Egypt’s economy needs private sector boost – minister

Egypt’s finance minister, Ahmed Kouchouk, affirmed the ministry’s commitment to strengthening partnerships with the private sector and expanding its role in economic, investment, and development activities. He stated that the government and the business community are working to enhance the competitiveness of the Egyptian economy to achieve high growth rates.

Speaking at the Scientific Society for Tax Legislation conference, Kouchouk said that the first tax facilitation package is a major step towards building “trust, partnership, and certainty” with the business community.

The first package of tax facilitations represents a serious step on the path of “trust, partnership, and certainty” with the business community. It aims to improve the tax services provided to them and to ensure the availability of cash liquidity for their benefit.

Kouchouk announced plans for further tax and customs reforms benefiting citizens and investors, along with a public dialogue on the Tax Policy Document in the next fiscal quarter.

Highlighting a shift in fiscal policy, the minister noted that it will now prioritise stimulating economic activities, particularly in production and export sectors. A comprehensive export support programme and initiatives to promote industry and green energy transitions are under consideration, he added.

Additionally, the government is formulating a strategy to improve debt indicators, aiming to create financial room for increased investment in human development and long-term economic growth.

Attribution: The Egyptian Cabinet

Subediting: M. S. Salama