At 5th Arab-Japanese Economic Forum, Egypt highlights repercussions of Israeli aggression against Gaza on economy

CAIRO – 11 July 2024: At the Fifth Arab-Japanese Economic Forum that took place from July 9 to 11 in Tokyo, Japan, Egypt shed light on the economic repercussions of the Israeli nonstop aggression on the Gaza Strip.

Key participants included Ahmed Aboul Gheit, Secretary-General of the League of Arab States; Yoko Kamikawa, Japanese Minister of Foreign Affairs; Saito Ken, Japanese Minister of Economy, Trade and Industry; along with several ministers from Arab countries and their representatives. Also, Mohamed Abu Bakr, Egypt's Ambassador to Japan, represented Egypt at the forum.

The event featured an economic and commercial conference involving public and private sectors from both Arab and Japanese sides.

Discussion panels covered topics such as energy, clean and renewable energy, technology transfer and localization, digitization, cooperation in artificial intelligence, and climate change mitigation, culminating in a ministerial meeting.

During his speech at the ministerial meeting, Ambassador Muhammad Abu Bakr expressed his appreciation for the resumption of the forum after a prolonged hiatus, emphasizing its timely significance amidst ongoing international and regional crises that have profoundly impacted global economies. He underscored the forum's role as a catalyst for strengthening and advancing the partnership between Arab countries and Japan.

Ambassador Abu Bakr also addressed the repercussions of Israeli aggression on Gaza, highlighting its implications beyond international political dynamics to encompass economic aspects. Specifically, he emphasized concerns over the security of navigation in the Red Sea, a critical shipping route, and its adverse effects on global trade flows.

Abu Bakr emphasized the critical importance of ongoing coordination between Arab countries and Japan to bolster the resilience of the Palestinian economy. This comes in response to the continuous Israeli attacks and devastation in Gaza, which have severely impacted essential infrastructure and livelihoods. He also denounced Israeli actions in the West Bank, including land confiscations and settlement expansions, which undermine Palestinian capabilities.

He commended Japan for its balanced stance, unwavering support for Palestinian rights and the two-state solution, and its advocacy for an immediate ceasefire. The ambassador highlighted Japan's significant humanitarian aid contributions and its financing of operations by UNRWA. He stressed the importance of Japan's involvement in supporting early recovery initiatives and the reconstruction efforts in Gaza.

The Egyptian Ambassador also highlighted the robust and ambitious economic reforms undertaken by the Egyptian government. These reforms aim to bolster the private sector, promote green transformation, attract foreign direct investments, and position Egypt as a regional hub for supply chains and energy transfer.

He noted Egypt's success in securing significant investment deals from European and Arab partners, achieving unprecedented international recognition this year. This achievement is particularly notable considering the economic challenges facing the region and the world at large.

Ambassador Abu Bakr also encouraged private sector representatives and Japanese companies to explore the investment possibilities and opportunities in Egypt and other Arab countries. He highlighted Egypt's abundant resources and potential, particularly its young workforce, skilled professionals, and vast economy. He emphasized the strategic geographical location of Egypt, which serves as a vital link between Asia, Africa, and Europe, underscoring the depth and potential of the Egyptian market.