In the endless pursuit of making Egypt an investor-friendly destination, newly appointed Finance Minister Ahmed Kouchouk has prioritized tax reform. “We will succeed together in building an efficient and investment-incentive tax system,” he said during a tour of tax centers and offices in April. His focus is to “make it easy for our taxpayer partners and communicate with them directly, based on trust and support.” Kouchouk’s reform strategy revolves around introducing “packages of facilities.” The one introduced for the 2025 tax season includes penalty caps, legislation for SMEs and multiple new amnesty options. Local tax experts are cautious, as the…
Author: Tamer Hafez
Implementing economic structural reforms has been a priority for Egypt since the current administration took office in 2015. “The state continues its efforts to … achieve economic growth led by the private sector [by] implementing structural reforms that enhance the capabilities of the Egyptian economy and provide an attractive environment for local and international investments,” Rania Al-Mashat, minister of planning and economic development, told the media in April. The latest reform was in April, when Parliament approved a new labor law. It reflects the changing workplace, makes the new legislation more business-friendly and leaves most regulations unchanged to create continuity. …
To build a digital economy by 2030, the Egyptian government is betting on artificial intelligence (AI). In May 2021, the ICT Ministry launched the country’s first five-year National Artificial Intelligence Strategy, making it the first in the region to do so. This year, it published a new one through 2030. The second edition targets “integrating AI tools into education, enhancing professional development and fostering robust international partnerships,” the 2025-2030 strategy document said. It aims to create a $430 million to $860 million fund to support AI companies, stimulate venture capital funding, encourage Egypt-based businesses to use AI, and increase public…
In Africa, prioritizing fossil fuel excavation and production over green energy projects could be key to securing significant energy funding from the current U.S. administration. For the past five years, Africa has been a lucrative investment destination despite global economic crises. “Africa demonstrated remarkable resilience in attracting FDI, underscoring the continent’s adaptability amid an uncertain global economic climate,” a report from Ernst & Young (EY) published in December said. “The continent’s 2023 FDI doubled since [2021].” Last year, the U.N. Conference on Trade and Development noted Africa was the only region that saw FDI increase, recording an 84% surge over…
The American Chamber of Commerce in Egypt (AmCham Egypt) launched on April 29 its highly anticipated investment conference titled “Towards Resilient Growth: Egypt’s Future as an Investment Hub”, setting the tone for a deep dive into Egypt’s evolving investment climate and the economic reforms shaping its future. The opening session, Egypt’s Investment Climate and Economic Outlook, brought together key government officials, private sector leaders, and investment experts to assess opportunities, address ongoing challenges, and spotlight Egypt’s recent reform efforts aimed at making the country a regional investment hub. Egypt’s reform roadmap and investor appeal Hossam Heiba, CEO of the General…
As humans, we all are subject to making decisions based on unreasonable or unfair judgments (biases), or acting on mistaken beliefs based on unsound arguments (fallacies). Such cognitive errors are not always “toxic, … some are even necessary for leading a good life,” said Rolf Dobelli, a philosophy and business administration scholar, in his 2013 book “The Art of Thinking Clearly.” And for better or worse, “they are far too ingrained for us to rid ourselves of them completely … Silencing them would require superhuman willpower.” “The Art of Thinking Clearly” highlights cognitive errors that influence business leaders’ decisions. Realizing…
Established in 1961 by Democratic President John F. Kennedy, the U.S. Agency for International Development (USAID) mandate was to support less fortunate nations’ efforts to improve education, health, infrastructure, government reform and transparency, and micro enterprises. “The generosity and compassion of the American people have … saved lives, built peace, and improved the state of the world,” UN Secretary-General António Guterres said in February. “They have contributed to the stability and prosperity that Americans depend on.” However, immediately after Republican Donald Trump was elected president, he signed an executive order saying, “The United States foreign aid industry and bureaucracy are…
When it comes to powering Egypt’s daily life, fossil fuels dominate. According to EMBER Energy, a think tank, 88% of the country’s energy needs came from fossil fuels in 2023. That percentage is not declining, as “rising demand was predominantly met by fossil gas.” The government is trying to lessen that dependency. “Egypt [is] following a systematic twin-track approach to ensure that ‘green’ and ‘growth’ go … hand-in-hand,” the Ministry of Planning, Economic Development and International Cooperation said on its website. A March report from Egypt Oil & Gas Group (EOG), a think tank and publication, highlighted recent government efforts…
For the past decade or so, “sustainability” has dominated narratives across every industry. “Few industries tout their sustainability credentials more forcefully than the fashion industry,” said Kenneth Pucker, adjunct professor at the Tuck School of Business at Dartmouth. “Products ranging from swimsuits to wedding dresses are marketed as carbon positive, organic, or vegan … dot retail shelves.” To reflect these narratives in real-world products, fashion brands need to use sustainable natural fibers. None more so than cotton, which “is the most extensively used natural fiber,” according to Study34, a U.K.-based boutique garment producer and retailer. Growing cotton requires a lot…
For makers of internationally sold goods, global supply chains are essential to ensure a solid bottom line, timely delivery, and meeting price targets across markets. None more so than fashion brands, which “make their money by seeing how little they can pay,” Dana Thomas, author of Deluxe: How Luxury Lost its Lustre, told Vogue Business in July. This year, international fashion houses will face new challenges from tariff threats by U.S. President Donald Trump. Meanwhile, legacy obstacles persist, as suppliers of exclusive brands are causing their clients legal problems. The situation is pressuring design houses to seek new suppliers that…