Key Takeaways
- • Egypt's Finance Minister Ahmed Kouchouk said the private sector has captured 65% of investments following recent economic and financial reforms, according to the Zawya report.
- • Kouchouk said the government has made incentivising investment across all sectors a top priority and pledged to pursue initiatives that enhance the economy's competitiveness.
- • Kouchouk linked fiscal surpluses to a declining trajectory for state debt and the budget deficit, which he said expands capacity for social spending.
- • Ayman Soliman, Chairperson of the Egyptian Private Equity and Venture Capital Association (EPEVCA), called for incentives for real estate investment funds to strengthen the Egyptian Exchange and attract long-term institutional and international capital.
Summary
Egypt's private sector has captured 65% of investments following recent economic and financial reforms, Finance Minister Ahmed Kouchouk said, as the government makes incentivising investment across all sectors a top priority. Kouchouk made the remarks during a meeting with the chairman and members of the Egyptian Private Equity and Venture Capital Association, saying the government is committed to adopting any initiative designed to enhance the competitiveness of the Egyptian economy and drive growth through a genuine partnership with the business community.
On fiscal policy, Kouchouk described the country's policies as balanced and flexible, supporting fiscal discipline and stability while encouraging economic activity. He said maintaining financial surpluses is driving the downward trajectory of both state debt and the deficit, which in turn increases the government's capacity for social spending.
On tax policy, Kouchouk said recent tax facilitations succeeded because the proposals originated within the tax community itself, and pledged that the ministry will continue its path of simplification and support. He noted that tax revenues recorded exceptionally high growth rates over the past two years owing to a broadened tax base, which he said generates sustainable revenues without requiring changes to the tax rate. The ministry is also developing a real estate tax mobile application intended to simplify and improve services for citizens.
Ayman Soliman, Chairperson of the Egyptian Private Equity and Venture Capital Association, stressed the importance of continuous communication with government bodies and the formation of joint working groups to identify challenges and develop practical legislative solutions. He expressed appreciation for the minister's efforts in creating a business environment that enhances trust and partnership with investors. Soliman also said incentives for real estate investment funds would strengthen the position of the Egyptian Exchange and attract more long-term institutional and international capital, adding that financial and economic incentives remain a fundamental pillar for attracting global pension funds to the market.
On fiscal policy, Kouchouk described the country's policies as balanced and flexible, supporting fiscal discipline and stability while encouraging economic activity. He said maintaining financial surpluses is driving the downward trajectory of both state debt and the deficit, which in turn increases the government's capacity for social spending.
On tax policy, Kouchouk said recent tax facilitations succeeded because the proposals originated within the tax community itself, and pledged that the ministry will continue its path of simplification and support. He noted that tax revenues recorded exceptionally high growth rates over the past two years owing to a broadened tax base, which he said generates sustainable revenues without requiring changes to the tax rate. The ministry is also developing a real estate tax mobile application intended to simplify and improve services for citizens.
Ayman Soliman, Chairperson of the Egyptian Private Equity and Venture Capital Association, stressed the importance of continuous communication with government bodies and the formation of joint working groups to identify challenges and develop practical legislative solutions. He expressed appreciation for the minister's efforts in creating a business environment that enhances trust and partnership with investors. Soliman also said incentives for real estate investment funds would strengthen the position of the Egyptian Exchange and attract more long-term institutional and international capital, adding that financial and economic incentives remain a fundamental pillar for attracting global pension funds to the market.
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