Decisions announced after the first meeting of the Supreme Investment Council, led by President Abdel Fattah El Sisi, will greatly stimulate private investment and guarantee fair competition in the domestic market.
The presidential decisions to update legislation encouraging the private sector participation and tax exemptions are among the incentives for state-owned companies.
These statements by Minister of Finance Mohamed Maeet said came during a seminar held by the Egypt-Canada Business Council on Thursday.
“We are relying on the private sector to finance sustainable development and we are ready to carry out proposals from the business community to boost production and agricultural and industrial exports,” Maeet added.
“Only by increasing local production can we achieve self-sufficiency, increase the supply of commodities and control prices,” he said.
The government is working structural reforms for the gradual recovery of overall economy indicators before the end of this year, he added.
The non-petroleum trade deficit narrowed in July-December 2022 by 14.2 per cent compared to 2021, the minister said.
Natural gas exports have reached $500 million monthly and Suez Canal revenues hit a record high of $7 billion in fiscal year 2021-2022, the minister added.
“The net direct foreign investment reached $8.9 billion last fiscal year,” he said.
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