Gov’t confident in private sector’s capability to expand exports: Deputy Finance Minister Sobhi

Cairo – September 9, 2024: The government remains confident in the private sector's ability to compete on an international level, and expand production and exports, explained Yasser Sobhi, Deputy Minister of Finance for Financial Policies, as he emphasized that boosting exports is a top priority for the government, citing its role as a key driver for growth, job creation, and economic stability.

During Monday’s conference for food industry exporters, Sobhi highlighted that the government is focused on creating investment-friendly financial policies to strengthen confidence in the Egyptian economy.

To support this, various policies and programs are being implemented to enhance the competitiveness of Egyptian exports as part of a comprehensive financial and economic reform strategy.

The economic ministries are working on solutions to the challenges facing industry and export sectors, aiming to foster a competitive environment that benefits both companies and the state economically, he explained.

Sobhi revealed that LE 67 billion has been allocated to support over 3,000 exporting companies, including LE 12.2 billion for the food industry alone since 2019, with LE 23 billion allocated in the FY2024/2025 budget to continue supporting exports.

The deputy finance minister also noted that LE 3.8 billion in VAT refunds have been processed for 1,600 companies in the past fiscal year, with each refund issued within 22 days. Efforts are ongoing to further reduce the VAT refund processing time to ease investor burdens, he explained.

Sobhi pointed out the government's commitment to fiscal discipline by reducing budget deficits, debt-to-GDP ratios, and improving public spending efficiency, all while reducing uncertainty for the business community and fostering a stable, attractive environment for investors.