Egyptian President Abdel Fattah Al-Sisi delivered a recorded address to the BRICS Business Forum on Friday, emphasizing the importance of economic cooperation and investment among member countries.
“This forum is being held at a time when the world is witnessing successive and unprecedented international challenges and crises that require concerted efforts to find effective solutions. This is in addition to intensifying work to advance the path of sustainable development,” President Al-Sisi said.
President Al-Sisi expressed gratitude to Russian President Vladimir Putin for the efforts made during Russia’s presidency of the BRICS bloc this year, highlighting the progress in deepening cooperation between member nations.
“The meetings hosted in various ancient Russian cities have contributed to deepening the ties and cooperation frameworks among our countries,” President El-Sisi said.
President Al-Sisi also commended the BRICS Business Forum, stating that it demonstrates a commitment to enhancing relations among member countries and contributing to increased investments, inter-trade, and joint projects.
“This shall contribute to enriching economic integration among the member countries and enhance the role of BRICS as a prominent economic bloc in boosting global economic growth, especially considering the enormous economic and investment potential our countries hold, particularly in the fields of renewable energy, digital transformation, and manufacturing industries, which have become key pillars for achieving development,” the Egyptian President said.
President Al-Sisi then outlined Egypt’s commitment to economic reform and development, stating that the government has recently adopted ambitious steps and measures to improve the investment climate, enhance the role of the private sector, and remove obstacles for investors.
“Among the main reforms are imposing a cap on government investments so as to provide more opportunities for the private sector and continuing the implementation of the government’s Initial Public Offering program within the framework of the State Ownership Policy Document. This is in addition to providing a package of customs exemptions and tax incentives to streamline bureaucratic procedures,” he said.
Al-Sisi also highlighted Egypt’s ongoing efforts to develop the communications and information technology, manufacturing industries, and new and renewable energy sectors, particularly green hydrogen. He also highlighted the country’s investment in mega infrastructure projects, developing the transportation, communications, and ports systems across Egypt.
He then focused on the Suez Canal Economic Zone, which he described as “one of the most prominent ambitious Egyptian projects”. He emphasised the potential of the Zone to attract investment with its diverse industrial base and export advantages to all regions of the world. He highlighted Egypt’s membership in numerous agreements and regional free trade zones, positioning the country as a gateway to promising markets, particularly in Africa.
“Egypt is the best path to access promising markets, especially the African continent, which has become the continent of the future, in light of the economic and investment opportunities it possesses as well as the youth density reaching about 65% of its population,” President Al-Sisi said.
In conclusion, President Al-Sisi expressed his hope that the forum will yield tangible results that contribute to enhancing investments and economic cooperation among BRICS countries. He stressed the importance of investing in human capital, which he described as “the basic component and condition for achieving development and renaissance in our country.”
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