“Having carefully implemented our economic reform program, we have become more able to absorb the shock of subsequent global economic crises, in such a manner that helps us look forward to luring more local and international investments,” Minister of Finance Mohamed Maait said Saturday.
“This has also helped us increase the private sector engagement in economic development to achieve economic and development goals, improve citizens’ living conditions, and improve public services, Maait added during a meeting with his Somalian counterpart Elmi Mahmoud Nour.
Maait said his ministry is committed to promoting cooperation with Somalia, and is ready to provide Somalian brethren with the technical support they need in public finance administration, as well as tax and customs management, to help the sisterly Arab and African state restore its unity and stability.
Maait briefed the Somalian official on Egypt’s experience in improving and mechanizing its business administration systems to boost communication with investors and encourage them to increase their business activity in Egypt by streamlining investment procedures, reducing the average time to clear exports through customs, facilitating tax transactions, and promoting domestic as well as foreign trade.
Despite the tough times ahead for the global economy, “we target a 5.5 per cent growth rate for the FY2023/2024, while bringing down the debt and budget deficit,” Maait said.
During their meeting, the two ministers agreed on the need to work for setting up joint cooperation programs to upgrade financial systems.
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