Dr. Mohamed Farid:
- Advancing the digitalization of government services, particularly post-incorporation services
- Integrating SMEs into the formal economy through simplified accounting standards
Mathias Cormann:
- Commended Egypt’s transparency in presenting its economic agenda
- Reaffirmed OECD’s commitment to supporting Egypt’s reform path toward sustainable and inclusive growth
As part of efforts to strengthen partnerships with international institutions, Dr. Mohamed Farid Saleh, Minister of Investment and Foreign Trade, held a high-level meeting in Washington, D.C., with Mr. Mathias Cormann, Secretary-General of the Organisation for Economic Co-operation and Development (OECD), to discuss enhancing cooperation and aligning Egypt’s economic policies with global standards.
The Minister highlighted the resilience demonstrated by the Egyptian economy, supported by a series of reform measures, including exchange rate flexibility and the restructuring of the energy sector. These efforts, he noted, contribute to strengthening fiscal sustainability and enhancing the attractiveness of Egypt’s investment environment.
Dr. Farid also outlined the Ministry’s plan to accelerate the digitalization of government services, particularly post-incorporation services such as capital increases and general meetings procedures. These reforms aim to significantly reduce processing times—from months to just a few days—in line with international best practices.
He further emphasized ongoing efforts to introduce simplified accounting standards for small and medium-sized enterprises (SMEs), facilitating their integration into the formal economy while reducing regulatory burdens within a fully digital framework. He also referred to initiatives to modernize foreign direct investment (FDI) data systems through electronic integration with relevant authorities, ensuring greater data accuracy and a more accurate reflection of actual investment flows.
The two sides also discussed strengthening technical cooperation to align various economic policies with modern international standards, in a manner that ensures a balanced approach between safeguarding the State’s rights and maintaining the competitiveness of investment incentives.
For his part, Mr. Mathias Cormann commended the seriousness of the reform efforts and the transparency of the policy approach, reaffirming the OECD’s commitment to providing technical support to Egypt in advancing sustainable and inclusive economic growth.
