Egypt adopting financial policies to localize electronic industry
Kouchouk made his statements during a meeting with Minister of Communications and Information Technology Amr Talaat, held at the communication ministry’s premises in the New Administrative Capital.
During the meeting, Kouchouk stated that enhancing such a sector aligns with the objectives of the government’s program (FY2024/2025 – FY2026/2027) to boost Egypt’s local industry and encourage innovation and artificial intelligence technology.
In addition, he stated that the Ministry of Finance is also open to studying freelancers' proposals to simplify tax transactions for an easier business experience.
For his part, Minister Talaat said his ministry plans to localize the electronic industry, reduce imports, and increase exports in line with the presidential initiative Egypt Makes Electronicscs (EME), launched in 2015.
The two ministers also announced that their ministers would collaborate to launch the services provided by the Ministry of Finance on the Digital Egypt Platform to facilitate matters for citizens.
The contribution of the ICT sector to GDP rose from five percent in FY2022/2023 to 5.8 percent in FY2023/2024, with a plan to reach eight percent by 2030.
According to a report released by the Information and Decision Support Centre (IDSC) in July, investments in the ICT sector recorded EGP 83.3 billion in FY2022/2023, compared to around EGP 56 billion in FY2021/2022, with a growth rate of 48.8 percent.