Egypt Eyes Boosting Cooperation with US Chamber of Commerce to Attract FDI, Says Finance Min.

Ahmed Kouchouk, Egypt's Minister of Finance participated in a roundtable organized by the U.S. Chamber of Commerce in Washington on the sidelines of the meetings of the International Monetary Fund (IMF) and the World Bank.

The Minister affirmed Egypt's aspiration to enhance cooperation with the U.S. Chamber of Commerce to attract more foreign direct investment (FDI) flows in all sectors, and expand investment partnerships between Egypt and the United States with the aim of increasing the role of the private sector in supporting the Egyptian economy.

Kouchouk stressed that the Egyptian government is determined to create an attractive and suitable business environment for investment, and is working to reduce the burdens and costs of investment to raise productivity rates and stimulate economic growth.

He also pointed out that the economic ministerial group seeks to address the challenges facing investment, by adopting a comprehensive vision aimed at enhancing the private sector's contribution to economic and development activities.

The Minister explained that the Ministry of Finance is working in cooperation with the Ministry of Investment to control and unify fees to reduce the financial burdens on investors as much as possible, which contributes to increasing private investments amid setting a ceiling for the state's public investments at about one trillion pounds in the current fiscal year.

The minister concluded his statements by stressing the importance of directing the state’s priorities towards human and social development to improve citizens’ standard of living, noting that the ministry is implementing an ambitious strategy to improve public debt indicators and reduce external debt, and is also targeting greater efficiency in managing financing by focusing on soft financing and expanding partnerships with the private sector.