‘Economy more attractive to investors, thanks to reforms’

The Egyptian economy has become more attractive to foreign investment thanks to the economic reform programme, which earned praised from international financial and rating institutions.

This statement by Minister of Finance Mohamed Maeet came during his meeting on Tuesday with Singaporean Ambassador in Cairo Dominic Goh.

Indicators for fiscal year (FY) ending June 2022 were good, as the government achieved a primary surplus of 1.3 per cent for the fifth year in a row.

The current budget deficit is 6.1 per cent, the minister said, adding that Egypt recorded the highest growth since 2008 at 6.6 per cent.

Egypt aims to reach a debt-to-GDP ratio of 72 per cent by 2027 — the lowest in 42 years, Maeet said.

Performance this fiscal year of 2022-23 is encouraging so far despite difficult conditions worldwide, while Egypt achieved a primary surplus of 11 per cent of GDP in July-September 2022, Maeet added.

He highlighted improvement in tourism, industry, oil and natural gas, and information technology in FY 2021-2022.

The minister said that the government is keen to enhance co-operation and exchange expertise with Singaporean officials in port management and customs system development as Singapore has become a global hub for logistical services.

Egyptian government is working hard to develop and digitise the customs system in order to reduce the average customs release time, thereby facilitating procedures for the business community and streamlining the movement of internal and external trade, Maeet said.

The government is working according to presidential directives to reshape the structure of Egypt’s economy by enabling the private sector to play a bigger role in development he added.

The current economic challenges prompt us to maximize industrial and agricultural production, which is feasible with private sector participation, he said.

Egypt was looking forward to attracting more local and foreign investments, through overcoming obstacles facing the business community, the minister said.

An open dialogue will be held with representatives of Singaporean companies operating in Egypt to encourage Singapore’s investments in various economic sectors, thus contributing to achieving development goals, the minister said.