Kouchouk told representatives of major French companies during the Middle East and North Africa Investment Forum in Cairo that we have achieved encouraging financial results over the past nine months, supported by a significant growth in economic activity. He noted that financial and economic performance indicators have improved significantly over the past nine months.
He added that Egypt recorded the highest tax revenues in years, at 38%, without imposing new burdens, as we began the path of trust and partnership with the business community through the implementation of the tax facilitation package. He explained that we achieved the highest primary surplus of 2.5% of the gross domestic product (GDP) despite the decline in revenues from the Suez Canal and the petroleum sector.
He also noted that the private sector accounted for 59% of total investments during the first half of the current fiscal year with an annual growth rate of 80%. He emphasized that we witnessed strong growth during the first half of the year in the tourism sector with a growth rate of 13.1%, non-petroleum manufacturing industries with a growth rate of 12.4%, and communications and information technology with a growth rate of 15.1%.
The Minister explained that Egypt is working to develop and simplify the customs system to stimulate investment and maximize the competitiveness of the Egyptian economy. He noted that we are continuing to advance the path of tax and customs facilitation to localize industry and attract more foreign investment.
He stressed that the strategic relations between Egypt and France encourage the growth of economic partnerships in various priority sectors, explaining that we look forward to more investment partnerships between the Egyptian and French private sectors to serve sustainable development goals.