The financial results from the past year reflect a diverse economic movement and the start of a "partnership of trust" with the private sector, he said.
In an open dialogue with the German business community,
organized by the German-Arab Chamber of Industry and Commerce in Frankfurt,
Kouchouk invited German companies to invest in Egypt's diverse and genuine
economic opportunities. The event was attended by representatives of German
companies operating in Egypt, as well as those interested in investing, along
with the head of the chamber, Engineer Ahmed ElSewedy, and Nevin Mansour, the
minister's advisor for economic institution relations.
"We invite you to invest in Egypt's diverse and genuine
economic opportunities and achieve strong returns with more production,
manufacturing, and exports," he said, noting that Egypt aims for a
strategic partnership with Germany to leverage latent economic capabilities,
making Egypt a production and export hub for German companies.
Kouchouk explained that the Egyptian economy has become more
open and competitive, attracting $9.8 billion in foreign direct investment, a
13% growth rate, in nine months. The private sector responded quickly and
flexibly to economic and financial reforms, accounting for 65% of investments.
He pointed to strong growth in the tourism sector (16.7%), industry (13.5%), and
information technology (12.5%).
He also noted that export support initiatives and increased
economic competitiveness contributed to a 33% increase in non-oil exports. He
added that the foreign currency reserves rose to $49.3 billion by the end of
last August, and remittances from Egyptians abroad increased by 36.4%.
Kouchouk affirmed that inflation rates are declining due to
consistent and integrated economic policies that reflect a more open vision. He
said, "We have a genuine Egyptian experience to begin restoring confidence
with investors and expanding the tax base, and we will work hard to complete
the journey."
"We have started a stimulating path for tax reform,
based on the full conviction that taxpayers are genuine partners and we must
aim for everyone's benefit," he said. He explained that tax revenues grew
by 35.3% during the last fiscal year without imposing new taxes or burdens,
which reflects the private sector's confidence in the "partnership"
path.
He added that Egypt has begun implementing 29 measures under
the customs facilitation initiative, aiming for a significant and noticeable
reduction in clearance time and cost. He pointed to achieving a primary surplus
of 3.6% of the GDP, with increased spending on human development and social
protection. The debt-to-GDP ratio fell to 85.6% by the end of last June, with a
target to continue the downward trend to less than 82% in June 2026.
The Minister also held bilateral meetings with a number of representatives from German companies in various sectors, listened to the challenges they face and their suggestions, and answered all their inquiries.