Speaking at a discussion panel at the German-Arab Chamber of Industry and Commerce (GACIC), Kouchouk stressed that the government was working to develop, simplify, and improve the quality of services most impactful on economic activity to ensure the competitiveness of the Egyptian economy.
Kouchouk praised the private sector's rapid and flexible
response to reforms, which he said had opened our appetite for more economic,
financial, and tax reform. He noted that the business community had responded
positively to the economic reforms, registering a 73 percent growth in private
investments.
He highlighted that strong demand for the first set of tax
incentives encouraged the government to move forward with its "path of
trust, partnership, and certainty." The Minister announced that a second,
more targeted package of tax incentives is currently being prepared to address
challenges raised by investors and taxpayers and improve tax services.
Kouchouk also pointed to efforts to create a more flexible
system for faster and easier Value Added Tax (VAT) refunds, noting many
competitive opportunities in promising economic sectors with regional and
global priority.
He affirmed that Egypt's fiscal policies aim to balance financial
stability and discipline with boosting economic activity.
The Minister concluded by noting that Egypt had recorded a primary surplus of 3.6 percent of GDP and allocated the additional revenues to health, education, and social protection. The country has successfully reduced the debt-to-GDP ratio by about 10 percent over the past two years, with the goal of continuing this decline.