Speaking to students at Nile University, Kouchouk emphasized the need for greater revenue generation to allow for "more effective" spending on crucial sectors.
"We need to work on revenue generation to increase
spending on health, education, and social protection more effectively," he
said.
The Minister outlined that Egypt’s economic and financial
policy is centred on supporting production and exports across all sectors,
including the export of "human capabilities."
Kouchouk asserted that the Egyptian economy is "in good
shape, and the future is better with increased private sector
investments." He noted that Egypt welcomes investors globally, offering more
diverse and competitive economic opportunities.
He pointed to a 73% increase in private investments, which
he said reflects an improving economy and underscores renewed trust and partnership
with the private sector as it is encouraged to lead economic growth.
The private sector, Kouchouk confirmed, responded quickly
and strongly to the Tax Facilities Initiative, prompting the launch of a Second
Package.
Tax revenues increased by EGP 600 billion in the last fiscal
year without imposing extra burdens, which the Minister attributed to a
"partnership of trust" with the business community. The Ministry is
working to simplify processes for taxpayers by making tax services available
through a mobile application. It is also seeking "strong
partnerships" with major AI technology firms to optimise data usage and
improve services.
Kouchouk added that the government is ready to support all
entrepreneurship projects and activities, offering incentives within the
simplified tax system. He noted that the ICT sector is experiencing strong
growth, and the Ministry aims to raise digital and service export rates.
He stressed that the highest priority is placed on reducing
government debt and improving its indicators. Debt for budget agencies was
successfully reduced by 10% over two years. External debt dropped by
approximately $4 billion. The overall
goal is to achieve financial discipline while using targeted, results-driven
incentives to stimulate economic activity, the Minister concluded.
The Finance Minister called on Egypt's youth to participate in public life, describing service to one's country as "an honor, a responsibility, and the greatest thing in the world."
Dr. Essam Roshdy, Acting President of Nile University, thanked the Minister for his presentation, commending the "realistic and easy-to-understand explanation of the economic situation." He noted that the government's strategy on tax facilities reflects a "strong belief in deepening the partnership with the private sector."