Egypt making transition to digital economy

The government, the minister said, modernises its work patterns and maximises its efforts to enhance the governance of the national financial system.

“We do this in a way that contributes to achieving economic and development goals,” he added during an online meeting with a delegation from the Korean International Co-operation Agency (KOICA).

Minister Maeet explained that Egypt made successes in digital transformation in the past period, including in preparing, implementing and controlling its general budget, advancing its non-cash payments, and modernising its tax and customs systems in an integrated manner.

These successes, the minister said, stimulate additional steps to make the transition to a digital economy.

“The same successes also stimulate investments, encourage the national industry, enhance local production, and maximise efforts to integrate the informal economy into the formal one,” the minister said.

The minister of finance said he personally follows up the implementation of the electronic system for government contracts in co-operation with South Korea.

The system, he said, is being implemented through a $7.9 million grant from the Asian country.

He added that co-operation between Cairo and Seoul in this regard reflects the depth of friendship and strategic partnership between them.

Minister Maeet said the Egyptian government works to shorten the period of system implementation in line with its comprehensive development needs.

“We work to implement major development projects in record time,” the minister said.

He said these projects include the pre-registration system for shipments, the single window system that connects the nation’s seaports with a unified electronic platform, and the development of logistics centres for customs services.

These projects, the minister said, would contribute to simplifying and mechanising procedures, reducing customs release time, and facilitating the movement of international trade.

Meanwhile, the members of the KOICA delegation said their agency is keen on pushing the implementation of the electronic system for government contracts forward.

The system, they said, confirms interest on the part of the South Korean government to develop all aspects of relations with Egypt, which was chosen as a strategic partner for South Korea.

The members of the KOICA delegation added that they would seek to transfer their country’s expertise in this project to the Egyptian side.

The South Korean side, they said, would seek to complete the project as soon as possible in response to Egyptian demands.