Building on his January push at Riyadh's International Mining Conference, Egypt's Petroleum and Mineral Resources Minister Karim Badawi announced plans to lift the mining sector's GDP contribution to 6% from under 1%, including a comprehensive aerial geophysical survey starting in June—the first since 1984. The remarks came at the OECD Critical Minerals Forum in Istanbul.
Badawi stressed that accurate geological data is key to assessing resources, drawing investments, and accelerating decisions, continuing Egypt's prioritization of mining to unlock economic potential and refine investment processes.
Egypt is improving its investment environment through law and contract updates to global standards, plus incentives for large and medium firms. The minister highlighted the country's mineral-rich geology shared with Saudi Arabia and neighbors, supported by infrastructure for transport, exports, and industry.
This aligns with diverse energy sources and an accelerated renewable shift in the power mix by 2028, ahead of 2030 targets. Badawi called for government-private sector-industry collaboration to deploy advanced technologies like AI in exploration and mining, and to develop commercial models for large-scale mineral use, fostering cross-border ties and manufacturing.
The forum featured OECD Secretary-General Mathias Cormann, Turkey's Energy Minister Alparslan Bayraktar, and Saudi Arabia's Industry Minister Bandar Alkhorayef.