Wednesday July 24th, 2024
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Egypt Creates Committee for Equal Economic Competition

The new strategy prioritizes tax neutrality and private sector engagement with the aim of unlocking its full potential and propelling the nation's economic growth.

Cairo Scene

Egypt Creates Committee for Equal Economic Competition

A new committee is being created that focuses on fostering a level playing field for all businesses, according to Deputy Minister of Finance Ahmed Kouchouk, who recently announced the establishment of tax neutrality principles.

This strategy aims to prioritize fair competition and private sector engagement, aiming to unlock its full potential and propel the nation's economic growth.

Recent legislation eliminates preferential benefits enjoyed by state-owned entities in areas like tax and customs. This move creates a more equitable environment, where the private sector can flourish and contribute more significantly to Egypt's GDP.

The aim, according to Kouchouk, is to create a level playing field. This aligns with the public investment target of one trillion Egyptian pounds for the upcoming fiscal year. The strategy goes beyond investments, emphasizing the private sector's role in driving economic expansion.

The State Ownership Policy Document serves as a roadmap towards this goal. The document outlines a framework for greater transparency and a more competitive economy, with biannual reports monitoring progress.

The Egyptian Competition Authority (ECA) emphasized the Authority's commitment to nurturing fair competition and bolstering the Egyptian economy.

Workshops and protocols are being implemented to promote a culture of fair competition among government procurement officials.

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