Egypt working on reducing taxes for foreign investors

Egyptian Prime Minister Mostafa Madbouly said his country does not impose restrictions on foreign investors that prevent the transfer of their profits from Egypt to their countries.

“Egypt does not place any obstacles to the entry or exit of investors’ profits,” Madbouly said during a meeting held yesterday between the Egyptian prime minister and representatives of the Qatar Chamber and the Qatari Businessmen Association.

شاركت الرابطة في لقاء مع رئيس وزراء جمهورية مصر العربية

أعضاء الرابطة يوقعون اتفاقيات مع وزارة الصحة المصرية

QBA participated in a meeting with the Prime Minister of Egypt

QBA members sign 2 cooperation agreements with the Egyptian Ministry of Health and Population#قطر #مصر pic.twitter.com/MlgsErv3LN

— QBA (@QBA_Qatar) February 28, 2023

He stressed that Egypt aspires to boost investments between Egyptian businessmen and their Qatari counterparts. To do so, parliament is currently reviewing a draft law which would exempt investors from 55 per cent of taxes they would originally pay, he added.

Madbouly started this week a visit to Qatar, the first for an Egyptian prime minister since 2013.

The Egyptian delegation included the ministers of planning, economic development, health, finance, trade and industry, and the head of the Suez Canal Economic Authority.

Relations between Egypt and Qatar began to improve after the reconciliation agreement concluded in the Saudi city of Al-Ula in January 2021, which ended years of a blockade imposed by Saudi Arabia, the UAE, Bahrain and Egypt on Qatar in 2017.

On Monday, Madbouly met with the Emir of Qatar, Sheikh Tamim Bin Hamad Al Thani, and reviewed Egyptian efforts to attract foreign investment.

According to the Qatar News Agency, during the meeting, they reviewed the relations of cooperation between the two brotherly countries and aspects of their development and enhancement, in addition to regional and international issues of common interest.

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