Egypt Needs an Industrial Revolution

The tourism crisis Egypt is facing in the aftermath of the Russian plane crash late October has broached discussion over Egypt's economic crisis which relies mainly on rent income rather than industrialization to achieve growth and stability.

An opinion piece titled "How Sinai plane crash can help reinvent Egypt" published on Dow Jones' Market watch Friday said Egypt has to diversify its sources of income and expand in industrialization.

The report suggests following the Turkish model which despite "its lack of oil and gas" has six times the foreign reserves Egypt holds.

The piece argued that though the tourism sector is not part of the rent economy as it entails the building of hotels, restaurants and attractions yet it is sensitive to political fluctuation and its employees are "unskilled".

It further argued that the sector's contribution to the Gross Domestic Product (GDP), which is 11.3 percent according to statement by the cabinet in April, is "excessive".

Egypt depends on the tourism sector as a main source of national income and has been engaged in attempts to revive it as it reeling amid years of political turmoil.