Presidencial spokesperson Mohamed El Shenawy stated that the meeting reviewed the government's efforts to create a conducive business environment and attract more local and foreign investments. The status of procedural burdens borne by investors was presented, along with the proposed plan to alleviate these burdens, such as unifying the collection authority and launching an economic entities platform.
Ambassador El-Shenawy indicated that the President directed
the replacement of fees collected by various authorities and bodies with a
unified additional tax on net profit. He emphasized the need to create a more competitive
investment climate in which investors witness a tangible and rapid improvement
on the ground in the ease of doing business in Egypt, through simplifying
procedures and reducing financial burdens.
The spokesperson also noted discussions on reducing customs
clearance time from eight to six days, with continued services during holidays
and extended payment options. The meeting further covered the new export burden
refund program, aimed at bolstering national industry and increasing Egyptian
exports to global markets, emphasizing its alignment with the state's export
growth targets for 2030.
He added that the meeting included a review of the Egypt
Sovereign Fund's efforts to maximize returns from state-owned assets, and the
key efforts being made in implementing the government's offering program, in
light of the outcomes of the State Ownership Policy Document, in an effort to
maximize returns on state-owned assets through building broad partnerships with
the private sector.
The official spokesperson clarified that the President stressed the need to give the private sector the main pivotal role in driving the economy and increasing exports, by encouraging national investments in production and export, and providing the necessary services to exporters.