Ahmed Kouchouk, Minister of Finance, affirmed that the European Union is a key partner for Egypt and that the economic dialogue with the bloc is highly constructive and important, particularly amid the prevailing global economic uncertainty. He noted that the government is looking forward to further strengthening economic partnership with the EU, creating broader opportunities for the growth of European companies, and boosting trade and investment flows.

 

Speaking during a new round of the Egypt-EU economic dialogue held in Cairo, the minister said that Egypt’s economic path is “reassuring” and characterized by a strong balance between stimulating production and exports while maintaining fiscal discipline. He added that the government has taken proactive measures to deal flexibly and efficiently with current and potential challenges and risks.

 

Kouchouk added that the government is working to enhance and modernize the tax system in a way that encourages voluntary compliance and attracts new taxpayers, as part of broader efforts to expand the tax base and support economic activity.

 

For his part, Yasser Sobhi, Deputy Minister of Finance for Fiscal Policies, said that the Egyptian economy is confronting global shocks from a stronger fiscal and economic position as a result of the reforms implemented in recent years. He noted that the fiscal and economic performance during the first nine months of the current fiscal year reflects the government’s ability to achieve its targets by the end of the year.

 

Sobhi stressed that maintaining fiscal stability represents the cornerstone for expanding economic activity and achieving comprehensive and sustainable growth, emphasizing that expanding the economic, tax, and production base remains at the top of the government’s fiscal policy priorities.

 

He added that increasing exports is a key government priority, noting that open markets benefit the private sector on both the Egyptian and European sides, especially given that the European Union is a major economic partner for Egypt and that the growth of the European economy positively impacts Egypt’s growth opportunities.

 

Meanwhile, Anika Eriksgard, Deputy Director-General for Economic and Financial Affairs at the European Commission, said that the European Union aims to enhance the competitiveness of the European economy by encouraging innovation, increasing productivity rates, and addressing energy challenges.

 

She emphasized that Egypt is a key partner for the European Union and that the European side appreciates the notable progress in Egypt’s economic performance and policies and remains committed to supporting the country.

 

Eriksgard added that the reforms implemented by Egypt, the noticeable improvement in fiscal and economic performance, and the measures taken to address external economic challenges are highly valued by the European side.