COP27 is an opportunity to shed the light on the difficult economic situation for developing countries and the impact on climate action and development.
This statement by Minister of Finance Mohamed Maeet came during his meeting with Indonesia’s Deputy Minister of Finance Suahasil Nazara on the sidelines of COP27.
The government is working to improve the structure of the national economy and enhance the tax system by applying the best practices within the Development and Economic Co-operation Organisation, the minister said.
The government is also working on incorporating the informal economy into the formal in order to achieve tax fairness, the minister added.
Egypt is proceeding towards achieving the goals of the New Republic by developing various business sectors and creating a more attractive environment for investment, while strengthening partnership with the private sector to boost economic growth and improve living standards, the minister said.
The minister referred to Egypt’s experience in building the New Administrative Capital, as Indonesia plans to build a new capital to absorb its swelling population.
“We are fully prepared to transfer Egyptian experience in carrying out major national projects. The building of the New Administrative Capital has not been a financial burden for the state’s public treasury as its costs were funded by a special company established for this purpose,” the minister said.
