Minister of Finance Ahmed Kouchouk said that the government would continue simplifying procedures and offering incentives to local and foreign investors, stressing that private-sector growth directly benefits the Egyptian economy. These remarks came during the minister's participation in the Egyptian-Turkish Business Forum in Istanbul, attended by representatives of around 60 major Turkish companies.
Kouchouk said that investors are partners in economic development and that the government is working to resolve obstacles facing businesses. He noted that recent tax reforms had resolved hundreds of thousands of problems and encouraged more taxpayers to join the system.
Tax revenues rose by the equivalent of 1.5% of GDP over two years without increasing tax rates, he added. Kouchouk affirmed that the government aims to expand the tax base through simpler procedures, digital services and improved tax and customs administration rather than imposing additional burdens on businesses.
For his part, President of the Federation of Egyptian Chambers of Commerce (FEDCOC) Ahmed el Wakil called for stronger cooperation with Turkish companies in manufacturing, investment and exports to international markets. He said that Egypt's trade agreements and logistics infrastructure give investors access to markets serving more than 4.5 billion consumers.
Rifat Hisarcıklıoğlu, President of the Union of Chambers and Commodity Exchanges of Türkiye (TOBB), said that Turkish investments in Egypt total around $4 billion and provide nearly 100,000 jobs. He also reaffirmed support for the two countries' target of raising bilateral trade to $15 billion by 2028 and called for restoring direct roll-on/roll-off shipping services.
The forum featured new and planned Turkish investments worth more than $295 million in textiles, clothing, porcelain and manufacturing, with projects expected to create thousands of jobs. Turkish investors also discussed licensing, tax and customs procedures and other business challenges with Kouchouk, while participants agreed to follow up on the issues raised.