EJB Member Calls on CBE to Rapidly Implement Digital Transformation

Sherief Makhlouf, a member of the Egyptian Junior Business Association (EJB), has called on the Central Bank of Egypt (CBE) to accelerate the implementation of digital transformation in Egypt in a number of defined areas.

"On top of that, it is necessary to work fast on paving the road for digital transformation as well as investing in capacity building and jobs of the future” Makhlouf added.

Makhlouf pointed out: "We must also learn and benefit from other countries’ experiences, which managed to put digitization into practice, moreover education for all grades needs to be developed by encouraging innovation and intellectual openness, and on the other hand getting rid of stereotypy and inactivity."

He stated that academic curriculum in many colleges should be developed as well as laws and legislation related to digital transformation to remove all trade obstacles hindering entrepreneurs and small and medium enterprises, in addition to the necessity of taking more steps to accelerate the completion of the electronic government, widening financial inclusion and encouraging entrepreneurs to adopt and implement their digital projects as it can push the economy forward.

He also called for the importance of making new legislations to relieve risks of digital currency use.

Makhlouf asked CBE and Egyptian banks for supporting innovative initiatives for dealing with the digital currency, in line with moving to develop the tax system through modern electronic systems, which guarantee the elimination of tax evasion, which amounted to EGP 160 billion annually.

This is a situation where the informal economy nearly equals the organized economy, considering it an issue that must be dealt with through the CBE and Egyptian banks as soon as possible, at the same time he asserted the need to encourage the establishment of business incubators in all governmental and private sectors through a partnership between the government and businessmen.

"Support for small and medium enterprises should continue to be able to develop their digital capabilities," he said, adding that the contribution of digital technologies in the industrial sector to the global gross domestic product is 30% and it is doubling annually in some industrial sectors that employ digital technologies compared to other sectors.

Makhlouf added: “Information and communication technology represents 70% Of the world investment, and with the entry of the second wave of the coronavirus begging next winter, this crisis may accelerate this growth further, and employ more digital technologies in all industries.