Madbouly said that the government presented the second
package of tax incentives to President Abdel Fattah El Sisi earlier this week.
He added that the government received the President’s approval to launch the
new package. He explained that this initiative forms part of the government’s
extensive reforms to improve the investment climate, encourage both local and
foreign investment in Egypt, and support the strong expansion of the Egyptian
private sector in the coming period.
He indicated that the International Monetary Fund mission
arrived in Egypt two days ago to begin the fifth and sixth reviews. He added
that the mission has already started meetings with the relevant ministers. He
noted that the mission began its activities by meeting with the Minister of
Finance and the Governor of the Central Bank. He added that more meetings will
take place throughout the mission’s stay. He affirmed that there is optimism
that the process will move forward smoothly in light of the positive indicators
of the Egyptian economy. He explained that the Egyptian economy is performing
in line with expectations and that several indicators have exceeded the targets
agreed with the Fund.
The Prime Minister stated that the government is updating
the State Ownership Policy Document, as the three year timeframe set for the
document will expire this December. He noted that several meetings have been
held with the relevant entities involved in drafting the new version. He
expressed hope that the final version will be completed by next March. He
stated that the government will then release the document for public
consultation based on the updated vision.
He highlighted the government’s focus on tax incentives as a
priority. He noted that the package to be presented shortly by the Minister of
Finance consists of four phases that will benefit from the tax incentives. He
explained that the first phase was implemented last year and that the Minister
of Finance will announce the second phase, which is planned for implementation
this year. He stressed that the initiative will create major progress in this
important field and reflects the government’s commitment to supporting the
private sector and encouraging greater investment across the Egyptian economy.
Dr. Madbouly stated that the mining sector remains a top
government priority. He noted the regular announcements of new discoveries in
the gas and oil sectors. He added that the sector operates under a clear
government vision.
He referred to the recent announcement by the Minister of
Petroleum and Mineral Resources of a new set of incentives for the mining
sector. He explained that the incentives aim to encourage international and
local companies to expand investment in the sector, especially in rare earth
minerals such as gold and other strategic minerals. He highlighted the
importance of these rare minerals and the global competition surrounding them.
The Prime Minister confirmed that the Ministry of Petroleum
and Mineral Resources has launched a new set of incentives. He added that the
government will direct more attention to the mining sector in the coming
period. He stated that the government will launch a new geological survey to
identify areas richest in rare earth minerals and other natural resources.
He explained that studies in this field are natural. He
added that the state aims to adopt the latest technologies and techniques in
geological surveying. He stated that the survey plan is progressing well and
noted his continued communication with the Minister of Petroleum and Mineral
Resources to follow up on the plan’s implementation.