Egyptian Minister of Finance, Ahmed Kujuk, recently engaged in an open dialogue with the American Chamber of Commerce in Cairo. During the discussion, he expressed his gratitude for the trust placed in Egypt by both local and foreign private sectors. Kujuk highlighted that the private sector has resumed its activities strongly, accounting for 63% of total investments in the previous year. This significant increase demonstrates the private sector's ability to contribute to a more productive, competitive, and sustainable national economy.
According to Kujuk, private investments have become the largest contributor to growth, registering a 32% increase in the last fiscal year. This follows a 77% rise in the previous year. The minister emphasized that the private sector is capable of driving economic growth and creating new opportunities. He also noted that foreign direct investment is expected to perform well in the coming years, particularly in the energy and manufacturing sectors.
The Egyptian economy has shown signs of improvement, with a faster acceleration in growth rate due to the good performance of productive sectors in the previous year. Kujuk mentioned that the international bond market is responding positively to Egypt's economic reforms. The yields on Egyptian international bonds have improved significantly, reflecting the country's progress in implementing economic reforms.
The minister expressed satisfaction with the performance of the Egyptian stock market, which has improved in tandem with recent tax reforms. The government has introduced additional incentives to encourage listing and trading on the stock market. Kujuk emphasized that the goal is to attract large companies to register on the stock market. He also highlighted the importance of supporting service activities, which have the potential to drive growth and create jobs.
Kujuk reported that the government has achieved significant growth in tax revenues without imposing new taxes or burdens on taxpayers. This has been achieved by broadening the tax base and simplifying tax procedures. The minister emphasized that the government will continue to simplify and facilitate tax procedures to support taxpayers and promote voluntary compliance.
The Egyptian government has been working to improve the business environment and promote investment. Kujuk highlighted that the government has implemented several measures to support the private sector, including tax incentives and simplified procedures. He expressed confidence that these efforts will yield positive results and drive economic growth.
The growth of the Egyptian economy is expected to continue, driven by the private sector and foreign investment. The government's efforts to improve the business environment and promote investment are expected to yield positive results. With a strong private sector and a growing economy, Egypt is well-positioned for future growth and development.
Key points
- The private sector accounted for 63% of total investments in Egypt last year.
- Private investments in Egypt increased by 32% in the last fiscal year.
- The Egyptian government aims to attract large companies to register on the stock market.
