21 JUNE 2021

AmCham Egypt Inc. in partnership with the U.S. Chamber’s U.S.-Egypt Business Council hosts a Webinar with Finance Minister H.E. Dr. Mohamed Maait

AmCham Egypt Inc. in partnership with the U.S. Chamber’s U.S.-Egypt Business Council hosted a Webinar with H.E. Dr. Mohamed Maait, Egypt’s Minister of Finance on June 21, 2021.

Introductory comments were given by the CEO of AmCham Egypt Inc., Hisham Fahmy.

During his presentation, H.E. Dr. Maait explained how Egypt’s economic reform plan, which began in 2016 and in 2020 was bolstered by a large stimulus package allocated to support Egyptians and their businesses that were most affected by the pandemic, allowed Egypt to achieve one of the highest global GDP growth rates year-on-year. Under Minister Maait’s leadership, the Ministry continues its work to reduce Egypt’s budget deficit, which understandably was hindered by the emergence of COVID-19 but is expected to rebound. When overviewing the Ministry of Finance’s priorities looking ahead, H.E. Dr. Maait detailed Egypt’s continued digitalization efforts that are focused on key government and bureaucratic processes, such as the upcoming launch of Egypt’s new electronic customs registration portal, as well as efforts to reduce the size of Egypt’s informal economy. By working to continue these advancements, the intention of the Government of Egypt is to enhance the enforcement of tax compliance without imposing new tax requirements.

Following the formal presentation, the Minister of Finance engaged in an insightful moderated discussion with participating member companies, during which he detailed the Ministry’s top-line sectors that they view as key opportunities for more foreign investment. H.E. Dr. Maait explained that while clean energy, education, and health are all vitally important sectors to Egypt’s continued economic growth, the areas of infrastructure, desalination, manufacturing, oil and gas and ICT are being considered top priority for increased engagement by global industry leaders, and he looks forward to future opportunities to partner with global industry leaders these fields.