Supporting Private Sector Tops Egypt's Financial Policy Priorities: Kouchouk

12/14/2024 2:27:13 PM

(MENAFN- Daily News Egypt) Egypt's Minister of Finance, Ahmed Kouchouk, has reaffirmed the government's commitment to bolstering the private sector as a cornerstone of its financial policy. Speaking at the Economic Forum in Hurghada, organized by the Center for International Private Enterprise in collaboration with the Alexandria Business Association, Kouchouk emphasized that attracting investments and fostering economic growth require targeted support for small investors, startups, and entrepreneurial ventures.

During the forum, held under the theme“Private Sector Participation and Entrepreneurship Stimulation,” Kouchouk outlined plans to introduce a simplified tax system designed to benefit small businesses and entrepreneurs. This system is part of a broader effort to encourage expansion and innovation by offering meaningful incentives. He acknowledged the need to develop and simplify current tax laws further and highlighted recent progress in enhancing services for taxpayers.

Kouchouk stressed the importance of trust, partnership, and certainty in implementing tax reforms. Addressing concerns raised by the business community, he pledged decisive solutions to key challenges. Acknowledging the importance of collaboration, he announced that the first package of tax and customs incentives will be unveiled in the coming weeks, underscoring the Ministry's commitment to maintaining an open dialogue with private sector stakeholders to ensure transparency and inclusivity in the reform process.

The Minister also outlined a strategic vision for making financial policies more conducive to private sector investments, particularly in production, manufacturing, and export-oriented activities. Concurrently, the Ministry of Finance is finalizing a strategy aimed at reducing debt levels and improving debt indicators. These efforts are designed to create fiscal space for high-priority economic activities, including increased spending on health, education, and social protection programs.

The government's emphasis on supporting the private sector, Kouchouk noted, is part of a broader plan to stimulate sustainable economic growth, enhance productivity, and foster an environment where businesses can thrive. The forthcoming tax and customs incentive package is expected to play a pivotal role in advancing these objectives.

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