Latest news with #US–EgyptPolicyLeadersForum2025
CairoScene
5 days ago
- Health
- CairoScene
Egypt Allocates EGP 406 Billion to Health Sector in 2025 Budget
This allocation marks a tenfold rise in health spending since 2013, reflecting long-term infrastructure and coverage efforts. May 28, 2025 Egypt's health budget has grown from EGP 34 billion in 2013 to EGP 406 billion in 2025, according to Deputy Prime Minister and Minister of Health and Population Khaled Abdel Ghaffar. Speaking at the US–Egypt Policy Leaders Forum 2025, Abdel Ghaffar said the increase supports healthcare infrastructure expansion and aims to attract private sector investment into Egypt's medical and public health landscape. Between 2014 and 2024, the Ministry of Health completed 1,245 infrastructure projects, with an additional 20 expected to be finalised in 2025. Egypt currently has around 2,000 hospitals, 5,400 primary healthcare units, and over 142,000 hospital beds—including 16,300 intensive care beds. Upcoming expansions are set to add 2,650 more beds and include the development of specialised medical cities in 11 governorates. The Universal Health Insurance System is also in progress, currently being implemented in six governorates and covering an estimated 6 million residents. Officials say these developments are part of broader national efforts to improve access to healthcare and expand coverage across the country.
Daily News Egypt
26-05-2025
- Business
- Daily News Egypt
Egypt introduces tax incentives to boost trust, partnership with business community
Egypt's Minister of Finance, Ahmed Kouchouk, announced on Sunday new tax facilitations aimed at fostering greater trust and deeper partnership between the government and the business community, underscoring Egypt's ongoing commitment to economic reform. Speaking at the US–Egypt Policy Leaders Forum 2025, organized by the American Chamber of Commerce under the leadership of Tarek Tawfik, Kouchouk emphasized that there is strong alignment across all pillars of Egypt's economic reform agenda. This coordination, he noted, is essential for enhancing the competitiveness of the Egyptian economy on a sustainable basis. The minister stated that Egypt has begun to reap the benefits of structural reforms, with robust macroeconomic and financial performance indicators over the past ten months. 'The Egyptian economy is now positioned for gradual and sustained growth,' Kouchouk said, citing increasing investment as a key driver of this momentum. A central priority for the government, he emphasized, is empowering the private sector. 'We are adopting policies that enable the private sector to take the lead in economic activity,' he said. As a result, the private sector's share of total investments rose to 60% between July and December 2024, a significant indicator of growing business confidence and engagement. Kouchouk explained that the government is managing public finances with a careful balance between maintaining fiscal discipline and stimulating economic activity. He highlighted a series of targeted initiatives and programs designed to support key sectors including industry, agriculture, exports, and tourism, all aimed at enhancing Egypt's global economic competitiveness. One of the most notable achievements this fiscal year, the minister revealed, is the recording of the highest primary surplus in Egypt's recent history—3.1% of GDP from July 2024 to April 2025. This surplus was achieved despite rising global interest rates and demonstrates Egypt's prudent fiscal management. He also noted a decline in the debt-to-GDP ratio, a key metric reflecting the country's improving financial health. Looking ahead, Kouchouk affirmed that the government is committed to continuing this positive trajectory by further reducing debt levels and creating fiscal space to increase public investment in critical areas such as healthcare, education, and broader social and economic development.
