Egyptian President opens landmark economic conference
- 30 Heads of State and 2,000 global business leaders attend conference in Sharm el-Sheikh
- President Sisi: "Stability is the foundation for future economic growth, not just for Egypt but for the region. Through balanced fair and just development Egypt can provide the model for Arab and Islamic development in the fight against terrorism"
- Gulf States pledge USD 12 billion in donations to Egypt: USD 4 billion each from the Kingdom of Saudi Arabia, Kuwait and the United Arab Emirates. An additional USD 500 million in grants and investments was pledged by Oman.
Cairo, 13 March 2015: His Excellency President of Egypt Abdel-Fattah El-Sisi opened the landmark Egypt Economic Development Conference (EEDC) today in Sharm el-Sheikh, welcoming more than 1,500 delegates from 52 countries, including Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, the Emir of Kuwait, and global leaders in business, politics and academia.
The EEDC is the critical first step of an ambitious reform program underway in Egypt to restructure and transform the country's economic base by improving productivity, encouraging private sector-led growth while supporting social justice. The conference will articulate the government's vision for Egypt, explain Egypt's reform program, and showcase investment opportunities to international investors.
President El-Sisi said in his opening remarks: "It is my honor to welcome partners in the development of a new Egypt marked by stability and prosperity. This is not simply a donor conference but it builds the foundations for economic growth through cooperation that jointly benefits both parties, and contributes to social equality and supports the youth of Egypt.
"Stability is the foundation for future economic growth, not just for Egypt but for the region. Through balanced fair and just development Egypt can provide the model for Arab and Islamic development in the fight against terrorism."
Targeting growth exceeding six percent over the next five years while reducing unemployment below 10 percent, the reform program of the Egyptian government is based on three pillars: financial balance, legislative reform and infrastructure development with the prime focus of creating jobs for the people of Egypt.
The government has already taken steps to limit state debt and fight inflation, while subsidy reform has created an environment attractive to international investors. Fiscal policy has been backed by a raft of legislative reforms to facilitate foreign investment including a new investment law and improved investor services to create a climate conducive to foreign investors.
The EEDC will also showcase a number of infrastructure projects to drive development and create jobs. Specifically, there is a focus on eight critical sectors: housing, agriculture, tourism, industry, transport, information technology and, especially, oil and gas, energy and power generation to meet present and future energy demands.
Following President El-Sisi's remarks the heads of states individually addressed the conference to express their admiration for the achievements of the Egyptian government in driving through reform in a short period of time. The conference also heardthe Emir of Kuwait, alongside the Crown Prince of the Kingdom of Saudi Arabia Muqrin bin Abdulaziz, and Vice-President Sheikh Mohammed bin Rashid Al Maktoum of the UAE, each pledge to donate USD 4 billion to kick-start development projects in Egypt on behalf of their respective governments. In addition Oman pledged an additional USD 500 million divided between USD 250 million in grants and USD 250 million in investments.
In the margins of the conference this morning, GE's Chairman & CEO Jeffrey Immelt, announced that GE is investing in a new USD 200 million multimodal manufacturing, engineering, services and training center in Egypt which will focus on various industries including power generation, renewables, water, oil & gas, aviation and rail transportation. The facility is expected to create 500 skilled jobs and help SME growth in the technology and energy sector.
In the evening the Egyptian Ministry of Housing announced details of the new administrative capital: THE CAPITAL CAIRO. THE CAPITAL CAIRO is one of the largest-of-its-kind infrastructure development projects in the world and will form a key part of the government's economic reform program. With a land area of approximately 700 sq km, THE CAPITAL CAIRO marks one of the largest Foreign Direct Investments in Egypt's infrastructure development. The entire project is 12 times the area of Manhattan, 7 times larger than Paris, and 4 times that of Washington DC and is excepted to house 7 million people on completion.
Mostafa Madbouly, Minister of Housing and Urban Development said: "THE CAPITAL CAIRO must be a model 21st century city for the region…The city will cater to the needs of Egypt's youth and future generations…It will include neighborhoods for all groups of Egyptian society and be a critical center for new employment. It will be truly diverse, catering to all groups of Egyptian society, allowing Egypt to enter new era."
The day concluded with a gala dinner at Movenpick Resort Sharm El-Sheikh.
About the EEDC
His Excellency President Abdel Fattah El-Sisi is proud to be hosting the Egypt Economic Development Conference (EEDC) in Sharm el-Sheikh on 13-15 March 2015. The conference is a key milestone in the implementation of the government's medium term reform program designed to accelerate the economic development of Egypt.
Attracting leading global figures from business and politics, the EEDC is highlighting the extensive reforms the government has already implemented and showcasing future reforms designed to restore fiscal stability, drive growth and attract investment with the overarching aim of improving the welfare of the Egyptian people. The conference is also presenting investment opportunities, across key sectors, to domestic and international investors.
The EEDC is reaffirming Egypt's potential as a source of political and economic stability in the region and a trusted partner on the international stage.
For more details see the dedicated conference website: www.egyptthefuture.com
The dedicated Twitter feed is: @egyptthefuture
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