Egypt’s Minister of Planning and Economic Development, Hala El Said, showcased the North African nation’s economic progress, and commitment to maintaining a market-oriented and open economy during the World Economic Forum’s Special Meeting on Global Collaboration, Growth, and Energy for Development in Riyadh.
Her participation aligns with Egypt’s growing engagement with international institutions aimed at fostering economic development.
El-Said addressed the impact of recent global events and climate change on sustainable development goals. She highlighted government measures to streamline business operations and strengthen public-private partnerships.
While acknowledging the benefits of globalization, El Said stressed the need to address disparities in emerging technologies. She commended the UN’s first resolution on artificial intelligence, which emphasizes responsible development and equitable access.
El-Said pointed to Egypt’s export surge in 2022, reflecting the country’s ambitious economic goals and commitment to export growth. She attributed this success to various trade and investment initiatives. Egypt’s strategic location and ongoing port improvements solidify its position as a vital link in global supply chains.
Moreover, El Said emphasized Egypt’s well-developed infrastructure, legal framework, and business-friendly environment as attractive propositions for global companies seeking access to African, Middle Eastern, and European markets.
In light of global challenges, El Said highlighted the growing focus on emerging economies like Egypt, which offer untapped potential and alternative sourcing options. She explained how Egypt’s recent economic policies, including strategic currency devaluation, aim to control inflation, attract foreign investment, and stimulate trade.
Furthermore, she elaborated on Egypt’s ambitious divestment program, targeting stakes in 35 state-owned companies to be offered to strategic investors by June 2024. This initiative aligns with the government’s plan to reshape the economic landscape.
El-Said underscored Egypt’s strategic geographical location as a bridge connecting diverse markets. Bilateral agreements and recent membership in the BRICS group further enhance business opportunities and prospects for regional cooperation.
Regarding the green transition, El Said highlighted the Integrated Sustainable Energy Strategy 2035, with a focus on increasing the share of green projects to 50% in the next fiscal year. She noted Egypt’s pioneering issuance of sovereign green bonds in 2020 and its ambitious targets for green hydrogen production.
