Egypt’s private sector accounted for 63% of the nation’s total investments over the past year, according to Finance Minister Ahmed Kouchouk. Speaking at the American Chamber of Commerce in Cairo, Kouchouk stated that private investment grew by 32% during this period, following a 77% increase the previous year.
Economic Growth and Fiscal Policy
Kouchouk attributed the acceleration in economic growth to the strong performance of productive sectors. He noted that foreign direct investment is performing well, with expectations for further gains in energy and manufacturing. Additionally, the minister reported that yields on Egyptian international bonds have improved.
The government reported an increase in tax revenues without introducing new taxes. Kouchouk stated this growth resulted from expanding the taxpayer base and simplifying administrative procedures. He added that the government intends to continue reducing burdens on taxpayers to encourage voluntary compliance.
Market Performance and Future Outlook
The minister highlighted positive reactions within the Egyptian Exchange, linking the performance to recent tax reforms. The government has introduced incentives to encourage companies to list and trade on the exchange. Kouchouk also emphasized continued support for service-oriented activities, citing their potential for job creation and rapid expansion.