Dr. Ahmed Kajouk, Minister of Finance, announced that the national economy has achieved remarkable positive results thanks to increased investment activity, pointing to the increasing private sector partnerships in an encouraging investment environment.
The statements came during an open discussion with the German business community, organized by the German-Arab Chamber of Industry and Commerce in Frankfurt, in the presence of a number of German companies interested in the Egyptian market, in addition to Ahmed Al Suwaidi, President of the Chamber and Dr. Nevin Mansour, Advisor to the Minister for Economic Institutions.
German Companies
He called on German companies to explore the diverse economic opportunities in Egypt, stressing the importance of expanding production and manufacturing for strong returns, stressing the government’s desire to establish a strategic partnership between the two countries to ensure that Egypt becomes a regional production and export center for German companies.
Foreign Direct Investments
Foreign direct investment (FDI) reached $9.8 billion with a growth rate of 13 percent in nine months, with the private sector accounting for 65 percent of the funds. Tourism, industry and information technology also saw significant growth of 16.7 percent, 13.5 percent and 12.5 percent, respectively.
In terms of exports, Kajok pointed out that the export support initiatives led to an increase of non-oil exports by 33%, and the cash reserve increased to $49.3 billion by the end of August, with remittances from Egyptians abroad increasing by 36.4%, reflecting confidence in the Egyptian economy.
The minister stressed that inflation rates are declining thanks to deliberate economic policies, pointing out that the government seeks to strengthen confidence with investors, increase the tax base and continue economic reforms. He pointed out that tax revenues rose by 35.3% without imposing any new burdens.
Facility Initiative
KJOC also revealed the implementation of 29 measures under the Customs Facilitation Initiative, with the aim of reducing the time and cost of customs release. He also talked about achieving a primary surplus of 3.6% of GDP and increasing spending on human development and social protection, with the aim of reducing public debt to less than 82% by June 2026.
At the end of the meeting, Kjok held bilateral talks with representatives of some German companies, listening to their challenges and queries, reflecting the government’s commitment to strengthening economic cooperation with the international business community.
