The Prime Minister announced that new offerings are being prepared for the upcoming period following the successful launch of a large number of companies.
The Prime Minister announced that new offerings are being prepared for the upcoming period following the successful launch of a large number of companies - Press Photo
Egypt's Prime Minister, Dr. Mostafa Madbouly, emphasized that Egypt is a young country with a growing population of two million people annually.
He highlighted that the Egyptian government is committed to repaying all its debts and aims to increase its foreign currency revenues through a clear plan. Madbouly clarified that the delay in some debts pertains to domestic companies, which is a temporary phase that can be overcome through daily coordination with the Central Bank.
Speaking at an extensive press conference held in the new administrative capital to review government offerings and measures to enhance private sector participation in economic activities, the Prime Minister stated that revolutionary amendments have been made to the investment law, and significant measures have been taken in this regard.
He further explained that the offerings program is purely Egyptian, with the Egyptian state's focus on encouraging the private sector. The program is not linked to the International Monetary Fund or any other external direction.
Moreover, the Prime Minister announced that new offerings are being prepared for the upcoming period following the successful launch of a large number of companies, which resulted in the state obtaining $1.9 billion in value. He outlined the state's targets for the next three years, aiming for a 20% increase in commodity exports, a 20% increase in tourism revenues, and a 10% annual growth in remittances from Egyptians abroad.
Madbouly highlighted the government's efforts to increase foreign currency revenues, mentioning the contracts signed with the private sector under the offerings program, amounting to $1.9 billion, of which $1.65 billion will enter the country as foreign currency, while the remaining amount will be obtained in Egyptian pounds.
In addition, he announced the upcoming launch of a unified electronic platform for the establishment and liquidation of companies, facilitating electronic transactions. Furthermore, the government will bear the property tax for 20 industrial sectors.
The Prime Minister also mentioned a bill submitted to the House of Representatives, which has been approved, aimed at canceling all legal provisions granting preferential treatment to state-owned companies.
He highlighted that Egyptian exports have increased by an average of 16% annually in recent years, with eight out of 22 decisions by the Supreme Investment Council successfully implemented.
Regarding company establishment, Madbouly stated that the state has extended the allowed period to establish companies to nine years. Among the amendments, it is permissible, with the approval of the Cabinet, to grant incentives to certain projects, exempting them from land use fees for ten years.
The state can also bear a portion of the project's utility consumption costs for ten years, all aimed at encouraging the private sector.
The Prime Minister affirmed that the Egyptian state has achieved numerous accomplishments in a short period. He emphasized that the current stage focuses on supporting the private sector to assume leadership and increasing the state's foreign currency reserves.
Egypt's economic policies and reforms have garnered significant achievements, fostering an environment conducive to private sector growth and attracting investment.
The government's commitment to repay debts, encourage exports, increase tourism revenues, and support the private sector has contributed to enhancing Egypt's economic prospects. The recent amendments to investment laws and the successful implementation of offerings reflect the state's dedication to creating an investor-friendly environment and stimulating economic development.