Daily News Egypt
26-05-2025
- Business
- Daily News Egypt
Egypt completes first comprehensive review of non-tax fees to reduce investor burdens, increase transparency
Minister of Investment Hassan El-Khatib announced a major milestone in Egypt's ongoing economic reform agenda: the completion of the country's first comprehensive inventory of non-tax fees and financial obligations imposed on investors. Speaking at the US–Egypt Policy Leaders Forum 2025 on Sunday, he described the initiative as a key step toward easing business costs, promoting transparency, and fostering a more supportive investment environment. El-Khatib emphasized that the forum serves as an essential platform to strengthen economic ties between Egypt and the United States and to build new bridges of cooperation in a rapidly evolving global landscape. He highlighted the transformation Egypt has undergone over the past decade, particularly in infrastructure development. The establishment of new cities, expanded road networks, upgraded ports and airports, and ambitious energy projects have all contributed to a more competitive and attractive landscape for both local and foreign investment. He noted that the government's focus on clear and stable macroeconomic policies is central to its strategy to attract investment. A comprehensive package of fiscal, monetary, and trade reforms is currently being implemented with the dual goal of enhancing transparency and driving economic growth. Among the most significant of these efforts is the newly completed inventory of non-tax fees, which aims to clarify financial obligations, enhance governance, and reduce hidden costs that have traditionally burdened investors. El-Khatib explained that this reform will be implemented in two phases. The first phase targets financial burdens imposed across all sectors, including amendments to contributions such as those required by the Training and Qualification Fund. These fees, previously set at one percent of net profit, have been revised under the newly issued Labour Law to one-quarter of one percent of the minimum insurable wage. The social solidarity contribution, another key element, will now be calculated based on net profits rather than revenues. The specific percentage is currently under discussion with relevant authorities and will be announced soon. The second phase of the reform focuses on reorganizing and reducing the overall structure of non-tax financial obligations. It seeks to redefine the financial relationship between the state and investors by clearly outlining their respective rights and responsibilities throughout the entire investment period. To further support the investment climate, El-Khatib announced that a temporary investment licensing platform will be launched in the coming days, offering 389 digital services and licenses. This interim platform will be followed by the rollout of the 'Economic Entities' platform, which will streamline procedures across the entire lifecycle of a project—from establishment and licensing to operational activities. El-Khatib also addressed Egypt's foreign trade goals, affirming the government's commitment to doubling exports and increasing their contribution to GDP to 20 percent. As part of this effort, the Ministry of Investment is working closely with the Ministry of Finance to reduce customs clearance times from 14 days to just two days by the end of 2025. This ambitious target will be supported by the implementation of 29 joint measures designed to enhance supply chain efficiency and facilitate the movement of goods. The government is also actively working to eliminate non-tariff barriers that hinder trade. Trade procedures are being simplified and aligned with international standards to ensure smoother and faster flows of goods across borders. Notably, the recent approval of US safety standards for imported vehicles into Egypt marks a significant regulatory shift, expanding choices for Egyptian consumers and improving market access for international automakers. In line with Egypt's push to modernize trade regulations, El-Khatib highlighted the cancellation of the requirement for halal certification on imported dairy products, a move that aligns with global practices and has been positively received by Egypt's trading partners. To increase competition and reduce costs, the government has also opened registration for new entities authorized to issue halal certificates. Furthermore, a study is underway to reduce conformity assessment fees for food products and production facilities, easing the financial burden on exporters and encouraging fair and open access to the Egyptian market. Beyond regulatory reforms, El-Khatib spoke about Egypt's strategy to optimize public asset management through the country's Sovereign Fund. He revealed that a plan is in motion to transfer a package of state-owned assets to the fund. This transfer aims to unlock greater economic value, maximize returns, and ensure more efficient management of national resources. The Sovereign Fund of Egypt will take on a central role in overseeing the state's asset portfolio and increasing its economic returns. El-Khatib concluded by underscoring Egypt's key competitive advantages, which include its strategic geographic position connecting Africa, Asia, and Europe; free trade agreements with more than 70 countries; advanced infrastructure networks; and a young, skilled labour force of over 31 million people. Together, these factors place Egypt in a strong position to attract long-term investment and serve as a regional hub for trade and economic growth.
