The Minister emphasized that while international experiences vary, "each country must choose what fits its unique circumstances and priorities." He underscored Egypt's readiness to share its expertise with African neighbors to enhance the continent's overall economic competitiveness.
He asserted that sustainable resource development is
impossible without a robust, private sector-led economy. Expanding the
production, export, and tax bases is essential to creating the fiscal space
necessary for development and debt reduction.
Key Economic Indicators (FY 2024/2025):
Private Investment: Surge of 73% in the first half of the
year.
GDP Growth: Reached 5.3% in the first quarter.
Foreign Reserves: Surpassed $50 billion.
FDI Leadership: Egypt remains the largest recipient of
private foreign direct investment in Africa for the fifth consecutive year.
Fiscal Performance: Achieved a strong primary surplus of 3.5%
of GDP.
The Minister highlighted the 20-year partnership with e-finance
and the pivotal role of e-tax in utilizing Artificial Intelligence (AI) to
modernize public finance.
A recent package of "Tax Facilitations" has
addressed long-standing issues within the tax community, enhancing certainty
and trust. These measures contributed to a 35% growth in tax revenue without
imposing new financial burdens on the business community.
"Digitalization alone is not enough; it must translate
into better services for the business community and citizens. We must engage in
constant dialogue with the taxpayers and investors we serve," Kouchouk
stated.
Dr. Yousry El Sharkawy, Chairman of the EABA, expressed his
commitment to fostering a continent-wide private sector, echoing the sentiment
of "From Africa to Africa." He praised the Finance Ministry's efforts
in stimulating investment through tax facilitations.
Ibrahim Sarhan, Chairman of e-finance, and Khaled Abdel
Ghani, CEO of e-tax, both confirmed their readiness to export Egypt's financial
technology (FinTech) success to other African nations. They noted that their
digital transformation programs now rely on AI and a customer service culture
to ensure taxpayer satisfaction and transparency.
The Minister concluded by noting that Egypt's economic image in international markets has significantly improved. Moving forward, the Ministry of Finance is working closely with the Ministry of Investment to reduce trade costs, decrease customs clearance times, and provide robust support for local manufacturing.