The Ministry of International Cooperation participated, in the Ministerial Round Table on Investment for Sustainable Development, in the Seventh World Investment Forum, organized by the United Nations Conference on Trade and Investment (UNCTAD), which was held with the participation of Peter Altmaier, Federal Minister for Economic Affairs and Energy of the Republic of Germany, and Ibrahim Patel , Minister of Trade and Industry of the State of South Africa, Valdis Dombrovskis, Commissioner for Trade of the European Commission, Muhammad Lutfi, Minister of Trade of the Republic of Indonesia, Moon Seung-wook, Minister of Trade, Industry and Energy of the Republic of South Korea, and other ministers from many countries of the world and international officials.
In its video statement, the Ministry of International Cooperation stressed the need to accelerate countries’ efforts to stimulate the business environment in light of the exceptional circumstances related to the Corona pandemic, which was accompanied by many economic and social challenges, requiring the countries of the world to unite through focused and coordinated measures to achieve the recovery of global investment, explaining This cannot happen without equitable policies for distributing vaccines, and no economy can fully recover unless every country has the necessary tools to combat the epidemic effectively and comprehensively.
The Ministry commended the efforts of the United Nations Conference on Trade and Investment (UNCTAD) in enhancing the efforts of developing countries to achieve economic growth and enabling them to deal with potential obstacles to increasing economic integration, by providing analysis tools and technical assistance and how to use trade, investment, finance and technology as tools to achieve comprehensive development. and sustainable development, in addition to the importance of the World Investment Forum, which provides an important platform for discussing investment and development challenges and developing innovative solutions for them at the global level, and an opportunity to listen to policy makers, business leaders and other stakeholders.
It also shed light on the efforts undertaken by the ministry to promote sustainable recovery in Egypt through the three principles of economic diplomacy, which are first the platforms for joint coordination cooperation, which aims to provide a platform for all relevant parties from the private sector, civil society, policy makers and development partners, to discuss innovative solutions and explore Ways of cooperation in issues related to various sectors, which have become an integral part of the economic recovery that the Egyptian state aspires to achieve during the coming period, and the second principle is to match development finances with the sustainable development goals to know what has already been achieved and identify future priorities and related financing gaps, and the third: List the international participations to promote the development and reform achieved in international forums.
She stated that despite the challenges associated with the epidemic, the Egyptian economy has proven its resilience, as Egypt was one of the few emerging market countries that witnessed a positive growth rate in 2020, and all state institutions are working hard to reach growth rates between 5 and 5.5% in In 2021-22, Egypt maintained its position as the largest recipient of foreign direct investment in Africa with a wide range of key strategic sectors promising for foreign direct investment, which include health, tourism, pharmaceutical industries, infrastructure, digital technologies, financial services, education and food.
She noted that Egypt is committed to directing the necessary resources towards sustainable recovery and moving forward with a comprehensive economic reform program that promotes an enabling environment for a diversified and knowledge-based economy, as the Egyptian government has taken many preventive measures during the pandemic, and implemented plans aimed at protecting public health, reviving the economy and enhancing confidence. For local and foreign investors.
The Ministry pointed to the success of the first edition of the Egypt-ICF Forum, which was held from 8 to 9 September 2021 in Cairo, where many policy makers and representatives of relevant parties contributed messages related to the important role and potential of the Continental Free Trade Area The African Union (ACFTA), which is considered as a cornerstone in promoting the growth and integration of African economies during the stages of recovery from the pandemic, in addition to the importance of ending negotiations on the cross-border e-commerce protocol and activating their tax systems, which would ultimately enhance the overall economic recovery and benefit the youth Women and small and medium enterprises working in the field of e-commerce.
She stressed that paving the way towards the Sustainable Development Goals and the 2030 Agenda requires the International Finance Institutions (IFIs), along with the United Nations and other development partners, to develop innovative solutions for financing development, taking into account the challenges related to the scarcity of development finance.
The minister stressed that the vision of the state and the political leadership towards development in Egypt emphasizes the importance of two main axes, namely, impact and sustainability in order to achieve integration and inclusion in the mega development projects implemented in various sectors, which focus on impact and mainly involve the private sector also to create sustainable jobs.
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