Daily News Egypt
25-05-2025
- Business
- Daily News Egypt
Over 1,800 US companies operate in Egypt with $47bn invested over two decades: Madbouly
Egyptian Prime Minister Mostafa Madbouly addressed on Sunday the opening session of the US–Egypt Policy Leaders Forum 2025, underlining the strength of bilateral economic relations and reaffirming Egypt's commitment to private sector-led growth. Madbouly began by expressing his pleasure in participating in this 'unique and important' forum, thanking the American Chamber of Commerce in Egypt and the United States for organizing the event. He extended a special welcome to Suzanne Clark, President and CEO of the US Chamber of Commerce, and John Christmann, CEO of Apache Corporation and Chairman of the US–Egypt Business Council, commending their leadership and efforts in bringing together top American business leaders. He also welcomed all representatives of the American business community, noting that many US companies continue to thrive in Egypt. 'Today, more than 1,800 American companies operate in Egypt, with total US investments exceeding $47bn over the past two decades,' Madbouly stated. He emphasized that these companies are active across vital sectors—including energy, industry, information technology, financial services, and healthcare—reflecting the depth and resilience of economic ties between the two countries. The Prime Minister underscored Egypt's consistent role as a reliable and engaged partner for the United States, particularly in the face of escalating regional challenges. He called for even stronger cooperation, noting that such partnerships are critical to addressing the complex political and security landscape of the Middle East. Madbouly emphasized that the forum illustrates Egypt's commitment to empowering the private sector as a central pillar of its economic transformation strategy. This vision seeks to foster a competitive, open, and innovation-driven economy capable of generating jobs and ensuring long-term sustainable growth. A key milestone in this strategy, he noted, is the implementation of the State Ownership Policy Document, which outlines sectors from which the state will reduce or exit its involvement. This policy sends a clear signal to investors regarding the government's shift toward enabling private enterprise. He highlighted the expansion of public-private partnerships (PPPs) in key areas such as transportation, renewable energy, education, and water infrastructure—sectors where the private sector now plays a leading role in executing strategic national projects. To support investment, Madbouly pointed to reforms like the launch of the 'Golden License' platform, which enables investors to establish and operate projects with a single Cabinet-issued approval. He added that Egypt has committed to financial and monetary reforms, the digitalization of government services, and the modernization of legal and regulatory frameworks—steps that have enhanced transparency, reduced bureaucracy, and improved the overall investment climate. Madbouly urged American business leaders to explore Egypt's abundant investment opportunities, noting that Egypt is not only a large domestic market of over 107 million people but also a strategic gateway to Africa, the Middle East, and beyond. Through a vast network of trade agreements, Egypt offers access to more than 1.5 billion consumers. At the heart of Egypt's economic transformation, the Prime Minister said, lies the development of its most valuable asset: its people. He highlighted the country's young, skilled, and innovative workforce as a driving force for growth and emphasized government investments in education, healthcare, and vocational training to prepare the population for future industries. He also pointed to digitalization and financial inclusion as key pillars of Egypt's modernization. Through the Digital Egypt Strategy, the country aims to become a regional leader in digital innovation by integrating advanced technologies—including artificial intelligence, blockchain, the Internet of Things (IoT), and big data—into its economic sectors. 'These reforms are just a glimpse of the unprecedented transformation taking place under the leadership of President Abdel Fattah Al-Sisi,' Madbouly said, 'one that is paving the way for a brighter, opportunity-rich future.' Before concluding his remarks, Madbouly made two significant announcements relevant to the American business community: Automotive Sector Reform He revealed that, following extensive discussions with US stakeholders, Egypt had taken steps to ease restrictions on importing fully US-origin vehicles. On May 11, 2025, Decree No. 112 was issued by the Deputy Prime Minister for Industrial Development and Minister of Industry and Transport, canceling the requirement to comply with mandatory Egyptian standards listed in Catalogue No. 44 for engineering goods and products. This regulatory reform opens the Egyptian market to American vehicles without barriers, and the World Trade Organization (WTO) has been officially notified. Halal Certification for Dairy Products Madbouly also announced a permanent exemption for dairy products and derivatives from the requirement to obtain a halal certificate upon import. The exemption, officially notified to the WTO on March 12, 2025, under the Agreement on Technical Barriers to Trade, is a major step in boosting US–Egypt trade. Egypt's Ministry of Agriculture is also working to expand and diversify the entities authorized to issue halal certificates and is reviewing the fees associated with conformity assessments for goods requiring certification. Finally, the Prime Minister revealed that Egypt and the United States are in the final stages of concluding a mutual cooperation agreement between their respective customs administrations—a development that promises to further streamline bilateral trade and enhance regulatory coordination.
