Building on recent statements at the Council of the Union of Arab Chambers of Commerce, Egypt's Finance Minister Ahmed Kouchouk highlighted further progress in fiscal policy during a dialogue session at the Bibliotheca Alexandrina. He announced increased budget allocations for industrial and export activities plus human development, while committing to facilitations that expand revenues without new burdens on investors or citizens.
Kouchouk, speaking to experts, academics, and students, detailed directing fiscal resources toward sectors impacting lives directly. 'We are targeting increased allocations to support industrial and export activities, as well as human development, to drive both economic and social progress,' he said.
Plans include expanding technical education funding via private sector partnerships to bolster manufacturing, exports, and skilled labor. He cited IT services exports surging from $500 million to nearly $5 billion as proof of Egyptian youth's potential.
Revenue efforts focus on better services, wider tax base, and private sector growth, with a stable, competitive business environment. The ongoing 'facilitations' initiative—supported by partners—boosted tax revenues by EGP 600 billion (35%) without added burdens. A second tax package offers incentives for committed partners, including a new mobile app for real estate (2.5% rate unchanged for individuals), VAT on medical devices dropping from 14% to 5%, and simplified taxes for small taxpayers (up to EGP 20 million turnover).
Exports are poised to lead growth: 'The more we produce and export, the more we can increase spending to improve citizens’ living conditions.' Private investment rose 73% last year, signaling confidence. Building on prior reductions (debt-to-GDP from 96% to 86%, external debt down $2 billion), indicators improved further to 84% debt-to-GDP and $4 billion external debt cut, outperforming emerging markets.
Alexandria Governor Ahmed Khaled Hassan praised the fiscal momentum for growth, while Bibliotheca Alexandrina Director Ahmed Zayed lauded the minister's open, balanced, investment-friendly dialogue.