Egypt and Croatia have inked a double taxation agreement during Egypt's participation in the annual meetings of the Asian Infrastructure Investment Bank in Sharm El-Sheikh.
Egypt's Finance Minister and Governor at the Asian Infrastructure Investment Bank, Mohamed Maait, noted that this agreement reflects the commitment of both countries to boost economic, trade, and investment relations while protecting tax rights.
Maait stated that discussions included proposals to make Croatia a gateway for Egyptian exports to European markets.
He also extended an invitation to Croatian investors and companies interested in expanding their investments in Egypt to take advantage of various incentives offered by the Egyptian government, such as the Golden License, state ownership policy documents, and government offerings.
Minister Maait highlighted ongoing efforts to modernize the tax system through the use of modern electronic systems and artificial intelligence, aiming to enhance tax performance and create a more advanced and attractive environment for both local and foreign investments.
Earlier data from Egypt's Central Agency for Public Mobilization and Statistics (CAPMAS) showed a 90.8% increase in trade between Egypt and Croatia during the first 10 months of 2022, reaching $203.9 million compared to $106.8 million in the same period in 2021.
Egypt's exports to Croatia during this period amounted to $107.8 million, marking a 304.8% increase from $26.6 million in the same period in 2021. Egyptian imports from Croatia reached $96 million, a 19.7% increase from $80.2 million during the same period in 2021.
Croatian investments in Egypt also grew, reaching $2.9 million in the fiscal year 2020/2021, compared to $2.3 million in 2019/2020, reflecting a 26.1% increase.
On the remittances front, remittances from Egyptians working in Croatia reached $1.1 million during the fiscal year 2020/2021, up from $847,000 in 2019/2020, indicating a 33.5% increase. Conversely, remittances from Croatians working in Egypt amounted to $271,000 during the fiscal year 2020/2021, compared to $620,000 in 2019/2020, showing a 56.3% decrease.