(MENAFN- Daily News Egypt) Finance Minister Ahmed Kouchouk affirmed Egypt's commitment to strengthening the participation and investments of American companies in the Egyptian economy amid improving macroeconomic indicators.

Speaking at a meeting with the American Chamber of Commerce on the sidelines of the IMF and World Bank Annual Meetings in Washington, D.C., Kouchouk said Egypt's economy is growing steadily and encouragingly, supported by a strong, diverse, and dynamic private sector operating within a more competitive business environment.

He highlighted the government's ongoing economic and fiscal reforms, along with tax and customs facilitation measures designed to attract further private investment.

“We are continuing along a path of trust and partnership with the business community through pragmatic and flexible approaches to tax challenges,” Kouchouk said.“Our commitment is to drive growth through a more inclusive and sustainable vision, centred on a healthy, private sector–led economy focused on manufacturing and exports.”

The minister noted that preliminary indicators for the first quarter of the current fiscal year point to balanced and stable financial performance, with a primary surplus exceeding EGP 170 billion, declining government debt, and strong growth in tax revenues - driven by an expanded tax base and improved relations with taxpayers.

Kouchouk emphasised that Egypt's reform programme continues to progress positively, reflected in improved perceptions among investors, markets, and international rating agencies. He said Egypt has also shared details of its recent fiscal and structural reforms with the IMF, demonstrating the success of the previous fiscal year's outcomes.

He revealed that Egypt's privatisation and public offering programme will, for the first time, open new sectors to private and foreign investors - including airports, insurance, and telecommunications. The government is also assessing financial and non-financial incentives to encourage companies to list on the Egyptian Exchange (EGX) and increase trading volumes, he added, noting that the Egyptian market has the capacity to attract hundreds of new private firms with strong investment returns.

Addressing the role of technology, Kouchouk underscored the transformative impact of electronic tax systems in simplifying compliance and expanding the taxpayer base.“Automation has enabled us to build a more transparent, trustworthy, and predictable relationship with the tax community,” he said during a panel discussion on digital transformation in tax administration held as part of the IMF and World Bank meetings.

He added that digitising and streamlining procedures reduces the cost of voluntary compliance and attracts new taxpayers, while ensuring technological solutions are effectively employed to enhance services and protect taxpayer rights.

Kouchouk also highlighted the ministry's efforts to develop skilled human capital capable of managing advanced digital systems, alongside establishing continuous communication channels with the tax community to explain ongoing reforms and their long-term benefits.

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