Egypt has agreed to sign an agreement to prevent double taxation this year, promote the offering of local currency bonds on Hong Kong Stock Exchange, as well as transfer and exchange expertise and delegations in the fields of taxes and customs.
The announcement was made during a meeting between Finance Minister Mohamed Maait and the Secretary for Financial Services and the Treasury of Hong Kong Christopher Hui, on the sidelines of their participation in the Asian Financial Forum.
A Finance Ministry statement on Saturday said that the two sides discussed deepening bilateral relations and exchanged experiences on dealing with the negative repercussions of global economic crises and geopolitical tensions.
According to the statement, Maait said that: “We look forward to benefiting from the Hong Kong experience in enhancing investment flows, in line with the Egyptian side’s keenness to develop joint relations between the two sides and attract more Chinese investments to benefit from the broad horizons offered by the Egyptian development experience to encourage new segments of foreign investors to work in Egypt and expand their activities.”
Maait noted the advantages and incentives that the Suez Canal Economic Zone enjoys as a result of its strategic location, which has fostered a favorable business environment.
The Egyptian government is pursuing a diverse and innovative financing strategy based on multiple markets, financing tools, and investors, helping to address inflationary pressures resulting from successive global crises, achieving sustainable development, and providing soft development financing to achieve the state’s economic goals.
The minister referred to the importance of studying new tools that allow international and multilateral development banks to mobilize financial resources with easy facilities for developing African countries, thereby bridging the financing gap and maximizing comprehensive and sustainable development efforts for emerging economies.
