Prime Minister Sherif Ismail said the growth rate has to reach 6 percent to raise people's standard of living.

Addressing the inauguration of the Institute of National Planning on Saturday, Ismail said development in Egypt needs scientific planning.

He noted that there are domestic and external challenges that have a ripple impact on tourism and investment.

He added that economy has realized over five years a 2 percent growth rate, but in the last year the growth rate reached 4.2 percent.

The budget deficit was reduced to 11.5 percent, he said.

There are several problems in the infrastructure, he said, citing the sewage problem in Alex and Beheira that surfaced by this winter's torrential rains.

He expounded that shortage in the balance of payment and lack of dollars are another challenge.

He noted that the government's top priority is securing staple commodities and curbing the rising prices phenomenon.

He underlined the importance of joining hands among the government, media, people and the private sector.

He added that the government is implementing several mammoth national projects, including the 1.5 million feddan project and establishing an economic zone in the Suez Canal area.

Ismail highlighted the importance of luring investments and solving investors' problem as the coming period requires cooperation between the private sector and the government in infrastructure projects.