Egypt has agreed to signal an settlement to forestall double taxation this 12 months, promote the providing of native foreign money bonds on Hong Kong Inventory Alternate, in addition to switch and change experience and delegations within the fields of taxes and customs.
The announcement was made throughout a gathering between Finance Minister Mohamed Maait and the Secretary for Monetary Companies and the Treasury of Hong Kong Christopher Hui, on the sidelines of their participation within the Asian Monetary Discussion board.
A Finance Ministry assertion on Saturday stated that the 2 sides mentioned deepening bilateral relations and exchanged experiences on coping with the detrimental repercussions of worldwide financial crises and geopolitical tensions.
In response to the assertion, Maait stated that: “We look ahead to benefiting from the Hong Kong expertise in enhancing funding flows, in keeping with the Egyptian facet’s keenness to develop joint relations between the 2 sides and entice extra Chinese language investments to profit from the broad horizons supplied by the Egyptian improvement expertise to encourage new segments of international traders to work in Egypt and increase their actions.”
Maait famous the benefits and incentives that the Suez Canal Financial Zone enjoys on account of its strategic location, which has fostered a good enterprise setting.
The Egyptian authorities is pursuing a various and progressive financing technique based mostly on a number of markets, financing instruments, and traders, serving to to deal with inflationary pressures ensuing from successive international crises, reaching sustainable improvement, and offering smooth improvement financing to attain the state’s financial objectives.
The minister referred to the significance of finding out new instruments that permit worldwide and multilateral improvement banks to mobilize monetary sources with simple services for creating African nations, thereby bridging the financing hole and maximizing complete and sustainable improvement efforts for rising economies.
