Cairo – Mubasher: The Egyptian minister of finance Amr El-Garhy said on Sunday that Egypt is aiming to diminish the country’s budget deficit to 9.5% during fiscal year 2017/2018, compared to 10.9% in FY16/17 as part of the economic reform programme.
Egypt’s priorities over the coming period include raising operation rates, enhancing the level of public services, implementing national projects, in order to adopt clear and attractive financial and tax policies, El-Garhy added in a statement to the Ministry of Finance (MOF).
This came on the sidelines of the minister’s meeting with the CEOs of 25 French firms working in Egypt, in presence of the French ambassador to Egypt Stéphane Romatet, invited by BNP Paribas.
Romatet pointed out that French investments in Egypt reached $4 billion through 150 firms working in the fields of food industry, construction, energy, telecommunication, retail, banks, software, pharmaceutical, transportation, and tourism.
France encourages investment in Egypt, aiming to support exportation and employment, and promote economic interest between both parties, he continued.
Furthermore, BNP Paribas’ representative Youssef Beshai mentioned that this meeting seeks Egypt to export its products to the African and Turkish markets, in line with introducing major French firms to the Egyptians market for the first time in the sports goods sector.
The Egyptian government is focusing on the expansion in retail markets all over Egypt’s governorate in coordination with major chains, which will lower prices, according to the statement.
Egypt’s finance minister has vowed during the meeting to solve problems of some French firms on the administrative level.
