Egypt's Minister of Planning, Economic Development, and International Cooperation, Rania Al-Mashat, has met with a delegation from the Korea International Cooperation Agency (KOICA) to discuss the development of a digital platform designed to facilitate trade in Egypt. During the Saturday meeting, Al-Mashat welcomed the KOICA mission, headed by Jinyoung Kim, Head of KOICA's Egypt and Middle East Office. Discussions focused on the joint cooperation efforts to implement a digital platform for integrated and comprehensive risk management for trade facilitation. The platform is being implemented for the General Organization for Export and Import Control (GOEIC). Al-Mashat emphasised the strong relationship between Egypt and South Korea, describing South Korea as one of Egypt's key partners in Asia. She highlighted the cooperation between the two countries as an example of effective partnerships through the implementation of pioneering projects in Egypt that align with national development goals for sustainable development. She noted Egypt's classification as one of the five priority partners in South Korea's development cooperation efforts, reflecting the commitment to achieving sustainable development through bilateral cooperation. Al-Mashat affirmed the ministry's commitment to coordinating areas of cooperation with the Korean side, aligning with Egypt's Vision 2030, the government's strategic priorities, and sectoral plans to achieve comprehensive and sustainable development. She also highlighted the ministry's role in implementing the economic and social development plan, integrating national priorities and international partnerships. Furthermore, she highlighted the role of the ministry in formulating and developing economic policies and enhancing international cooperation to support the Egyptian economy. These initiatives focus on using modern technology to improve government performance and support digital transformation across various sectors, in addition to implementing structural reforms. The Minister praised KOICA's financial and technical support for the project, which aims to facilitate and develop trade through digital transformation. She emphasised the project's importance in enhancing competitiveness by accelerating inspection and customs clearance processes, reducing administrative obstacles, and ensuring compliance with international standards in foreign trade. Al-Mashat stated that the project aligns with Egypt's strategic direction towards digital transformation and economic sustainability. It will provide accurate data to aid decision-makers in formulating more efficient and effective policies in the trade and industry sectors. The long-term benefits include achieving digital integration among government entities, enhancing the efficiency of government operations, and reducing bureaucratic procedures. Al-Mashat pointed out the project's potential role in improving the business environment and attracting more foreign investments, particularly as it contributes to improving Egypt's ranking in global indicators on the ease of doing business and economic competitiveness. She expressed Egypt's eagerness to exchange experiences and learn from South Korea's expertise in developing digital trade systems, ensuring improvements in the Egyptian business environment. She reaffirmed the Ministry of Planning, Economic Development, and International Cooperation's commitment to supporting projects that contribute to achieving Egypt's Vision 2030 and promoting sustainable economic growth. The KOICA team presented the project's significance, implementation phases, and economic benefits, particularly in reducing waiting times for goods at customs ports, reducing operational costs for companies, and increasing foreign investors' confidence in the Egyptian trade system. The project is scheduled to run from mid-2024 until the end of 2029 and includes building and operating a digital system for risk-based inspection of non-food industrial goods, establishing and operating a digital information management system for all laboratories of GOEIC, creating and operating a digital track and trace system, and creating a digital passport system for industrial goods products in the local market. Ms. Jin Young Kim, Regional Director of KOICA Egypt, praised the cooperation between KOICA and the Ministry in coordinating the visit of Korean experts to GOEIC to finalise the project. Kim added that KOICA is seeking to expand comprehensively in the digital transformation sector, with this project being one of its most important results. She said the project aims to support trade facilitation in Egypt and enhance its competitiveness in global trade, as well as simplify the procedures for examining imported goods by reducing the examination time for shipments arriving at Egyptian ports. Project activities are scheduled to include developing principles for improving machine learning models to enhance the accuracy and efficiency of risk-based cargo selection, as well as developing a strategic plan for the inspection and tracking system.
