Sunday 22 Dec
Engineer Hassan Al-Khatib, Minister of Investment and International Trade, participated in a roundtable discussion at the Wilson Center in the United States, where he reviewed the economic reforms adopted by the state during the current phase.
He said that the state aims to
simplify the tax system, reduce tax rates, and bring the informal sector into
the formal economy to enhance the business climate. The Finance Ministry is
implementing measures such as tax amnesty, penalty caps, and tailored tax
programs for small and medium-sized enterprises, fostering a more cooperative
relationship between the tax authority and businesses.
The minister outlined plans to gradually reduce customs clearance times by implementing procedural reforms and leveraging electronic systems. He further emphasized the government's dedication to improving the business climate, particularly through tax simplification. Al-Khatib underscored the significance of achieving a fair trade balance with the United States and eliminating trade barriers to facilitate market access for Egyptian products.
He highlighted the significance of the Qualifying Industrial Zones (QIZ) agreement with the United States as a catalyst for increasing Egyptian exports beyond the ready-made garment sector.
Al-Khatib reviewed recent expansions by American companies such as General Motors, Kraft Heinz, and Coca-Cola, which underscore the attractive investment climate in Egypt. He also emphasized investment opportunities in renewable energy and infrastructure, citing cross-border electricity interconnection projects, including the link with Greece.
