Mohamed Farid Saleh, Minister of Investment and Foreign Trade, and Ahmed Rostom, Minister of Planning and Economic Development, held an expanded meeting to discuss mechanisms for purifying and updating data related to national savings rates, in light of the importance of the accuracy of the overall indicators of the Egyptian economy and their direct impact on evaluating economic performance and formulating public policies.
The meeting witnessed a review of current methodologies for monitoring savings rates, and ways to develop them to ensure data consistency and alignment with approved international standards, in addition to discussing mechanisms for exchanging data between the two sides and working to compile financial statements from their various sources in a more integrated and organized manner, which contributes to building a unified database that supports economic analysis and modeling efforts, and enhances the efficiency of decision-making based on accurate and up-to-date information.
The two ministers stressed the importance of continuing institutional coordination to ensure the flow of data on a regular and periodic basis, while establishing a clear mechanism to review and update the relevant indicators, in a way that enhances the consistency of the numbers issued by the various parties, raises the quality of economic reports, and achieves a higher degree of transparency and accuracy in presenting indicators of the overall performance of the Egyptian economy.
In this context, Dr. Mohamed Farid Saleh stressed that improving the quality of data is a basis for formulating sound economic policies based on evidence, which contributes to enhancing local and foreign investors’ confidence in the Egyptian investment climate, and taking the necessary measures to provide a favorable and attractive business environment for investment.
The Minister of Investment and Foreign Trade pointed out the importance of joint work with the Ministry of Planning and Economic Development to modernize the statistical and financial frameworks related to the investment climate, stressing that continued cooperation between the two sides ensures the integration of economic and legislative policies, and accelerates the pace of reforms that support the business environment and achieve economic development goals.
In terms of improving the business environment, Dr. Ahmed Rustom reviewed the outcomes of the “Irada” business climate reform initiative and its role in developing the legal framework for investment, explaining that the initiative plays a pivotal role in evaluating economic legislation and refining laws with the aim of facilitating doing business and simplifying procedures for investors.
He pointed to the efforts made to study the legislative impact of the laws regulating entrepreneurship and small and medium enterprises, and to suggest improvements that would remove regulatory obstacles and facilitate procedures, within the framework of the national strategy to enhance Egypt’s competitiveness as an attractive investment destination.
Rostom explained that these efforts are integrated with the goals of Egypt’s Vision 2030, especially in the economic development axis, by raising the efficiency of the legislative framework and supporting local and foreign investment in order to achieve sustainable and comprehensive economic growth.
In a related context, the two ministers pointed out that the “National Savings Index” is a measure of the amount of its income that the state saves instead of spending it entirely, and its importance lies in it being the main financier of new development projects such as factories, roads and technology, which helps create job opportunities, increase production, and improve the living conditions of citizens.
The two sides stressed that national saving represents a vital indicator of the strength of the economy and its ability to grow and continue in a sustainable manner, in a way that supports the goals of the country’s economic and social development plans.
