Mohamed Maait, Minister of Finance stressed the importance of opening new horizons to enhance trade relations with Turkey, as it is the sixth largest destination for Egyptian exports with an amount of $3.2 billion and the third largest exporting country to Egypt with $3 billion, and one of the largest countries in foreign investment in Egypt in 2022 with $103. 5 million.
The minister added that there are about 790 Turkish companies operating in our country with investments of $2.5 billion in several sectors.
He pointed out that the current global economic crises have doubled the importance of international and regional partnerships, as they open promising horizons for enhancing the role of the private sector in economic activity.
The minister added, during his participation in the “Turkish-Arab Economic Forum” in Istanbul, that there is an incentive package to attract the local and foreign private sector to invest in Egypt, expand its participation in economic development, and maximize its role in the gross domestic product, by increasing its contribution to investments to 65% within coming years.
The investment are expected to create more job opportunities, the minister explained, pointing to the simplification of procedures, and the expansion of the “golden license”, along with the “state ownership policy document” and Government proposals supporting the empowerment of the private sector.
The Minister explained that there are tax exemptions ranging between 33% and 55% on income earned from green hydrogen projects that will begin production during the next five years, as well as exempting production equipment, machinery, and raw materials needed for the projects from value-added tax, with the expansion of the use of green financing tools.
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