Egypt prioritises stronger private sector ties over protectionist policies – vice FinMin

Egypt is priotising regional and international partnerships over expanding protectionist policies, said Yasser Sobhi, Vice Minister of Finance for Fiscal Policies.

Speaking at 2024 Sustainable Investment Days hosted by the Organisation for Economic Co-operation and Development (OECD) in Paris, Sobhi said the private sector had demonstrated its capacity to drive innovation, development, as well as inclusive and sustainable economic growth.

The Egyptian official noted that “protectionist measures” disrupt the principles of “competitiveness” and have a negative impact on the global economy, particularly affecting developing and emerging markets. He also pointed out that increasing state support for investments could come at the cost of social spending and essential public services.

Sobhi said the Egyptian government is committed to encouraging investments in key sectors through structural reforms aimed at boosting private sector participation. He pointed out that recent tax reforms represent a significant step toward paving the way for private investment growth. Additionally, he highlighted that Egypt has launched effective initiatives to support certain industries, with clear goals set within a specified timeframe.

Attribution: Ministry of Finance statement

Subediting: Y.Yasser