Egypt sees trade, investment boost as global shifts create strategic openings – FinMin

Egypt’s Finance Minister Ahmed Kouchouk met JPMorgan CEO Jamie Dimon on Wednesday during the International Monetary Fund and World Bank Spring Meetings in Washington, outlining Cairo’s strategy to attract investment and navigate global trade shifts.

Minister Kouchouk said the current global environment offers a chance to deepen Egypt’s trade integration, especially with African markets. He highlighted Africa’s competitive edge in labor and manufacturing as a growing magnet for foreign direct investment.

The minister emphasised steps taken to boost Egypt’s economic competitiveness, including support for industrial growth, export diversification, and tax reforms aimed at strengthening private sector participation.

Despite external pressures, he said Egypt posted a 2.5 per cent primary surplus and narrowed its budget deficit to 6.3 per cent of GDP in the July–March period of FY2024/25. Tax revenues rose 38 per cent year-on-year, supported by an expanded tax base and increased automation.

Minister Kouchouk said the government is also rolling out initiatives to foster entrepreneurship and attract capital to sectors such as tourism, manufacturing, and exports.

Attribution: Amwal Al Ghad English

Subediting: Y.Yasser