Egypt’s Finance Minister Highlights Economic Growth and Continued Support for Investors
Ahmed Kouchouk, Egypt’s Minister of Finance, emphasized the country’s economic improvement and confirmed that the ministry aims to continue providing financial facilitation programs without adding new burdens on investors and citizens.
Speaking at a panel discussion at the Bibliotheca Alexandrina with experts, university leaders, and youth, Kouchouk highlighted that the new budget includes significant measures to support industrial, export, and human development sectors, as well as technical education partnerships to boost manufacturing, export capacity, and skilled workforce development.
He pointed out that Egypt’s IT services exports have increased from $500 million to nearly $5 billion, reflecting the capabilities of the country’s youth. Kouchouk also stressed efforts to enhance state revenues through improved services, tax base expansion, and a greater role for the private sector in economic activity.
The minister noted plans for a stable and transparent business environment, emphasizing fair competition, outcome-based incentives, and ongoing facilitation initiatives to expand the economic, productive, tax, and customs base.
Kouchouk highlighted that both domestic and foreign private investments increased by 73% last fiscal year, and that Egypt is committed to maintaining strong partnerships with the business community. Recent initiatives have boosted tax revenues by 35%, equivalent to EGP 600 billion, without imposing additional burdens.
Other highlights include:
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Reduction of VAT on medical devices from 14% to 5% to encourage healthcare sector investment.
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Simplified tax system with incentives for small taxpayers earning up to EGP 20 million annually.
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A mobile app for real estate transactions maintaining a fixed 2.5% tax rate per sale.
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Government debt reduction from 96% to 84% of GDP over two years, with external debt reduced by $4 billion.
Officials including Alexandria Governor Ahmed Khaled Hassan praised the financial policies for enhancing economic growth and supporting national industry and exports, while Dr. Ahmed Zayed of Bibliotheca Alexandrina commended the minister for promoting open dialogue and practical reforms.