Described as a no-nonsense technocrat, Dr Ahmed Nazif, appointed in July, is, at 52, the youngest prime minister in Egypt’s modern history and has assembled a formidable economic team, mainly from successful private sector businessmen.
Well aware that reform has been stalled for years and 650,000 new jobs need to be found each year, the new team has introduced a swathe of bold measures in the customs and tariffs areas as well as general taxation, with significant banking reforms expected imminently. Speaking to The Banker, the new minister of foreign trade and industry, Rachid Mohamed Rachid, outlined a long-overdue reduction in customs and tariffs from 15% to 9%, thereby helping strip away opportunities for corruption and streamlining trade.
