Egypt works on injecting more private investment flows into economic arteries: Maait
Egypt works on injecting more private investment flows into economic arteries: Maait Egypt Today
sdgtalks
Recent Reforms Aimed at Empowering the Private Sector in Egypt
During the panel – Egypt Today
Introduction
CAIRO – 12 May 2024: Recent years have witnessed the implementation of numerous reforms aimed at empowering the private sector, according to Egypt’s Minister of Finance, Mohamed Maait. These reforms are aligned with the Sustainable Development Goals (SDGs) and are crucial for achieving sustainable economic growth in Egypt.
Competition Law and Competitive Neutrality
Minister Maait highlighted the importance of the competition law in enhancing competitive neutrality. This law ensures fair competition among businesses, promoting a level playing field for all market participants.
Challenges Faced by the Business Community
In the past two years, the business community in Egypt has faced challenges related to the flexibility of the exchange rate and the availability of foreign currency. These challenges have hindered their operations and growth.
Customs Clearance and Tax Procedures
The government is actively working on developing quicker and more efficient customs clearance procedures. Additionally, tax procedures are being upgraded to be fully automated. The release of Egypt’s tax strategy for the next six years will provide a clearer tax vision and better certainty for businesses.
Private Investment and Sustainable Economic Growth
The goal of these reforms is to attract more private investment flows into Egypt’s economy and achieve sustainable economic growth. The private sector will play a leading role in driving this growth in the upcoming period.
Enhancing Private Sector Contributions
The Minister of Finance expressed the government’s readiness to adopt effective initiatives that enhance the contributions of the private sector to developmental and economic activities. Collaboration between the public and private sectors is essential for achieving the SDGs.
Stimulus Packages and Incentives
Comprehensive stimulus packages are being developed to attract both local and foreign private sectors for production and export in Egypt. Reductions in import taxes on production supplies have stimulated local manufacturing. The abolishment of preferential tax and customs treatments for state entities or companies has also enhanced competitiveness in the Egyptian market.
Automation and Simplification
The government is working on automating all tax processes and simplifying customs procedures. A pre-shipment registration system is being developed to achieve justice and incentivize investment.
Supreme Tax Council
The Supreme Tax Council, which includes representatives from various business communities, tax associations, and accountants, provides a platform for tax dialogue with the government. This council aims to establish a more advanced and investment-stimulating tax system sustainably. It also regulates the relationship between investors and the state in the tax field.
Tax Policy Document
A “Tax Policy Document” will be presented for societal dialogue, providing investors with tax certainty over the next six years. This document will enable them to make informed decisions regarding their investment activities.
SDGs, Targets, and Indicators Identified in the Article
| SDGs | Targets | Indicators |
|---|---|---|
| SDG 8: Decent Work and Economic Growth | 8.2: Achieve higher levels of economic productivity through diversification, technological upgrading, and innovation | – Not explicitly mentioned in the article, but the reforms mentioned aim to attract private investment flows and achieve sustainable economic growth, which can contribute to higher economic productivity. |
| SDG 9: Industry, Innovation, and Infrastructure | 9.1: Develop quality, reliable, sustainable, and resilient infrastructure | – The article mentions the development of customs clearance to be quicker and more efficient, which can contribute to improving infrastructure. |
| SDG 17: Partnerships for the Goals | 17.17: Encourage and promote effective public, public-private, and civil society partnerships | – The article mentions the government’s readiness to adopt effective initiatives that enhance the contributions of the private sector to developmental and economic activities, indicating a focus on public-private partnerships. |
1. Which SDGs are addressed or connected to the issues highlighted in the article?
SDG 8: Decent Work and Economic Growth
The issues highlighted in the article are connected to SDG 8, which focuses on promoting sustained, inclusive, and sustainable economic growth, full and productive employment, and decent work for all. The article discusses the implementation of reforms aimed at empowering the private sector, attracting private investment flows, and achieving sustainable economic growth led by the private sector.
