Egypt prioritises financial stability, exports, green economy transition – FinMin

Egypt’s economic reforms are increasingly focused on promoting financial stability, boosting production, and enhancing exports to improve the competitiveness of the economy, according to Minister of Finance Ahmed Kouchouk. In a statement released on Thursday by the Cabinet, Kouchouk underscored the government’s commitment to strengthening the private sector through ongoing structural reforms aimed at expanding economic activity and investment opportunities across various sectors.

Speaking at the opening ministerial session of the Turkish-Arab Economic Forum, Kouchouk highlighted the growth in trade between Egypt and Turkey, which surpassed $8 billion in 2023. He stressed the importance of innovative government initiatives aimed at addressing current economic challenges while attracting investments in key sectors such as tourism, industry, agriculture, and green energy. Egypt, he added, is transitioning to a green economy with a framework focused on sustainable and low-cost financing tools.

Kouchouk also outlined the government’s ambitious strategy to sustainably improve debt management. This includes diversifying financial tools, markets, and currencies, engaging a broader range of investors, and collaborating with international institutions to secure soft financing and stable economic conditions. The Finance Minister also emphasized the significance of setting a ceiling for public investments to ease financing pressures and create more room for private sector engagement.

He noted that a continuous, balanced dialogue with local and international investors is essential to bolstering confidence in Egypt’s economy. Investment relations between Egypt and Turkey, in particular, are seeing unprecedented growth, positioning Egypt as a key hub for Turkish companies in manufacturing, exporting, and tourism.

Kouchouk further emphasised Egypt’s efforts to streamline tax procedures, calling it a crucial step in building a genuine partnership between the Tax Authority and the business community. The government is also focused on expanding the tax base by integrating the informal economy through targeted initiatives.

Egypt remains committed to enhancing regional cooperation with its neighboring countries amidst global economic uncertainty. Kouchouk noted that Egypt has led Africa in attracting foreign direct investment for three consecutive years. He also pointed to the Ras El Hekma development project as a symbol of Egypt’s strong relations with the United Arab Emirates and discussed efforts to link Egypt’s electricity grid with Saudi Arabia, reflecting the country’s ongoing push for regional cooperation.

Attribution: The Cabinet statement

Subediting: M. S. Salama