Ahmed Kouchouk, Egypt's Minister of Finance, affirmed that the European Union is considered a crucial partner for Egypt, characterized by a positive and effective economic dialogue, especially amid the uncertainty facing the global economy.
The minister made these statements during his participation in a new round of the Egyptian-European economic dialogue held in Cairo, where he clarified that Egypt is looking to strengthen its economic partnership with the EU, which will provide vast opportunities for the growth of European companies within the Egyptian market and increase the volume of trade exchange between the two sides.
Event Details
The minister pointed out that Egypt's economic trajectory is reassuring, relying on achieving a delicate balance between supporting production and exports on one hand, and financial discipline on the other. He explained that the government has taken proactive measures to respond flexibly to current and future challenges and risks.
He also added that the state is working on developing the tax system to encourage voluntary compliance and attract new financiers, which enhances the efficiency of the financial system and expands the revenue base.
Background & Context
For his part, Yasser Sobhi, Deputy Minister of Finance for Financial Policies, stated that the Egyptian economy has succeeded in facing global shocks thanks to the financial and economic reforms that have been implemented. He noted that the performance during the first nine months of the current fiscal year reflects the state's ability to achieve its targets.
Sobhi emphasized that maintaining financial stability is the cornerstone for expanding economic activities and achieving sustainable comprehensive growth, explaining that expanding the economic, tax, and production base is at the top of the financial policy priorities.
Impact & Consequences
He also pointed out that increasing exports represents a primary priority, noting that market openness enhances opportunities for the private sector in both Egypt and Europe. He confirmed that the development of the partnership with the European Union positively reflects on economic growth rates.
In this context, Annika Eriksgard, Deputy Chief Financial and Economic Officer at the European Commission, stated that the EU aims to enhance the competitiveness of its economy by supporting innovation, raising productivity, and addressing energy challenges. She indicated that Egypt is a key partner for the EU.
Regional Significance
Eriksgard expressed her appreciation for the noticeable improvement in Egypt's financial and economic performance, and the reforms and measures taken to address external challenges, confirming the EU's continued support for the economic cooperation path with Egypt.
These developments come at a critical time for the global economy, reflecting the importance of cooperation between Egypt and the EU in facing common economic challenges. Strengthening the economic partnership between the two sides could contribute to achieving greater stability in the region and enhancing opportunities for sustainable growth.