Kouchouk stated during a roundtable at the American Chamber
of Commerce in Cairo that the government aims to conduct an impartial
evaluation of the first tax incentive package. This is to improve performance
and identify areas that need enhancement. He noted that customs clearance time
and costs were reduced last year through strong coordination with the Ministry
of Investment and Foreign Trade.
He added that swapping part of the debt for investment
projects and diversifying financing sources and instruments supports growth and
development and reduces debt. He highlighted that the new export rebate
programme is stimulating productive sectors. It is helping Egyptian exports
access global markets.
Kouchouk said that the government launched an initiative to
support industry with EGP 120 billion and another initiative to stimulate
tourism with EGP 50 billion. He explained that Egypt is working to support
national industry. He added that the goal is to make Egypt a regional hub for
production and exports and a destination for major local and international
companies.
Jack Uppal, President and Managing Director of General
Motors Africa and Middle East, stated that the Egyptian government is adopting
an ambitious and bold vision for the future of mobility. He said that this
vision is aligned with General Motors objectives in Africa and the Middle East
which are based on innovation and technology. He added that the company is
proud of its participation in this roundtable in partnership with the American
Chamber of Commerce in Egypt. He noted that Egypt is emerging as a strategic
gateway for mobility in the region and a promising hub for automotive
manufacturing and exports. He said that General Motors values its leadership
role in driving this transformation through global expertise in supporting
innovation and sustainable growth.
Daniel Frakes, Vice President of Government Relations and
Public Policy at General Motors Global, expressed his appreciation for the
event. He said that the roundtable provided an opportunity to exchange views
with the Egyptian government and particularly with the Minister of Finance. He
added that the discussions reflected a shared commitment to supporting
sustainable industrial growth and creating an environment where investment
innovation and cooperation between the public and private sectors can thrive.
He noted that General Motors is committed to continuing its support for Egypt’s
vision to build a competitive automotive industry capable of expansion in
regional and global markets.
Omar Mohanna, Chairman of the American Chamber of Commerce
in Cairo, expressed his appreciation for organising this roundtable. He noted
that the meeting included senior executives from General Motors Global, the
Minister of Finance and a group of private sector leaders. He added that the
Minister of Finance sent strong messages of reassurance to participants and
particularly to the leadership of this global company. He said that the
Minister confirmed that the government will continue implementing the economic
reform programme and improving the investment climate. He noted that this
reinforces the Chamber’s commitment to supporting and developing Egyptian
American relations.