Egypt’s private sector’s contribution to the national economy continues to grow amid governmental initiatives, climbing to 37% of the country’s total investments during the previous fiscal year (FY2023/2024).

The government expects the private sector to boost its contribution to 48% by the end of the current fiscal year.

According to a recent report from the Information and Decision Support Center (IDSC) on the reform measures taken between May 2022 and June 2024 to support the private sector, Egypt implemented 293 reforms to bolster the private sector’s participation in the economy.

The reforms are part of the country’s strategy to empower the private sector, and is in line with the country’s ongoing implementation of its State Ownership Policy.

The report highlights that 64% of the implemented measures have been concentrated on boosting investments, improving the business landscape, and promoting the industrial sector.

A total of 108 procedures have been implemented to enhance the business environment, accounting for 37% of the overall reform measures.

Some of the most significant measures include the introduction of the Golden License – with the cabinet issuing 31 golden licenses to investors by June 30, concessional loans worth EGP 120 billion for agriculture and industry, and addressing address customs release issues for goods valued over $72.4 billion in 2023.

The IDSC noted that 15 measures were implemented to bolster competition and competitive neutrality, representing around 5% of total reform measures. This included the government’s decision to cut off state-owned companies’ tax exemptions and promoting tax neutrality across the board.

The government took 78 measures to strengthen local industry, around 27% of total reform measures, including investment and tax incentives for priority sectors, such as green hydrogen projects.

The report noted that these complement reforms related to legal, regulatory, and institutional frameworks, including the implementation of the State Ownership Policy Document.