Hany Tawfik: Egypt’s Current Economic Challenges Urge Cost Reduction, Revenue Up

Hany Tawfik, chairman of the Arab Private Equity Association (APEA), said  Egypt’s economic system has to speed up carrying out the cost reduction and the revenues raise procedures so as to put an end to the current challenges, notably the budget deficit.

He further added that the cost reduction is attainable through lowering the subsidy and gradually increasing the current tax rates.  Tawfik also noted that the raise in revenues requires a number of factors such as alluring foreign investors, boosting employment, building up water desalination plants as well as new cities, and highlighting Suez Canal region as a major economic hub.

Moreover, APEA Chairman stated that the economic system in Egypt still lacks a certain approach of whether Islamist taking care over promoting the shariah-complaint economy or not.