Egypt’s finance minister outlines key priorities to drive economic growth and inclusivity

CAIRO - 8 December 2024: Egypt’s Ministry of Finance has outlined a comprehensive plan to address key economic challenges and drive growth through strategic reforms and enhanced private sector collaboration.

 

In a speech at the Scientific Association for Tax Legislation Conference, Minister Ahmed Kouchouk highlighted three main priorities aimed at boosting economic activity, encouraging private sector participation, and enhancing Egypt’s economic competitiveness. He emphasized that the relationship between the government and businesses is a vital partnership focused on achieving robust growth and advancing national economic objectives.

 

The first priority is to strengthen cooperation with the private sector, expanding its involvement in economic, investment, and development activities. Kouchouk stressed that the private sector is essential to improving Egypt’s competitiveness and driving sustainable economic growth. The government aims to create a more business-friendly environment to attract private investment and stimulate job creation.

 

The second priority focuses on improving liquidity and reducing financial burdens on businesses. This includes measures such as sample-based tax re-evaluations and the introduction of a centralized clearing system in its pilot phase. These initiatives aim to offset investors' dues against government obligations, streamlining operations and alleviating financial pressures on businesses.

 

The third priority is the advancement of inclusive fiscal policies that support key economic sectors, particularly production and exports. Minister Kouchouk announced plans for an ambitious export support program, aligned with national economic objectives and addressing the specific needs of exporters. The government is also considering new initiatives to boost industrial sectors and promote the transition to clean energy, reflecting a commitment to sustainable economic development.

 

These priorities form part of an integrated strategy to strengthen Egypt’s economic resilience and competitiveness, ensuring that both citizens and investors benefit from a dynamic and inclusive economic environment. The Ministry of Finance aims to position Egypt as a leader in regional and global economic growth through these efforts.