(MENAFN- Daily News Egypt) Egypt's Finance Minister, Ahmed Kouchouk, has emphasized that boosting the private sector's role in the economy will be a top priority for upcoming financial and economic reforms.

“We believe that fiscal policies play a major and effective role in maintaining macroeconomic stability and the sustainability of the state's public finances,” Kouchouk stated.

During a roundtable discussion with business community representatives organized by Di Code, a financial and economic consulting firm, Kouchouk highlighted that the government will adopt disciplined fiscal policies to support the business community and drive economic activity.

“We will work to support production and exports to enhance the competitiveness of the Egyptian economy,” he said.“Our aim is to create an investment-friendly environment for both domestic and foreign investments, based on fair competition.”

Kouchouk noted that the government has already started implementing a package of tax incentives to restore investor confidence, build partnerships, and help businesses compete both domestically and internationally.

“We aim to expand the tax base through incentives and encourage the integration of the informal economy,” he said.“We are working on a medium-term strategy to ensure the stability of tax policies and increase investor certainty.”

He explained that the coming period will see the launch of new, measurable initiatives, with incentives linked to achieving specific goals.

“The information technology, export, manufacturing, and renewable energy sectors are among the key targeted areas,” he said.“We will provide sufficient annual financing to implement the strategy for localizing and exporting the automobile industry, including electric vehicles. We have launched a new initiative for tourism worth EGP 50bn to encourage the rapid construction of hotel rooms and accommodate more tourists. We are also coordinating with the Ministry of Communications and Information Technology to launch a package of facilitations and support for localizing some information technology industries.”

Kouchouk affirmed that the government is working to quickly reduce the debt-to-GDP ratio and improve external debt indicators.

“We aim to create new financial space for more targeted spending to support production and human and social development,” he said.

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