Egypt sees its economic trajectory as “reassuring” and is seeking a deeper economic partnership with the European Union (EU), Finance Minister Ahmed Kouchouk said on Sunday, as the country pushes ahead with reforms to boost growth, exports and investor confidence.
Speaking during a new round of the Egypt-European Economic Dialogue in Cairo, Kouchouk, referred to the EU as a key partner for the country, saying discussions with the bloc were productive, particularly amid heightened global uncertainty.
“We look forward to a growing economic partnership,” Kouchouk said, adding that Egypt offers significant opportunities for European companies and for expanding bilateral trade.
He said Egypt’s economic strategy strikes a balance between stimulating production and exports while maintaining fiscal discipline. The government has also taken proactive steps to respond flexibly to current and potential economic risks, he added.
Kouchouk said Cairo was working to improve the tax system to encourage voluntary compliance and broaden the tax base by attracting new taxpayers.
Deputy Finance Minister for Fiscal Policies Yasser Sobhi said Egypt was weathering global economic shocks from a stronger financial and economic position as a result of reforms.
Economic and fiscal performance in the first nine months of the current fiscal year indicated that Egypt was on track to meet its targets, he said.
“Maintaining financial stability is the cornerstone for expanding economic activity and achieving sustainable and inclusive growth,” Sobhi added.
Eexpanding the economic, tax and productive base remained a top fiscal policy priority, while increasing exports and opening markets would create new opportunities for private sector growth in both Egypt and Europe, he noted.
Annika Eriksgard, Deputy Director-General for Economic and Financial Affairs at the European Commission, said Egypt remained a key partner for the EU.
She welcomed Egypt’s reform efforts, citing improvements in economic and fiscal performance and measures taken to address external shocks.
“We are pleased with the progress in performance and policies and will continue to support Egypt,” she said.
