CAIRO: Finance Minister Ahmed Kouchouk announced plans to introduce a new package of tax incentives and customs exemptions within the next six months, aiming to bolster confidence among local and foreign investors.

According to State Information Service Egypt, Kouchouk engaged in an open dialogue with representatives of the business community from the German-Arab Chamber of Industry and Commerce, where he outlined the first package of tax breaks as part of the government’s initiative to create an attractive business environment. The finance minister emphasized the ministry’s goal to expand the tax base by attracting new financiers. He highlighted that the simplified tax system for small and medium financiers, generating up to EGP 15 million annually, is expected to stimulate entrepreneurship and the growth of startups.

Kouchouk also underscored the importance of financial policies in increasing investments and accelerating growth in the coming phase. He noted that the government would encourage the private
sector to expand production and increase the percentage of local components in various industrial sectors. Chairman of the German-Arab Chamber of Industry and Commerce Ahmed El Sewedy expressed gratitude towards the finance minister for his efforts in building trust and fostering a genuine partnership with the business community, emphasizing the importance of addressing investors’ proposals and removing any potential obstacles.