Cairo: Minister of Finance Ahmed Kajoek affirmed that we are betting on the growth and increasing role of the private sector in the Egyptian economy to achieve comprehensive and sustainable development, explaining that the economic ministerial group works in harmony, with consistent priorities and objectives within a clear framework to stimulate growth and development.

According to State Information Service Egypt, in a panel discussion with Engineer Hassan El-Khatib, the Minister of Investment and Foreign Trade, organized by the Egyptian Association for Direct Investment and Venture Capital and moderated by Ayman Suleiman, the head of the association, he stated that we are very open to the views and ideas of the business community, and we are moving flexibly to alleviate burdens on productive and export sectors, pointing out that the priorities and objectives of fiscal policies will strongly impact the creation of a business environment that stimulates the competitiveness of the Egyptian economy.

He added t
hat we are working to restore confidence with the business community through successive packages of facilitations, in a manner that establishes a tangible change in the tax reality, affirming that we have noticed a commendable response and a marked eagerness from the business community to benefit from the significant advantages in the first package of tax facilitations.

Kajoek noted that many challenges will automatically end with our correct approach to broadening the tax base and establishing the foundations of partnership with taxpayers, explaining that tax revenues during the first half of the current fiscal year increased by 38% with the launch of the path of trust, partnership, and support for the business community.

He confirmed that we are targeting allocations for programs and initiatives to stimulate economic sectors during the coming year that are equivalent to “three times” this year’s allocations, saying: “No exemptions… but we are open to providing financial support for some priority activit
ies to achieve clear objectives within specified timelines.”

He added that we are all working towards the optimal exploitation and good management of state assets to ensure the best possible returns to support the Egyptian economy.