CAIRO - 23 January 2025: At the 2025 Davos Forum, Egypt’s Minister of Finance, Ahmed Kouchouk, announced that the manufacturing, tourism, and information and communications technology (ICT) sectors have driven a significant 3.5 percent growth in the first quarter of the current fiscal year, up from 2.4 percent in the previous quarter.
He also highlighted a historic milestone, as private Egyptian investments now account for over 63 percent of total national investments for the first time in years.
Kouchouk affirmed that the Egyptian economy is set to witness further improvement with the continuation and acceleration of economic and structural reforms.
These efforts are part of a comprehensive strategy aimed at fostering private sector growth and enhancing the overall competitiveness of the Egyptian economy, particularly in industrial and export-oriented sectors.
The minister reiterated the government’s commitment to fiscal discipline, emphasizing its focus on reducing public debt, especially external debt, while improving its fiscal indicators.
He noted that a recently introduced tax incentive package is designed to broaden the tax base, enhance the business environment for startups, and foster trust with taxpayers, thereby supporting economic growth.
Addressing sustainability, Kouchouk underlined Egypt’s priority shift to renewable energy through an expansion of green investments.
He stressed the importance of empowering the private sector to lead green economy initiatives, enhancing the nation’s sustainability, resilience to climate change, and its regional leadership in clean energy solutions.
The government is also promoting long-term investments in education and smart infrastructure to lay the foundation for a diversified, knowledge-based economy.
Kouchouk emphasized that staying aligned with global technological advancements requires upskilling the workforce in areas like artificial intelligence and green technologies to ensure Egypt remains competitive.
In addition, the minister called for stronger regional collaboration to tackle global supply chain disruptions, emphasizing the importance of economic cooperation.
He urged deeper regional integration through the development of intra-regional trade, infrastructure investment, and the exchange of digital technologies, which he views as critical to achieving sustainable and inclusive growth in the region.
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