Egyptian President Abdel Fattah Al-Sisi inaugurated the Developing Eight (D-8) summit for economic cooperation on Thursday, assuming the organisation’s rotating presidency. The summit, held in Egypt’s New Administrative Capital, is themed “Investing in Youth and Supporting Small and Medium Enterprises: Towards Shaping the Economy of Tomorrow.”
The event drew leaders from D-8 member states, alongside representatives from other developing nations, and various regional and international organisations. During the opening session, a presidential spokesperson confirmed that President Al-Sisi had officially taken over the D-8 presidency.
In his inaugural address, President Al-Sisi underscored the necessity of strengthened collaboration among developing countries to tackle global challenges. He began by welcoming the attendees, saying: “Your Excellencies, Heads of State and Government, and Heads of Participating Delegations; His Excellency Iseka Abdul Qadir Imam, Secretary-General of the Developing Eight Organization for Economic Cooperation; I welcome you all to Egypt, and specifically to the New Administrative Capital, a location imbued with cultural, historical, and developmental significance. Each of our nations possesses a unique history, civilization, and culture, as well as its own economic characteristics. This diversity enriches our organization, fostering solidarity, integration, and collaborative efforts among us.”
President Al-Sisi expressed his gratitude to Muhammad Yunus, head of the interim government of Bangladesh, for his country’s efforts during its D-8 presidency. He also thanked the organisation’s secretariat, led by Secretary-General Iseka Imam, for their work in preparing for the summit.
“The eleventh D-8 summit is taking place today under the theme: ‘Investing in Youth and Supporting Small and Medium Enterprises: Towards Shaping the Economy of Tomorrow.’ This theme is significant for its focus on investing in youth, who are the foundation of our nations both now and in the future. It also emphasizes the economic importance of supporting small and medium-sized enterprises, which are critical drivers of development in developing countries,” he added.
President Al-Sisi noted the timing of the summit, highlighting the “unprecedented challenges and crises” facing the world, particularly the Middle East. He cited ongoing conflicts and wars, alongside rising economic and trade protectionism and double standards.
“The ongoing Israeli conflict against the Palestinian people, in defiance of international resolutions, exemplifies these challenges. This conflict risks escalating and spreading to other countries, as seen in Lebanon and in Syria, where sovereignty and territorial integrity are under attack. The potential for further regional escalation carries grave political and economic consequences for everyone. Given our shared responsibility to stand in solidarity with the Palestinian and Lebanese people, we have dedicated a special session of the summit to discuss the situation in Palestine and Lebanon,” Al-Sisi said.
He further acknowledged the substantial difficulties developing nations face in achieving prosperity and development, made worse by funding shortages, rising debt, a widening digital and knowledge divide, and high rates of poverty, hunger, and unemployment, particularly among young people. He stated that these factors hinder developing countries from making substantial and sustained progress.
President Al-Sisi stressed that tackling these challenges requires intensified joint efforts through collaborative projects and initiatives. He highlighted key areas for cooperation, including communications and information technology, the digital economy, artificial intelligence applications, agriculture, manufacturing, new and renewable energy – particularly green hydrogen – and support for the development of small and medium enterprises.
President Al-Sisi stated, “Although our economies vary, we all recognize the importance of exchanging successful experiences to reach sustainable development goals. Egypt is fully prepared to share its successes with other D-8 members, especially its experiences implementing initiatives like ‘Decent Life’ and ‘Solidarity and Dignity,’ as well as infrastructure projects.” He then announced the following initiatives during Egypt’s D-8 presidency:
“First: The establishment of a ‘Network of Directors of Diplomatic Institutes and Academies’ to enhance cooperation and build the capacity of diplomatic personnel to navigate contemporary global issues.”
“Second: The launch of an online competition for pre-university students in member countries, focusing on science, engineering, and applied technologies.”
“Third: The creation of a ‘Network for Cooperation between Economic Think Tanks’ in member countries to exchange ideas and perspectives on improving economic and investment cooperation, as well as boosting trade.”
“Fourth: The organisation of regular meetings for health ministers from member states, with Egypt hosting the inaugural meeting in 2025, to explore how to best utilize advanced technological and scientific applications to develop this essential sector.”
President Al-Sisi also announced Egypt’s intention to ratify the D-8 preferential trade agreement, stating that it is crucial to boosting trade amongst member nations. “I wish you all success in our upcoming discussions, which will help us to achieve our shared objectives, fulfill the hopes of our people, and build a better future, God willing,” he concluded.
The D-8 Organization for Economic Cooperation, also known as Developing-8, was established in Istanbul in 1997. It comprises Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan, and Türkiye. The organisation’s core objective is to enhance economic cooperation among its member states, which aims to stimulate economic growth, sustain development, and elevate living standards. This is achieved by concentrating efforts on improving and boosting collaboration in several key areas including agriculture, trade, transportation, industry, energy, and tourism.
