Egyptian Prime Minister Mostafa Madbouly has asked the private sector and investors to develop a detailed executive plan for the state to increase tourism revenues to $30 billion.
Ahead of the 27th meeting of the Conference of the States Parties to the United Nations Framework Convention on Climate Change (COP27), Madbouly showcased development projects in Sharm el-Sheikh on Sunday, during his meeting with investors.
Egypt’s tourism revenues dropped more than 66 percent in 2022 due to the coronavirus pandemic, reaching $4.4 billion as opposed to over $13 billion in 2019.
Around 68 percent of Egypt’s revenues were regained in 2021.
The tourism sector contributes 15 percent to Egypt’s gross domestic product.
On his Facebook page, Madbouly said that the projects underway in Sharm el-Sheikh within the preparations for the COP27 are an opportunity to increase the number of tourists in the city next year.
The investors discussed several challenges, including promotion programs for Egypt’s tourist destinations, and the role of the media.
Investors also focused on activating domestic tourism with lower costs, expecting a minimum 50% increase in tourism.