Egypt to provide tax and customs incentives for Turkish investors

Egyptian Finance Minister Ahmed Kouchouk has affirmed the government's commitment to simplifying procedures and providing tax and customs incentives to support both local and foreign investors. Speaking at the Egyptian-Turkish Business Forum in Istanbul, Kouchouk emphasized that the private sector is a partner to the state and that its growth is essential to the Egyptian economy.

The forum included approximately 60 major Turkish companies interested in investing or expanding within the Egyptian market. Discussions focused on investment opportunities, market expansion, and resolving challenges faced by investors through coordination with relevant authorities.

Kouchouk noted that recent tax reforms have increased tax revenues by approximately 1.5% of GDP over two years without raising tax rates. He stated that the government aims to expand the tax base through digitalization and improved services rather than increasing the burden on taxpayers. The Ministry of Finance is working toward full digitalization of tax and customs services to reduce human intervention and increase efficiency.

Ahmed El-Wakil, President of the Federation of Egyptian Chambers of Commerce, highlighted the potential for economic integration between Egypt and Turkey. He suggested moving toward joint manufacturing and forming alliances between Egyptian and Turkish companies to target regional and international markets.