Ambassador of Kazakhstan to Egypt Kairat Lama Sharif held a meeting with the newly appointed Minister of Finance of Egypt Ahmed Ashraf Ali Kuzhuk, DKnews.kz reports.
At the meeting, the parties discussed the current economic and financial situation, ongoing reforms and measures taken by the governments of the two countries to ensure sustainable economic growth.
Ambassador Lama Sharif spoke about the continuing growth of the economy of Kazakhstan and its acceleration to 3.7% based on the results of the last 9 months of this year. He noted that as a result of the systemic policy of comprehensive modernization of the economy pursued by the President of Kazakhstan Kassym-Jomart Tokayev, the Moody’s rating agency raised Kazakhstan’s sovereign rating to Baa1 with a stable outlook. The assigned rating is the highest in all the years of the country’s independence, and confirms the continuing improvement of the institutional environment and the sustainability of the pace of economic diversification.
He informed the companion about the Government’s work to increase the effectiveness of budget policy, improve tax legislation, enhance investment attractiveness and develop entrepreneurship.
Particular attention during the conversation was paid to the issue of preparation for the signing of the Kazakh-Egyptian intergovernmental convention on the avoidance of double taxation and the prevention of tax evasion with respect to taxes on income. The companions were unanimous in the opinion that the signing of this document will strengthen and expand economic cooperation between the two countries by creating favorable conditions for investment and preventing tax evasion, and will contribute to the expansion of business contacts.
The prospects for Kazakh-Egyptian cooperation within the framework of the Astana International Financial Center (AIFC) were noted. In this context, the Kazakh diplomat informed his companion that a number of Egyptian companies are registered with the AIFC on behalf of the African continent, which is additional evidence of the favorable climate for doing business created in Kazakhstan.
The Minister of Finance of Egypt welcomed the reforms in the trade, economic and financial spheres carried out under the leadership of country, and confirmed the readiness to continue developing cooperation with Kazakhstan, including improving the bilateral legal framework, increasing the financial and investment activity of the two countries.
