Egypt’s private sector accounted for 63% of the country’s total investments over the past year, becoming the largest contributor to economic growth following a 32% increase in private investments, Minister of Finance Ahmed Kouchouk said.
Speaking during an open dialogue with the business community at the American Chamber of Commerce in Cairo, Kouchouk noted that the 32% rise in private investments last year followed a 77% increase in the previous year. He stated that the private sector is capable of contributing to the creation of a more productive, competitive, and sustainable national economy.
“Thank you for the trust of the local and foreign private sector that works in Egypt,” Kouchouk told attendees.
The minister reported that foreign direct investment is achieving a very strong performance, with expectations for better results in the coming years driven by new projects in the energy and manufacturing sectors. He added that the Egyptian economy is improving and the growth rate is accelerating, supported by the good performance of productive sectors over the past year.
Markets are reacting positively to these developments, according to Kouchouk, who noted that yields on Egyptian international bonds are improving significantly and strongly.
Addressing the domestic market, Kouchouk highlighted the impact of recent fiscal policies.
“We are happy to see a noticeable and strong improvement in the performance of the Egyptian Exchange in conjunction with the recent tax reforms,” Kouchouk said. “We have provided a number of additional incentives to encourage listing and trading, and we aim to attract major companies to register on the stock exchange.”
The minister stated that the government achieved significant growth in tax revenues during the year without imposing any additional burdens or new taxes, which reflects an expansion of the taxpayer base.
“We adopted the path of tax facilitations, simplifying procedures, and improving services to enhance voluntary compliance,” Kouchouk said, adding that the ministry will continue this approach of simplification and burden reduction to support taxpayers.
Kouchouk also affirmed strong government support for service activities, noting they are capable of achieving robust and rapid growth while creating employment opportunities at high rates.
