Egypt pledges to empower private sector

Egypt’s Minister of Investment and Foreign Trade Hassan El-Khatib outlined the government’s commitment to empowering the private sector, with the goal of increasing its contribution to the national economy to 75 per cent by 2030.

During a session at the International Monetary Fund (IMF), he said that the government is implementing a series of reforms to enhance the business environment, reduce bureaucratic hurdles, and streamline tax procedures.

The government is also prioritising structural reforms and addressing fiscal policies, including adjusting tax and fee rates to enhance competitiveness, as per a statement released by the Cabinet.

During the current phase, Egypt is enacting reforms in fiscal, monetary, procedural, and trade policies to attract investors, enhance global confidence in the economy, and improve foreign trade efficiency, the Minister added.

El-Khatib stated that the government aims to create a favorable investment environment for the private sector to boost economic growth. Clear, transparent, and predictable economic policies will be implemented to achieve this goal, he added.

The government’s goal is to establish an open investment climate, enabling the private sector to drive economic development, said El-Khatib.

El-Khatib underscored the government’s focus on four key areas: monetary policy, fiscal policy, trade policy, and state ownership policy. Egypt’s competitive business environment, coupled with these reforms, positions the country as a leading investment hub in the region.

Egypt anticipates increasing investment rates in the upcoming phase, El-Khatib said, adding that the Ministry is trying to streamline investment processes and automate services through the General Authority for Investment and Free Zones, which would help investors.

Attribution: The Egyptian Cabinet statement

Subediting: M. S. Salama