Egypt backs private sector expansion

Egypt’s Minister of Finance Ahmed Kouchouk emphasised the government’s commitment to expanding the private sector’s role in driving comprehensive and sustainable development, as per a statement from the ministry on Monday.

During a discussion session organised by the Egyptian Private Equity and Venture Capital Association, he emphasised the cohesive operation of the economic ministerial group, with shared priorities and a clear vision for promoting growth and progress.

Kouchouk emphasised the government’s openness to the insights and ideas of the business community and its adaptive approach to alleviating burdens on the productive and export sectors, the statement added.

He further noted that the financial policy priorities and objectives are pivotal in fostering a business environment that enhances the competitiveness of the Egyptian economy, as stated in the release.

Kouchouk also highlighted ongoing efforts to rebuild trust with the business community through successive facilitation packages aimed at creating a tangible transformation in the tax framework.

He emphasised the remarkable response and significant participation from the business community in leveraging the substantial benefits provided in the first package of tax facilitations.

Kouchouk noted that numerous challenges will naturally be resolved through the strategic expansion of the tax base and the establishment of strong partnerships with financiers, according to the statement.

He pointed out a 38 per cent increase in tax revenues in the first half of the current fiscal year, crediting it to the adoption of the path of trust, partnership, and support to promote cooperation with the business community.

Kouchouk highlighted the collective effort to optimise the utilisation and management of state assets, aiming to achieve the highest possible returns to bolster the Egyptian economy.

Attribution: Amwal Al Ghad English
Subediting: M. S. Salama