Tianjin: Dr Rania Al-Mashat, Egypt's Minister of Planning and Economic Development and International Cooperation, convened with Mr. Borgi Brandi, President of the World Economic Forum (WEF), alongside Engineer Hassan Al-Khatib, Minister of Investment and Foreign Trade. The meeting marked the commencement of the Forum's sessions in Tianjin, China, with Dr Al-Mashat co-chairing discussions on resilient economic policies amid global changes.
According to State Information Service Egypt, the dialogue focused on the repercussions of disrupted global and regional dynamics on economic conditions. It also covered the responses of global markets, which have shown unexpected resilience amid economic turbulence and geopolitical stressors.
Dr Al-Mashat highlighted the significance of these discussions during a period when the global economy faces complex challenges. She underscored the necessity of collaboration with the WEF to develop innovative solutions to these challenges, emphasizing the need to protect developmental progress. The WEF, as a significant international gathering of private sector companies and investors, is a critical partner for Egypt in bolstering national priorities through joint cooperation.
The minister noted substantial progress in the partnership between Egypt and the WEF, aiming to capitalize on this collaboration amidst ongoing economic reforms aimed at shifting the Egyptian economy towards tradable and exportable sectors. She referred to Mr. Brandi's visit to Egypt last November as an indication of the partnership's importance, where discussions with President Abdel Fattah El-Sisi highlighted the collaboration's strategic facets.
Dr Al-Mashat affirmed that the Egyptian economy has shown resilience in adapting to global and regional challenges, with the government advancing economic transformation powered by local and foreign private sectors. She outlined the government's three-year program aimed at enhancing economic resilience and stability, attracting investments, and continuing reforms for sustainable growth driven by the private sector.
The minister also introduced the national narrative for economic development, designed to support growth and employment in partnership with national entities. This initiative aligns with Egypt's Vision 2030 and includes comprehensive strategies like the national program for structural reforms and the state ownership policy document, focusing on macroeconomic stability, foreign investment, industrial development, and human capital investment.
She presented Mr. Brandi with a report titled "Development Financing to Empower the Private Sector: Economic Growth and Employment," highlighting international partnerships' role in empowering Egypt's private sector with over $15.6 billion in funding since 2020. Dr Al-Mashat stressed the importance of continued collaboration with development partners to provide more financing mechanisms for the private sector.
Mr. Brandi expressed appreciation for Egypt's close relationship with the WEF and commended the Egyptian government's efforts in economic reform to stabilize macroeconomic conditions and address development challenges.
Notably, the partnership with the WEF has evolved significantly since 2020, marked by the strategic dialogue for Egypt in 2021, which attracted foreign investments in promising sectors. Dr Al-Mashat also plays a pivotal role in several WEF initiatives, including co-chairing the Clean and Renewable Energy Investment Acceleration Network and participating in various centers and alliances to boost resilience and sustainable growth.