The Central Bank of Egypt (CBE) should to accelerate the implementation of digital transformation in Egypt in a number of defined areas, the Egyptian Junior Business Association (EJB) urged in a statement on Monday.

The EJB also called on the CBE and Egyptian banks to support innovative initiatives concerning adopting digital currency, in line with moving to develop the tax system through modern electronic systems that guarantee the elimination of tax evasion, which amount to EGP 160 billion annually.

It also stressed that such an action must be combined with drafting new legislation to reduce the risks of digital currency use.

Member of EJB Sherief Makhlouf urged the banking system to take into account the experiences of other countries that have put digitisation 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 also asserted the need to encourage the establishment of business incubators in all government and private sectors through a partnership between the government and businessmen.

Makhlouf said that academic curricula in many colleges should be developed as well as laws and legislation related to digital transformation in order to remove all trade obstacles hindering entrepreneurs and small and medium-sized enterprises (SMEs). In addition, more steps should be taken to accelerate the completion of the government digitisation, widening financial inclusion and encouraging entrepreneurs to adopt and implement their digital projects to push the economy forward.

“Information and communication technology represent 70 percent of the world investment, and the imminent second wave of COVID-19 may accelerate this growth further and employ more digital technologies in all industries,” Makhlouf added.