Egypt Sees 77% Increase in Private Investments, 33% Growth in Non-Oil Exports

Egypt’s economy is on a strong upward trajectory, with key indicators pointing to significant growth and resilience. 

The latest figures shared by Egypt’s Minister of Finance, Ahmed Kouchouk, highlight a remarkable 77% increase in private investments, signaling growing confidence in the country’s economic future. Additionally, non-oil exports have surged by 33%, reflecting the success of policies aimed at diversifying Egypt’s export base.

During an exclusive interview with international investors at the Egyptian-British Business Association in London, Kouchouk shared insights on Egypt’s economic strategy, highlighting the role of the private sector and significant policy reforms that are driving the country’s growth. These figures, coupled with sustained efforts to improve Egypt’s fiscal landscape, reflect a promising future for both local and international investors.

The government’s continued focus on tax and customs reforms is also playing a pivotal role in enhancing the investment climate, with efforts to simplify procedures and reduce costs for businesses. The private sector has been a major contributor to the country’s economic recovery, evidenced by a 35% rise in tax revenues. This growth comes without imposing additional burdens on businesses, thanks to the expanded tax base and resolution of tax disputes.

Kouchouk reiterated the government’s commitment to long-term economic reforms, which are aimed at fostering stability, innovation, and sustainable growth. These reforms are not just short-term measures but part of a broader strategy to build a predictable and resilient economy. As the country continues to focus on increasing productivity and supporting innovation, Egypt is positioning itself as an attractive destination for both local and international investors.

With the ongoing reforms and the private sector’s positive response, Egypt is on track to maintain its economic momentum, ensuring a stable and prosperous future for its citizens and investors alike.

He emphasized that Egypt is not in competition with other nations but is focused on improving its economic competitiveness and fostering sustainable growth. He reassured investors that the country is well-positioned as a gateway for regional and international trade, thanks to its “competitive growth infrastructure.”

“We aim to strengthen the competitiveness of our economy through balanced fiscal policies and a commitment to transparent and sustainable reforms. Our goal is not just to attract investment but to ensure that it leads to real, tangible development,” Kouchouk explained.

A critical part of Egypt’s reform agenda, according to the Minister, is creating an environment conducive to innovation and long-term growth. He also pointed to Egypt’s consistent, predictable policies and commitment to building a more resilient economy that can withstand global economic fluctuations.

One of the most significant aspects of Egypt’s economic strategy is its continuous reform of tax and customs policies. Kouchouk mentioned ongoing efforts to simplify procedures, reduce costs, and expedite the release of goods, thereby improving Egypt’s standing as an investment hub.

“We have implemented a series of tax and customs reforms that focus on streamlining processes and enhancing efficiency. These changes are not just administrative—they are fundamental to ensuring Egypt remains an attractive destination for foreign capital,” he added.

The government is also committed to enhancing the fairness of Egypt’s tax system by introducing comprehensive legislative changes aimed at strengthening taxpayer rights. Moreover, Kouchouk highlighted the importance of collaboration with international partners and specialized entities to further refine the tax system.

Kouchouk further highlighted that Egypt’s government has committed substantial financial resources to support key economic sectors. In the current budget, 45 billion Egyptian pounds have been earmarked to support export activities, with a focus on increasing the industrial sector’s competitiveness.

“We are working tirelessly to reduce burdens on the private sector, enabling it to compete globally and create jobs. This includes bolstering our industrial base and supporting export-driven growth,” the Minister noted.

Additionally, Kouchouk stressed that economic reforms are not merely short-term achievements, but part of a long-term strategy to build a stable and predictable economy. The government is particularly focused on diversifying Egypt’s economic base, enhancing productivity, and promoting innovation.

The private sector has been a major contributor to Egypt’s success story. Kouchouk pointed out that the country has witnessed a strong response from businesses to the economic reforms implemented by the government. This engagement has been key to achieving significant tax revenue growth without imposing new burdens on businesses.

In fact, tax revenues increased by 35% during the last fiscal year, largely due to an expanded tax base and the resolution of tax disputes. The minister pointed out that nearly half a million new or amended tax declarations were submitted, with the private sector voluntarily paying an additional 60 billion pounds in taxes.

“We believe that when the private sector grows, it fosters an environment that attracts foreign investment. This, in turn, creates a positive feedback loop that benefits the whole economy,” the minister said.

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