Governments alone cannot meet the increasing demand for jobs, and the field must be opened for the private sector and entrepreneurship encouraged.

Egypt is expanding technical schools to prepare generations capable of competing in modern fields and keeping pace with technological developments.

Tourism investments are a major source of employment in Egypt, and every direct job opportunity creates 4 indirect job opportunities.

The Grand Egyptian Museum will open next July, and the tourism sector effectively contributes to economic growth.

H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation and Egypt's Governor at the World Bank Group, participated in a main session organized by the World Bank Group on "Jobs: The Path to Prosperity." The session was attended by H.E. Ajay Banga, President of the World Bank; H.E. Michelle Bachelet, former President of Chile; H.E. Tharman Shanmugaratnam, President of Singapore; H.E. Douglas Peterson, Senior Advisor at S&P Global; and H.E. Dilhan Pillay, Executive Director and CEO of Temasek Holdings.

H.E. Dr. Rania Al-Mashat highlighted economic infrastructure, and emphasized the necessity for governments to ensure macroeconomic stability and policy predictability so that the private sector can flourish and grow.

H.E. Minister Al-Mashat noted that the government alone cannot create enough jobs; rather, these jobs must come from companies or through empowering individuals to start their own projects.

H.E. Dr. Al-Mashat pointed out the importance of economic stability, structural reforms that remove barriers and enhance competition, as well as supporting the green transition, considering them the basis for the success of any economy. She noted the necessity of maintaining economic stability through these reforms.

Regarding human infrastructure, H.E. Dr. Al-Mashat outlined the importance of equipping young people with skills that keep pace with modern trends and linking these skills to the needs of the private sector. H.E. explained that Egypt has many vocational schools that are linked to the private sector in various industries.

On another front, H.E. Dr. Rania Al-Mashat reviewed the developments in efforts to attract private sector investments in renewable energy fields and enhance partnership between the public and private sectors through structural reforms. 

H.E. Minister Al-Mashat reiterated the need for an integrated financing framework for any country to succeed in attracting investments and financing its projects, which includes several funding sources, including attracting foreign direct investment, mobilizing domestic financial resources, using tools such as debt swaps, in addition to financial guarantees.

H.E. Dr. Al-Mashat stressed the need for governments to move faster than ever before, as the speed of decision-making and the implementation of economic policies has become more important than ever to ensure success in attracting investments and achieving sustainable development.

H.E. Minister Al-Mashat also discussed the role of the tourism sector in employment, noting that there is an employment multiplier of 1 to 4, meaning that every direct job in the tourism sector produces four indirect jobs. She added that tourism is a vital sector that contributes to creating job opportunities on a large scale, as well as its role in promoting global peace, mobility, and opening new horizons between peoples. 

H.E. Dr. Al-Mashat pointed out Egypt's aspiration to open the Grand Egyptian Museum next July, as the sector represents a vital source of investment and revenue for the local market, especially with the availability of various factors, whether attractions, skilled and trained labor, as well as infrastructure and hotels. She continued that investing in tourism is not just an investment in infrastructure or services, but rather an investment in improving the lives of citizens and developing their skills, thus contributing to sustainable economic growth.

Watch the session here.