Minister of Finance Ahmed Kouchouk said Egypt is opening its doors to investment inflows through competitive advantages and a motivating, attractive business climate, noting that the tax and customs facilitation initiative aims to build trust and partnership with the business community and achieve rapid, tangible progress.
During his participation Monday in a meeting of the Council of the General Union of Chambers of Commerce, Industry and Agriculture of Arab Countries, the minister said: “Together with the Minister of Investment and Foreign Trade, we will announce a major package of customs facilitation measures to boost foreign trade and reduce customs clearance time.”
Kouchouk said Egyptian and Arab private sector is capable of achieving a significant leap in the region’s economies, stressing that the government’s role is to provide the greatest possible support. Egypt aims to become a regional hub for manufacturing and exporting to Africa, Europe, and Asia and is therefore pursuing broader, more competitive economic policies that attract foreign direct investment, said the minister.
He added: “Our financial and economic priorities hinge on a greater role for the private sector in investing in the future for the benefit of the economy and citizens.” The minister noted that intra-regional investments have seen significant increases, with further opportunities for trade integration, while net foreign assets of the banking sector have improved, along with foreign exchange reserves.
Kouchouk also said that the debt ratio of budgetary bodies to GDP declined from 96 percent to 86 percent over two years, with a target to continue the strong downward trajectory this year. He noted that Egypt has reduced the external debt of budgetary bodies by about dlrs 2 billion, meaning the country is “repaying more than it is borrowing.”
He further confirmed that the economic zone is witnessing strong investment momentum and attracting a large and diverse number of companies focused on production and export, noting that the 73 percent increase in private investments during the last fiscal year reflects the private sector’s ability to lead economic growth in Egypt.
For his part, Chairman of the Federation of Chambers of Commerce Ahmed el-Wakeel said, the minister of finance has launched a major reform project for the tax system based on trust and partnership with the business community, adding that the Egyptian government is working to encourage the private sector to play a greater role in economic growth.
