Egypt bets on private sector to drive growth, export push – FinMin

Egypt is looking to position itself as a regional hub for manufacturing and exports to Africa, Europe, and Asia, with a stronger role for the private sector in driving economic growth, Finance Minister Ahmed Kouchouk said Monday.

Speaking to the Union of Arab Chambers, Kouchouk said the Egyptian and Arab private sector could make a “major leap” in regional economies, and the government’s role is to provide maximum support.

“Egypt’s financial and economic priorities hinge on a greater role for the private sector to invest in the future for the benefit of the economy and citizens,” he said, noting that intra-regional investments have grown significantly and trade integration opportunities remain.

Egypt repays more than it borrows

Kouchouk added that net foreign assets in the banking sector have improved, foreign exchange reserves are rising, and the ratio of budget-sector debt to GDP fell from 96 per cent to 86 per cent over two years. “We have reduced external debt by around $2 billion – we are repaying more than we borrow,” he said.

Highlighting the country’s investment momentum, he said economic zones are attracting a diverse range of companies focused on production and exports. Private investment rose 73 per cent in the last fiscal year, reflecting the sector’s capacity to lead growth.

The minister said Egypt is opening its doors to investment with competitive advantages and a business-friendly climate. Tax and customs facilitation initiatives aim to strengthen trust with the business community and accelerate measurable progress.

Kouchouk added that a major package of customs facilitations will be announced with the Minister of Investment and Foreign Trade to boost exports and reduce customs clearance times.

Attribution: Amwal Al Ghad English