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