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Gamea participates in the 5th EU-Arab World Summit
11 November 2020  -  Sector :  -  Entity :  -  Category : General

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The minister reviewed Egypt’s positive economic indicators in light of the current regional and international challenges.

Cairo- November 11, 2020

Entitled again “A strategic partnership between the Arab World and the European Union,” the 5th EU-Arab World Summit kicked off on Nov. 9 on a digital form, with the participation of a host of ministers and government officials from the EU and the Arab world.

The two-day event aims to identify and promote the two regions’ common interests and values collectively and single out key priority areas for cooperation, taking into account the regional and global challenges.

“We need to join efforts by Arab and European countries to overcome economic crises and achieve economic stability. This can happen by opening new horizons for investment and exploiting our regions’ resources,” said Ahmed Maghawry, head of the Egyptian Commercial Service, in a speech delivered on behalf of Minister of Trade and Industry Nevine Gamea.

She referred to the great efforts of President Abdel Fattah al-Sisi to communicate with Egypt's partners to achieve stability and growth, the most prominent of which was the EastMed Gas Forum, which was established as an international body by Cyprus, Egypt, Greece, Israel, Italy, Jordan and Palestine, with headquarters in Cairo.

Gamea noted that achieving balanced, sustainable economic growth is the top priority of Egypt’s government,. Hence, she said, an ambitious economic reform program was adopted, that has since boosted growth rates and helped cushion the economic fallout of the coronavirus crisis.

The minister also pointed out that Egypt managed to grow 5.9% until last February, outdoing target rates of FY 2019/2020 of 5.2%, adding that the government has allocated some L.E.400 billion for construction and infrastructure projects, within a six-year plan to develop the country’s infrastructure to create an investment-conducive climate.
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