultural growth rose from 2.6% in the 1980s to 3.4% in the 1990s to reach 3.6% in 2006/07.

Moreover, the area of agricultural lands rose to 2.3 million feddans during this period, thus, Egypt broke through towards projects of huge agricultural expansion that contribute to the addition of 1.4 million feddans, thus increasing the inhabited area from 5.5% to 25% of Egypt’s area.

Furthermore, this redrew the demographic map after creating new urban communities, in the depths of the Egyptian desert, that represent population-attraction regions due to the new job opportunities they provide.

Of Egypt’s entire labor force, 30 per cent works in the agricultural sector contributing some 14.8 per cent of the country’s entire GDP. At 2006 prices, agricultural products are presently valued at EGP81.370 billion; of which EGP81.313 billion are supplied by the Private Sector; 58.6 million by the Public Sector.

Agriculture contributes 30 per cent to Egypt’s commodity exports, which makes it a major revenue-generator.

Global Arab Network

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