‘Egypt targets 50 pct growth in private businesses by 2024’

CAIRO – The Egyptian government seeks to increase the private sector’s share in economic activity by 50 per cent in three years, Minister of Finance Mohamed Maait said.
During his meeting with Qatari Ambassador in Cairo Salem bin Mubarak bin Shafi Al Shafi on Saturday, Maait added that the government will also expand its public offering program for companies in the EGX to expand the ownership base, and create new opportunities for private businesses.
Thanks to the government’s economic reform efforts, which contributed to an environment conducive to local as well as foreign investments, Egypt’s total deficit in the fiscal year ending on June 2021 was 7.4 per cent of GDP with a primary surplus of 1.46 per cent, the minister pointed out.
He also highlighted the State’s efforts to stimulate private sector businesses to expand the country’s export base and boost competitiveness of Egyptian products abroad.
Moreover, the minister briefed the Qatari diplomat on the government efforts to upgrade and digitize tax and customs procedures with a view to ensuring fiscal equity and integrating the informal sector into the formal economy.
Meanwhile, the Qatari ambassador said that “Egypt provides a fertile ground for investors, thanks to the unprecedented development the country has been witnessing in all domains.”
He also stressed that both countries have shown political will in pushing forward bilateral cooperation and achieving joint development.