Migrants: A treasure for Egypt
For its 2014 forecasts, the World Bank predicts that Egypt’s economy will grow by 2.4% followed by a further 2.9% expansion in 2015. Endowed with a young population, Egypt has a strong potential to kickstart its economic development programme. In fact, Goldman Sachs – one of the largest investment banks in the world, identified Egypt as 1 of 11 high promising developing countries for the 21st century (The N11). Necessary for this engine growth will be the efficient allocation and management of all of Egypt’s assets, with special importance on its human capital resource. Based on the latest estimates on permanent and temporary migrants, there are more than 3.5 million Egyptians living beyond her borders. This presence represents a significant share of Egypt’s population, which has been actively contributing to Egypt’s economy through their financial remittances and by sharing global best practices that they have gained while being abroad. Unfortunately, Egypt has historically underutilised this important asset. However, Egyptian policymakers and the Egyptian professional community can do more to fully reap these positive economic rewards by examining what are some of the best practices that have already been successful within Egypt as well as examining initiatives that similar countries are undertaking.