Ahmed Kouchouk, Egypt’s Minister of Finance, has said that the government was actively developing financial policies to stimulate economic activity, production, and exports. The focus was on fostering private sector growth in competitive fields such as renewable energy, information technology, and export-oriented industries. These efforts were part of a broader strategy to achieve comprehensive and sustainable development, aligning with the government’s objectives to improve citizens’ living standards.

Kouchouk highlighted upcoming comprehensive tax reforms aimed at benefiting the business community. A complete package of tax reforms and incentives is expected to be introduced soon to stimulate investment. Additionally, a flexible and integrated approach will address the tax challenges of the informal economy, aiding its integration and support.

During his first official meeting with US Ambassador to Cairo, Herro Mustafa Garg, at the Ministry of Finance’s headquarters in the New Administrative Capital, Kouchouk emphasized the government’s commitment to strengthening relationships with both local and foreign investors. He outlined a comprehensive reform program designed to restore confidence within the business community.

The Minister of Finance also noted the government’s efforts to create fiscal space for investments in human development and social protection sectors. This aligns with the state’s priorities in addressing economic challenges linked to global and regional crises. Kouchouk explained that the government is exploring diverse sources, tools, and markets for financing to reduce the debt burden and the debt-to-GDP ratio. Part of this strategy includes the potential issuance of green bonds and sukuk in the local market to attract a wider range of investors.

Kouchouk pointed out that Egypt’s economy offers new opportunities to strengthen the partnership between Egyptian and American business communities. He emphasized that Egypt’s advanced infrastructure and other competitive advantages make it an attractive destination for both domestic and foreign private sector investment, further driving economic, social, and human development.

US Ambassador Herro Mustafa affirmed the United States’ commitment to supporting Egypt’s economic stability and enhancing bilateral economic relations. She noted that the business community is optimistic about the new Minister of Finance and looks forward to tangible improvements in the economic environment and investment climate.

© 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info).