International investors have lowered their assessment of investment risk in Egypt to its lowest level since 2014 in response to recent economic reforms, Finance Minister Ahmed Kouchouk said.
Speaking at an open dialogue with the heads of newly appointed Egyptian diplomatic missions abroad, Kouchouk stated that the country’s economy is improving and the private sector is growing, now accounting for 60% of total investments.
“International investors have renewed their confidence in the path of the Egyptian economy, and we look forward to your efforts in driving investment flows,” Kouchouk told the diplomats. He noted strong activity in the industry, telecommunications, information technology, and tourism sectors, adding, “No one does favours with their money.”
The minister outlined four current priorities for the government: building trust with the private sector and financiers, stimulating economic activity, reducing debt, and increasing spending on health, education, and social protection.
Emphasising a partnership approach with investors to help them expand through tax and customs facilities, Kouchouk revealed that initial tax revenues due for 2024 following the implementation of the “Competitive Neutrality Law” reached EGP 67.4 bn.
The government is working to expand its production, industrial, and export bases to enhance the competitiveness of the Egyptian economy. “We have great opportunities to increase service exports, and our youth are capable of competing in global markets,” he said.
The dialogue, attended by Minister of Foreign Affairs Badr Abdelatty, was part of a broader effort to enhance coordination between state institutions. Prior to the session, Abdelatty received Kouchouk to discuss supporting Egypt’s economic and financial objectives through its diplomatic missions abroad.
The meeting reviewed the state’s financial and economic policy priorities and explored ways embassies can promote the Egyptian economy. Discussions focused on highlighting investment and commercial opportunities, engaging with international financial institutions and business communities, and supporting economic diplomacy to attract investments, increase exports, and open new markets for Egyptian products.
