Ongoing service development, streamlined procedures, and digital transformation to boost the competitiveness of investment and trade.
Dr. Mohamed Farid:
- The digital identity (Electronic Know Your Customer – e-KYC) services is our gateway to facilitating the investor journey
- The Foreign Trade Procedures Portal is our digital platform to enhance the global competitiveness of Egyptian exports
- Strengthening the export system begins with reducing logistics costs and digitalizing supply chains
- Updating accounting standards and integrating SMEs into the formal economy are top priorities
- True success is measured by the extent to which investment returns are reflected in citizens’ daily lives
Electronic Know Your Customer
Dr. Mohamed Farid, Minister of Investment and Foreign Trade, affirmed that the Ministry is moving forward—within the framework of the state’s strategy and under the directives of the political leadership—in implementing an ambitious vision to achieve a comprehensive qualitative transformation in the business environment. This vision is anchored in two key pillars: full digitalization and data-driven governance. He noted that improving the investor experience now relies on precise digital key performance indicators (KPIs) that reflect real-time market conditions and support efficient and transparent decision-making, thereby strengthening Egypt’s position on the global investment map.
This came during the Minister’s participation in a panel discussion titled “Enhancing Economic Growth, Competitiveness, and Supporting the Private Sector in the Digital Era,” held as part of the closing conference of the Egypt–OECD Country Programme, in the presence of representatives of international institutions, policy experts, and a number of ministers and officials.
The Minister explained that simplifying procedures and shortening the documentation cycle is no longer merely an administrative objective; rather, it represents a key entry point for attracting high-quality investments capable of integrating into global value chains, particularly in advanced technology, electronics, and green industries.
He added that the Ministry is currently working on engineering a smart, integrated investor journey that begins with activating the e-KYC to enable remote transactions and extends to the issuance of instant licenses. This approach was emphasized during intensive meetings with major global entities and international financial institutions during the recent visit to Washington.
The Minister further noted that this vision extends to deepening strategic partnerships with major international entities, with the aim of transforming Egypt into a regional hub for manufacturing and export through the localization of technology and knowledge.
At the same time, he stressed that human capital represents the cornerstone of this transformation, as the Ministry is working to equip Egyptian talent according to the highest international standards to manage and operate smart and sustainable manufacturing systems.
In this context, Dr. Farid highlighted that institutional integration and inter-agency connectivity are among the key priorities the Ministry is actively pursuing, as they contribute to building global confidence. The Ministry is also developing the Egyptian Accounting Standards to fully align with international standards, thereby enhancing transparency and disclosure and facilitating investors’ ability to assess opportunities.
He emphasized that upgrading accounting standards is a key entry point for integrating small and medium-sized enterprises (SMEs) into the formal economy, transforming them from an informal sector into a core partner within the supply chains of large companies. This is supported by precise digital performance indicators that ensure fair distribution of incentives and opportunities.
The Minister also pointed to the launch of the Foreign Trade Procedures Portal as a unified digital platform aimed at improving the efficiency of the export system, reducing logistics costs, and facilitating Egyptian products’ access to global markets. He explained that the platform will provide real-time data to decision-makers to accurately monitor trade flows, contributing to increased foreign currency inflows, reducing the trade deficit, and positioning Egypt as an ideal logistics hub for global companies seeking speed and digitalization in their supply chains.
Dr. Mohamed Farid concluded by emphasizing that the “Egyptian citizen” remains the primary and ultimate beneficiary of all these efforts. Attracting investments in value chains, simplifying procedures, and localizing high-value industries all contribute to creating “high-quality” and stable job opportunities, while improving the quality of available goods and services. He stated:
“We are not merely developing procedural systems; we are building a strong economy based on knowledge, data, and transparency—one whose impact is felt by citizens in their standard of living and the future of their children.”.
