Egypt's Finance Minister @DrMohamedMaait unveils strategic initiatives to bolster economic growth, emphasizing collaboration with investors and exporters.
Dr. Mohamed Maait, the Egyptian Finance Minister, reiterated the presidential priorities in the "New Republic" announced by President Abdel Fattah al-Sisi, marking a new phase in Egypt's comprehensive state development journey. These priorities are anticipated to transform Egypt's economic landscape, with a focus on completing structural economic reforms to leverage the benefits of a decade's worth of achievements, attracting further investments, and enhancing citizens' livelihoods. The minister emphasized the continuous efforts to create a conducive environment for sustainable economic growth, ensuring optimal utilization of promising investment opportunities, particularly in competitive sectors.
In an open dialogue with investors and exporters regarding the new budget project for the fiscal year 2024/2025, Minister Maait affirmed the collaboration with all state entities to increase resources and strengthen economic capacities. The minister stressed the commitment to support industrial localization in Egypt through financial policies aimed at prioritized strategic industrial sectors. He also expressed readiness to adopt initiatives facilitating private sector leadership in economic activity, underscoring solidarity in overcoming challenges for the country's progress.
Minister Maait highlighted the shared responsibility with investors to reduce production costs, stimulate exports, and sustain economic growth. He outlined the continuation of financial facilitation initiatives for productive sectors, with the treasury bearing a portion of the interest differential. Moreover, the minister emphasized ongoing support for small projects by providing accessible financing, aiming to alleviate burdens on production processes.
The minister further elaborated on efforts to expand the tax base through optimal utilization of electronic systems to enhance tax compliance and fairness. He emphasized the stability of tax policies to drive economic recovery, stability, and growth, reassuring no increase in tax burdens or customs tariffs for investors in the upcoming fiscal year. Measures such as establishing tax and customs committees within investors' premises aim to streamline processes and address challenges effectively.
