President El-Sisi commends BRICS business forum for strengthening economic ties

CAIRO – 18 October 2024: In a recorded address delivered during the BRICS Business Forum, President Abdel Fattah El-Sisi expressed deep appreciation to Russian President Vladimir Putin for his relentless efforts during Russia's presidency of the BRICS group in 2024.

El-Sisi acknowledged the key role played by Russia in advancing cooperation among BRICS nations at various levels, fostering deeper relationships and collaboration.

President El-Sisi commended the convening of the BRICS Business Forum, underscoring its importance in enhancing relations between BRICS countries. He emphasized that the forum plays a vital role in bolstering investments, increasing bilateral trade, and promoting joint projects that contribute to the economic growth of the member states and help meet the aspirations of their people.

Full Text of the Speech:

In the name of Allah, the Most Gracious, the Most Merciful.

Your Excellency President Vladimir Putin, President of the Russian Federation, Honorable Presidents, Heads of States, and Governments of BRICS Nations, Distinguished Representatives of the Business Sector, Esteemed Guests,

I would like to begin by expressing my deepest appreciation to President Vladimir Putin for his ongoing efforts during Russia's presidency of BRICS this year. His tireless work has advanced cooperation between BRICS nations at all levels. The meetings held in various historic Russian cities have deepened the bonds and frameworks of cooperation among our countries.

In the same context, we greatly value the BRICS Business Forum as it reflects the commitment to fostering stronger ties between BRICS nations, thereby enhancing investment opportunities, intra-group trade, and joint projects. These efforts will certainly contribute to achieving our shared goal of economic growth and fulfilling the aspirations of our people.

Ladies and gentlemen,

This forum is taking place at a time when the world is witnessing unprecedented challenges and crises. These require collective action to find effective solutions. Additionally, we need to intensify our efforts to drive sustainable development, which is a shared responsibility. In this regard, the private sector and business councils have a central role as indispensable partners.

Thus, this forum serves as a vital platform to explore investment and trade opportunities among BRICS nations. It promotes collaboration between private sector institutions by leveraging each country's competitive advantages. By establishing joint ventures, we can further enrich economic integration among BRICS countries and solidify BRICS' role as a leading economic bloc, contributing to global economic growth.

This is particularly important given the tremendous economic and investment opportunities our nations possess, especially in the fields of renewable energy, digital transformation, and manufacturing industries, which have become critical pillars of development.

Esteemed attendees,

Egypt is confidently progressing on its path toward economic reform and comprehensive development, aiming for a more sustainable economy that can withstand crises. In this context, the government has recently implemented ambitious measures to improve the investment climate and enhance the role of the private sector in driving economic development.

These include:

Imposing a cap on public investments to create more opportunities for the private sector.

Continuing the government offering program as part of the State Ownership Policy Document.

Offering a range of customs exemptions and tax incentives to simplify bureaucratic procedures for investors.

Furthermore, Egypt is making significant strides in the development of the telecommunications and information technology sectors, manufacturing industries, and new and renewable energy, particularly green hydrogen. We are also continuing to implement large-scale infrastructure projects and upgrade the transportation network and ports across the country. These efforts align with our ambitious goals to maximize the benefits of Egypt's strategic geographic location.

One of Egypt's most ambitious projects is the Suez Canal Economic Zone, which offers substantial investment opportunities. It provides a diverse industrial base and export advantages to all global regions. Egypt's membership in various regional free trade agreements makes it the ideal gateway to promising markets, especially in Africa, which is emerging as the continent of the future, given its economic potential and youth population, which constitutes around 65% of its inhabitants.

Distinguished guests,

In conclusion, I take this opportunity to express my sincerest wishes for this forum to yield tangible outcomes that enhance investment and economic cooperation among our nations. I would also like to emphasize the critical importance of investing in human resources, which is an essential component and a prerequisite for achieving development and prosperity in our countries.

Thank you very much.

Peace be upon you all.