Maait added that Turkey is the sixth largest destination for Egyptian exports amounting to $3.2 billion
Minister of Finance, Mohamed Maait, stated that 790 Turkish companies have established operations in Egypt, injecting a cumulative investment of $2.5 billion across various sectors, during his participation in the Turkish-Arab Economic Forum in Istanbul.
Maait added that Turkey is the sixth largest destination for Egyptian exports amounting to $3.2 billion. Turkey is third largest country Egypt imports from with a total amount of $3 billion.
In 2022, Turkey was one of the largest contributors to Egypt’s economy in terms of foreign investment of $103.5 million, the finance minister added.
During his participation in the forum, Maait also pointed to the importance of the participation of the private sector in Egypt’s economic development and in the gross domestic product, by increasing their contribution to investments to 65% during the coming years.
The finance minister also explained that there are tax exemptions ranging between 33% and 55% on income earned from green hydrogen projects. Production equipment, machines, and raw materials are exempted from value-added tax.
Maait added that Egypt is looking forward to expanding the use of green financing tools, and aims to direct 50% of government investments to environmentally sustainable projects.
Recently, Egypt successfully issued panda bonds worth 3.5 billion yuan, which amount to almost $500 million in the Chinese market and “Samurai” bonds worth 75 billion Japanese yen, Maait stated.
