A Seminar on “Financial Stability in Egypt and Sustainable Economic Growth” at the BA
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Finance Minister Ahmed Kouchouk said that our economy is improving and that the Ministry of Finance aims to continue providing “facilities” without imposing new burdens on investors and citizens. He explained that our fiscal policy will remain balanced and broad-minded and that we will work to make it more effective in economic activity.
During a panel discussion at the Bibliotheca Alexandrina attended by a group of experts, university presidents, professors, and students, Kouchouk said that there is a lot of good news with the new budget. He noted that the Ministry aims to increase allocations to support industrial and export activities and human development as well as increase allocations for technical education to build strong partnerships with the private sector, stimulate manufacturing and exports, and provide skilled labor.
He added that the increase in IT services exports from half a billion to nearly $5 billion confirms the capabilities and potential of our youth, explaining that we are working hard to develop the State's resources by improving services, expanding the tax base, and targeting a greater role for the private sector in economic activity.
Kouchouk stressed that we aim to make commodity and service exports the main driver of growth and competitiveness in the Egyptian economy, noting that the local and foreign private sector increased its investments by 73% during the last fiscal year.
Vice Admiral Ahmed Khaled Hassan, Governor of Alexandria, pointed out that we have witnessed positive movement at the level of fiscal policies, making them a powerful tool for economic growth, explaining that working to achieve a balance between discipline, financial stability, and boosting economic activity will be strongly reflected in improving citizens’ livelihoods.
He added that the Egyptian State is steadily continuing on the path of economic reform through realistic policies aimed at strengthening the business community's confidence in the Egyptian economy by launching successive packages of tax and customs facilities and reforms in a manner that contributes to supporting national industry and stimulating Egyptian exports, thereby helping to increase the competitiveness of the national economy.
Dr. Ahmed Zayed, Director of the Bibliotheca Alexandrina, expressed his appreciation to the Minister of Finance for his commitment to frank economic dialogue with a more realistic, balanced, and investment-stimulating vision, through the Bibliotheca Alexandrina, which is an interactive platform between decision-makers and citizens.