CAIRO - 20 November 2024: Prime Minister, Mostafa Madbouly, commenced the weekly press conference by shedding light on key national and international developments.
Egypt’s Role in the G20 Summit
Madbouly emphasized the significance of President Abdel Fattah El-Sisi's participation in the G20 Summit held in Rio de Janeiro, Brazil. This marks Egypt's fourth appearance in the summit over the past eight years, reflecting its growing international standing. He highlighted the strategic partnership agreement signed between Egypt and Brazil, which is expected to foster developmental projects and enhance bilateral cooperation.
President El-Sisi’s address at the summit underscored Egypt’s firm stance on pivotal issues, including support for Palestine, Lebanon, and the urgent need for an international effort to cease hostilities in Gaza and Lebanon.
The president also showcased Egypt's "Decent Life" initiative, a global example of comprehensive development, and reiterated Egypt’s readiness to host a global hub for grain and food distribution, leveraging its strategic location and the Suez Canal Economic Zone.
Industrial Resurgence and Automotive Strategy
On the domestic front, Madbouly celebrated the revival of El-Nasr Automotive Manufacturing Company, a cornerstone of Egypt's industrial history, which recently resumed operations with new partnerships.
He also detailed ongoing advancements in Egypt’s automotive sector, including the launch of new assembly lines, incentives for local manufacturing, and efforts to position Egypt as a regional hub for the automotive industry.
Renewable Energy and Strategic Agreements
The prime minister outlined agreements with the UAE to establish a 20-million-square-meter industrial zone in the Suez Canal Economic Zone, focusing on renewable energy. These projects include solar panel manufacturing and battery production, aiming to integrate 4 GW of solar energy and 1.2 GW of renewable energy into Egypt’s grid by next summer.
Additionally, agreements were signed to develop floating solar plants on Lake Nasser, optimizing water usage and expanding renewable energy capacity.
Economic Developments and Debt Management
Madbouly announced progress in discussions with the IMF, noting the organization’s appreciation of Egypt’s economic measures. He also highlighted Fitch Ratings’ upgrade of Egypt’s credit rating and four major banks, signaling growing international confidence in the country’s financial stability.
Nuclear Energy and Tourism Goals
The premier reiterated Egypt's commitment to completing the El-Dabaa nuclear power plant on schedule, following discussions with Rosatom officials and Russian President Vladimir Putin. In tourism, plans are underway to attract 30 million visitors annually, supported by private sector partnerships and state initiatives.
A Focus on Technology
The Cairo ICT Exhibition showcased Egypt’s growing IT sector, with over 400,000 trainees annually and a rising global presence in outsourcing and electronics.
Madbouly concluded by emphasizing the government’s dedication to addressing key sectors—industry, agriculture, ICT, and tourism—to drive sustainable economic growth.
Comments
Leave a Comment