Egypt tackles global challenges with policy reforms

Egypt’s Prime Minister Moustafa Madbouly stated on Tuesday that the Egyptian administration is eager to implement the appropriate measures to deal with complicated regional and international situations in which the ramifications of previous crises are entangled with geopolitical developments and upheavals.

“Egypt pursued structural changes to improve development and employment, with an emphasis on strengthening the private sector. “This included a new state ownership policy to increase private sector participation in GDP, employment, investments, and exports,” he explained.

During the 48th annual conference of the Council of Arab Central Banks and Monetary Authorities Governors, Prime Minister Moustafa Madbouly emphasised the government’s commitment to building a robust, inclusive, and sustainable economy.

“This involves raising the contribution of investments and exports to GDP to 50% and creating around eight million employment between 2024 and 2030. The government is continuing to enhance infrastructure, which will help attract more domestic and foreign investment.

“The administration has made substantial progress toward strengthening the investment climate via legislative and institutional reforms. Several legislation have been passed to simplify the process of forming enterprises and stimulate private sector growth,” he stated.

One of the most notable efforts is the Golden License, which attempts to speed project development while reducing administrative burdens for investors.

Madbouly said that the government has launched a new industrial strategy and tax policy, all of which would surely help to improve Egypt’s investment climate.

Attribution: The Egyptian Cabinet statement

Subediting: M. S. Salama