Empowering private sector key to expanding in African markets: Finance Minister

Daily News Egypt

a day ago

Finance Minister Ahmed Kouchouk affirmed the government's commitment to empowering Egypt's private sector, particularly in its efforts to expand into African markets. He stressed that the sector has consistently demonstrated agility, growth potential, and competitiveness when supported by a more investment-friendly business environment.
Speaking during a meeting with the Investment and Economic Development Sector of the Egyptian African Businessmen's Association (EABA), Kouchouk highlighted the growing importance of public-private partnership (PPP) projects. He described PPPs as essential instruments for advancing development across the African continent and facilitating deeper regional economic cooperation.
'We are determined to work together to transfer expertise, exchange technical know-how, and share successful reform experiences with our partners in Africa,' the minister stated.
Kouchouk outlined the government's ongoing efforts to stimulate production and boost exports by providing greater support to local companies. He also announced that new structural and administrative reforms are underway within the Tax Authority, aiming to streamline procedures and make compliance easier for taxpayers.
On the customs front, the minister said tangible improvements are expected soon, particularly in reducing clearance times and associated costs. He added that the Finance Ministry, in collaboration with the Ministry of Investment, is actively working to facilitate trade flows and increase export activity, providing maximum economic backing to exporters.
The minister reiterated the government's commitment to enhancing the competitiveness of Egyptian exports in both African and global markets, while also attracting increased domestic and foreign investment.
During the meeting, Yousry El-Sharkawy, Chairperson of the Egyptian African Businessmen's Association, announced the launch of a sustainable dialogue platform with the Finance Ministry through a new 'Think Tank' model. The initiative aims to support ongoing tax and customs reform, and foster long-term collaboration with the private sector. He noted that early signs of improvement have already been observed following the implementation of the first package of tax facilitation measures, which received strong interest from the business community.
Rasha Abdel Aal, Head of the Egyptian Tax Authority, reaffirmed the authority's full commitment to building a transparent, supportive relationship with the private sector. She emphasized efforts to reduce tax disputes, promote compliance, and enhance service quality through practical, flexible solutions developed in cooperation with business partners. These efforts, she said, are aimed at encouraging growth and profitability while generating sustainable returns for the national economy.
Meanwhile, Ahmed Amoui, Head of the Egyptian Customs Authority, noted ongoing efforts to modernize customs operations and reduce clearance times as part of a broader strategy to streamline investment procedures. He highlighted the introduction of a comprehensive risk management system to expedite low-risk shipments, as well as the adoption of automated classification and valuation tools to ensure faster, more accurate tariff assessments and commodity release.
The meeting underscored the government's broader economic reform agenda, focused on easing the path for private sector growth, supporting exporters, and positioning Egypt as a competitive trade and investment hub on the African continent.