Finance Minister Mohamed Ma’eit said Sunday that Egypt is keen on creating an investment-friendly climate to be able to attract more local and foreign businesses.

The Finance Ministry has outlined a timetable to update and automate the tax and customs systems during 2022, Ma’eit said in a meeting with Swedish Ambassador in Cairo Hokan Emsjord, believing this should encourage investment and enhance good governance.

Once completed, the automated systems would also help the informal economy go formal, the minister added.

The Egyptian government is keen on maximizing the private sector’s contribution to the comprehensive and sustainable development process, Ma’eit told the Swedish ambassador. The private sector is the engine of economic growth and a major source of job creation, he noted.

He pointed to promising investment opportunities in Egypt, which could very well serve as a gate of African, Arab and European exports that should benefit from continental and regional free trade agreements to which Cairo is signatory.

Emsjord, for his part, said the business community in Sweden is well aware of the positive economic developments in Egypt. Many Swedish companies would want to explore the different investment opportunities in this Arab country, he added.

The meeting also took up efforts to revitalize Swedish tourism to Egypt in the coming stage. Ma’eit and Emsjord also discussed cooperation in the field of information technology and chances to hold dialogue between the finance ministries here and in Sweden.

Source: State Information Service Egypt