Cairo: Minister of Finance Ahmed Kouchouk announced that Egypt is actively welcoming investment inflows by leveraging competitive advantages and fostering an inviting business climate. The initiative for tax and customs facilitation is designed to build trust and partnership with the business community, aiming for rapid and tangible progress.
According to State Information Service Egypt, during a meeting with the Council of the General Union of Chambers of Commerce, Industry, and Agriculture of Arab Countries, Kouchouk highlighted plans to collaborate with the Minister of Investment and Foreign Trade to unveil a comprehensive package of customs facilitation measures. These measures are expected to enhance foreign trade and reduce customs clearance time significantly.
Kouchouk emphasized the capability of the Egyptian and Arab private sectors to drive substantial economic growth in the region, underscoring the government’s supportive role. Egypt’s strategic vision is to become a regional hub for manufacturing and exporting to Africa, Europe, and Asia. To achieve this, the country is pursuing more competitive economic policies to attract foreign direct investment.
The minister further stated that the government’s financial and economic priorities focus on a more significant role for the private sector, investing in the future for economic and citizen benefits. Intra-regional investments have notably increased, offering further opportunities for trade integration. Additionally, improvements have been observed in the net foreign assets of the banking sector and foreign exchange reserves.
Kouchouk reported a decline in the debt ratio of budgetary bodies to GDP, from 96 percent to 86 percent over two years, with a continued focus on reducing this further. He also highlighted that Egypt has decreased the external debt of budgetary bodies by approximately $2 billion, indicating that the country is repaying more than it is borrowing.
The economic zone in Egypt is experiencing strong investment momentum, attracting a diverse range of companies focused on production and export. The 73 percent increase in private investments during the last fiscal year showcases the private sector’s potential to lead economic growth in Egypt.
Ahmed el-Wakeel, Chairman of the Federation of Chambers of Commerce, commended the finance minister for launching a significant tax reform project based on trust and partnership with the business community. He added that the Egyptian government is committed to encouraging the private sector to play a more significant role in economic growth.