Cairo: Minister of Planning and Economic Development Ahmed Rostom and Minister of Investment and Foreign Trade Mohammed Farid Saleh held a meeting on Tuesday to discuss updating mechanisms for measuring national savings and improving the quality of economic data.
According to State Information Service Egypt, the ministers focused on refining and updating data related to savings rates, emphasizing the importance of accurate macroeconomic indicators and their direct impact on assessing economic performance and policy formulation. The meeting reviewed current methodologies for monitoring savings rates and explored ways to align them with approved international standards.
The two ministers discussed mechanisms for data exchange and the integration of financial statements from various sources into a unified database to support economic modeling and evidence-based decision-making. They stressed the need for ongoing institutional coordination to ensure a regular flow of data and consistent figures across different government bodies, thereby enhancing transparency in presenting the performance indicators of the Egyptian economy.
Regarding the business environment, Minister Rostom reviewed the outcomes of the "ERADA" initiative for business climate reform and its role in developing the legal framework for investment. He highlighted the initiative's efforts in assessing economic legislation and studying the legislative impact of laws governing entrepreneurship and small and medium-sized enterprises (SMEs) to remove regulatory obstacles. Rostom noted that these efforts align with "Egypt Vision 2030" goals to boost national competitiveness and achieve sustainable, inclusive growth by streamlining procedures for both local and foreign investors.
Minister Saleh affirmed that the upcoming period will see increased integration with the Ministry of Planning to elevate data quality as a foundation for sound economic policies. He pointed out that updating statistical and financial frameworks related to the investment climate is essential for reinforcing trust in Egypt's economy and accelerating reforms. National savings, the ministers noted, serve as the primary financier for developmental projects such as factories, infrastructure, and technology, which are vital for job creation and improving citizens' living standards.