SDG 9: Industry, Innovation, and Infrastructure
The issues highlighted in the article are also connected to SDG 9, which focuses on building resilient infrastructure, promoting inclusive and sustainable industrialization, and fostering innovation. The article mentions the development of customs clearance to be quicker and more efficient, which contributes to improving infrastructure.
SDG 17: Partnerships for the Goals
The issues highlighted in the article are connected to SDG 17, which focuses on strengthening the means of implementation and revitalizing the global partnership for sustainable development. The article mentions the government’s readiness to adopt effective initiatives that enhance the contributions of the private sector to developmental and economic activities, indicating a focus on public-private partnerships.
2. What specific targets under those SDGs can be identified based on the article’s content?
Target 8.2: Achieve higher levels of economic productivity through diversification, technological upgrading, and innovation
Based on the article’s content, the specific target under SDG 8 that can be identified is to achieve higher levels of economic productivity through diversification, technological upgrading, and innovation. The reforms mentioned in the article aim to attract private investment flows into Egypt’s economy and achieve sustainable economic growth led by the private sector.
Target 9.1: Develop quality, reliable, sustainable, and resilient infrastructure
Based on the article’s content, the specific target under SDG 9 that can be identified is to develop quality, reliable, sustainable, and resilient infrastructure. The article mentions the government’s focus on developing customs clearance to be quicker and more efficient, which contributes to improving infrastructure.
Target 17.17: Encourage and promote effective public, public-private, and civil society partnerships
Based on the article’s content, the specific target under SDG 17 that can be identified is to encourage and promote effective public, public-private, and civil society partnerships. The article mentions the government’s readiness to adopt effective initiatives that enhance the contributions of the private sector to developmental and economic activities, indicating a focus on public-private partnerships.
3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?
While the article does not explicitly mention specific indicators, there are implied indicators that can be used to measure progress towards the identified targets:
– For Target 8.2: Achieve higher levels of economic productivity through diversification, technological upgrading, and innovation, indicators such as private investment flows, sustainable economic growth rates, and improvements in productivity levels can be used to measure progress.
– For Target 9.1: Develop quality, reliable, sustainable, and resilient infrastructure, indicators such as improvements in customs clearance efficiency, infrastructure development projects, and investments in infrastructure can be used to measure progress.
– For Target 17.17: Encourage and promote effective public, public-private, and civil society partnerships, indicators such as the number of public-private partnership initiatives implemented, the level of private sector involvement in developmental and economic activities, and the success of collaborative projects can be used to measure progress.
Overall, while the article does not provide specific indicators, these implied indicators can be used to measure progress towards the identified targets.
4. SDGs, Targets, and Indicators
| SDGs | Targets | Indicators |
|---|---|---|
| SDG 8: Decent Work and Economic Growth | 8.2: Achieve higher levels of economic productivity through diversification, technological upgrading, and innovation | – Not explicitly mentioned in the article, but the reforms mentioned aim to attract private investment flows and achieve sustainable economic growth, led by the private sector in the upcoming period. |
| SDG 9: Industry, Innovation, and Infrastructure | 9.1: Develop quality, reliable, sustainable, and resilient infrastructure | – The article mentions the development of customs clearance to be quicker and more efficient, which can contribute to improving infrastructure. |
| SDG 17: Partnerships for the Goals | 17.17: Encourage and promote effective public, public-private, and civil society partnerships | – The article mentions the government’s readiness to adopt any effective initiatives that enhance the contributions of the private sector to developmental and economic activities, indicating a focus on public-private partnerships. |
Copyright: Dive into this article, curated with care by SDG Investors Inc. Our advanced AI technology searches through vast amounts of data to spotlight how we are all moving forward with the Sustainable Development Goals. While we own the rights to this content, we invite you to share it to help spread knowledge and spark action on the SDGs.
Fuente: egypttoday.com
Join us, as fellow seekers of change, on a transformative journey at https://sdgtalks.ai/welcome, where you can become a member and actively contribute to shaping a brighter future.
