Marking a milestone in trade infrastructure evolution, Egypt collaborates with the Korea International Cooperation Agency (KOICA) to revolutionize industrial goods trade through a sophisticated digital risk management system. This alliance, symbolized by a detailed meeting between Egypt’s Minister of Trade and Industry Ahmed Samir and KOICA Country Director Jinyoung Kim, revolves around a project initiated by the General Organization for Import and Export Control (GOEIC), focusing on the enhancement of digital trade practices.
This venture signifies Egypt’s stride towards advanced port governance. It aims at refining, accelerating, and economizing conformity assessment procedures while enhancing oversight over inferior imports and exports. This endeavor aligns with Egypt’s adherence to the World Trade Organization’s Trade Facilitation Agreement, reflecting its commitment to global trade enhancement.
Minister Samir detailed the meeting’s focus on implementing a comprehensive system for monitoring imports of industrial and non-food goods. This system entails setting up and linking the Authority’s laboratories with an information management system, alongside a tracking mechanism, surveillance of local markets, and data exchange. This system is poised to facilitate trade by leveraging risk management strategies within local markets.
The Minister stressed the role of digital governance in optimizing and hastening the data exchange process across various stages of industrial and non-food goods control and trade. This process encompasses border control operations, local market surveillance, monitoring of Egyptian manufactured products, and supply chain management.
Underlining the Ministry’s dedication, Samir pointed out the project’s extensive scope, which includes augmenting monitoring systems for domestic markets and locally produced goods in Egypt. Set to unfold over three phases from 2025 to 2029, the project involves equipment procurement, software development, and distribution of digital devices. It aims to fully integrate the system by employing state-of-the-art artificial intelligence, machine learning applications, and data analytics.
South Korea, renowned for its prowess in implementing such systems, brings vital expertise to the table. This Egypt-South Korea partnership exemplifies a major advancement in the domain of global trade, demonstrating the pivotal role of technology and digital innovation in the evolution of international trade and industry practices.
IMEX SECTOR | Canada’s Bid for Australian Beef Market: Rigorous Review Underway
