Egypt aims to transform itself into a regional manufacturing and exporting hub for Africa, Europe, and Asia, through the Egyptian and Arab private sectors operating within a framework of competitive economic policies to increase foreign direct investment. Kouchouk made the remarks during a meeting with the General Union of Chambers of Commerce, Industry, and Agriculture of Arab Countries.
Kouchouk said intra-regional investments have increased, creating improved opportunities for trade integration, and confirmed that Egypt’s priorities focus on securing investments for the private sector. This aligns with the national economic narrative, which aims to double the contribution of foreign direct investment (FDI) to GDP to 4.4 percent, improve the business environment by increasing investment flows, and implement tax and customs facilitation measures.
The minister also noted that the public debt-to-GDP ratio fell to 86 percent from 96 percent over the past two years, while Egypt’s external debt was reduced by about $2 billion. “We are repaying more than we are borrowing,” Kouchouk said.
According to Ahmed El Wakil, president of the General Federation of Egyptian Chambers of Commerce, the finance minister is also preparing to launch a major reform project for the tax system as the government works to stimulate the private sector and increase its contribution to Egypt’s economy. The economic narrative aims to raise the private sector’s share of GDP to around 80 percent.
The first phase of customs facilitation measures was introduced earlier this year to boost economic growth, enhance the efficiency of the customs system, and raise Egypt’s exports to $145 billion by 2030. Customs reform is part of Egypt’s programme with the International Monetary Fund (IMF), which calls for greater digitalisation, simplified procedures, and reduced bureaucratic delays to boost trade flows and investor confidence.
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