FinMin outlines strategic reforms to boost private sector in Egypt

Finance Minister, Ahmed Kouchouk, highlighted that strengthening the role of the private sector in the Egyptian economy is a priority for upcoming financial and economic reforms.

 

During a panel discussion hosted by Dcode for Financial and Economic Consultations with business community representatives, Kouchouk emphasized Egypt's goal of supporting the production and export sectors to boost the competitiveness of the national economy.

 

He further explained that the government aims to foster an economic environment conducive to both local and foreign investments, focusing on fair competition.

 

To build investor confidence and facilitate effective competition on both local and global stages, Egypt has launched a series of tax incentives, aiming to broaden the tax base, integrate the informal economy, and develop a medium-term strategy for stable tax policies.

 

Kouchouk pointed out that key targeted sectors include information technology, exports, manufacturing, and renewable energy.

 

Additionally, sufficient annual funding will be allocated to advance the strategy of localizing the automotive industry, particularly electric vehicle exports.

 

A new 50 billion EGP tourism initiative has also been introduced to accelerate the construction of hotel rooms and accommodate more tourists.

 

Coordination with the Ministry of Communications and Information Technology is in progress to introduce a range of facilitative measures to localize certain IT industries.

 

The minister affirmed that efforts are being made to swiftly reduce Egypt’s debt-to-GDP ratio and debt burdens while improving external debt metrics.