Egypt's Finance Minister Ahmed Kouchouk emphasised the importance of competitive neutrality and increased competition in fiscal policies to support the private sector, an official statement said on Monday. He explained that enhancing the competitive climate achieves balance within the Egyptian economy and provides citizens with higher-quality products and services at the best prices, the statement added. Kouchouk emphasised at the Egyptian Competition Authority (ECA) annual conference that tax neutrality is essential for fostering fair competition and encouraging increased investment. He pointed out that the ECA is advanced, up-to-date with global developments, has excellent human resources, and is instrumental in establishing competitive neutrality mechanisms, as acknowledged in talks with international organisations. Kouchouk added that the State Ownership Policy Document focuses on fostering competition among all entities to drive economic growth, enhance competitiveness, and implement the law cancelling preferential tax treatment for state entities. He said that efforts to promote competition are showing positive results in the first half of the current fiscal year, with the private sector contributing 60 per cent of total investments and experiencing an 80 per cent growth rate. Additionally, there are 10 investment projects under the private sector partnership system this fiscal year. Kouchouk stated that the tourism sector grew by 13.1 per cent over six months, manufacturing industries by 12.4 per cent, and the communications and information technology sector by 15.1 per cent. He noted that the overall economic growth rate increased from 2.5 per cent to 3.9 per cent from July to December 2024. Meanwhile, he affirmed that efforts to expand the private sector's role in economic activity will continue, with initiatives increasingly geared towards boosting production and exports. Attribution: Amwal Al Ghad English Subediting: M. S. Salama
