- Radwan: The protocol enhances institutional integration and boosts efficiency of information and governance systems facilitating for people dealing with EGX
- El-Garrahi: Seeking more cooperation with EGX to exchange data digitally
The Egyptian Exchange (EGX) and The Internal Trade Development Authority (ITDA) signed joint cooperation protocol to enhance integration between commercial registry data-bases and that of EGX. This is to boost efficiency of the information system of companies and economic activities, facilitating for people dealing with EGX, and supporting the country’s efforts of achieving sustainable economic growth, as part of the goals of “Egypt 2030” strategy.
Mr. Omar Radwan, EGX Executive Chairman, and Mr. Hossam El-Garrahi, ITDA Chairman, signed the protocol in attendance of: Mr. Mohamed Sabry, EGX Vice Chairman, and Mr. Karim ElShafei, ITDA Vice Chairman.
From his side, Mr. Omar Radwan, EGX Executive Chairman said that the protocol aims at enhancing institutional integration, as well as exchange of data and information between the two sides. This will improve the efficiency of the information system of companies and economic activities, supporting efforts of developing business and investment environment.
EGX Executive Chairman added that according to this protocol, ITDA allows EGX to access data of the companies listed on the commercial registry. He clarified that exchanging these data will contribute to improving the quality of the available information, increasing efficiency of tracking and analysis processes, supporting decision-making upon more accurate and effective foundations.
On the other hand, Mr. Hossam El-Garrahi, ITDA Chairman, emphasized that the upcoming period will witness more cooperation with EGX, especially in the field of providing and exchange of data digitally, supporting country’s direction towards digital transformation and contributing to facilitate business environment.
El-Garrahi emphasized that integration of data-bases and exchange of institutional expertise in the fields of governance, disclosure, and transparency is an important step towards improving the investment environment, and developing services provided for companies, as well as enhancing stability of business processes.
He pointed out that enhancing linking and data sharing between relevant authorities will improve efficiency of services and procedures related to the companies. It also contributes to establishing a more integrated system to support economic activity.
The protocol comes as part of the state’s direction towards digital transformation and enhancing electronic linking between authorities and key entities within the investment system. This contributes to improve efficiency of services, and facilitate procedures for investors and companies, supporting decision-making process, and boosting efficiency of monitoring and tracking related economic activities.
The protocol included formation of a joint executive committee from both sides, to follow implementation of its items, coordinate areas of cooperation, and evaluate the achieved results, to ensure achievement of the agreed upon goals, maximizing benefiting from areas of joint cooperation. The protocol also included highlighting confidentiality of information and data exchanged between the two parties.
