gyptian President Abdel Fattah El Sisi emphasised Egypt’s keenness to maintain joint approach to address important economic issues as well as new and emerging challenges, including fair access to coronavirus vaccines
In his address to 10th summit of the D-8 Organisation for Economic Co-operation hosted in Bangladesh, which was read on his behalf by Prime Minister Moustafa Madbouli, President Sisi indicated that holding the summit comes in the light of a new reality created by the coronavirus pandemic, which has imposed unprecedented health, social and economic challenges on the entire world, especially on developing countries.
The coronavirus pandemic has exceptional repercussions on various economic levels, including its direct impact on the sources of revenues for developing countries especially from tourism and exports, the president said.
He also said that the pandemic imposed additional pressures on the developing countries’ budgets and resources, which make it difficult for them to provide the necessary vaccines and treatments, adding that such challenges highlighted the importance of enhancing co-operation among member states to move forward towards achieving common interests and aspirations.
President Sisi explained that despite these tremendous challenges, the crisis has rearranged global priorities, put development issues at the fore and strengthened the importance of economic sectors that are capable of achieving rapid recovery, including information and communication technology, financial inclusion, green economy and renewable energy.
The crisis has also underscored the importance of investing in human capital, the president said, indicating that these facts provide new opportunities for the economies of member states and open broad prospects for further co-operation and coordination between the countries that have distinct capabilities and comparative advantages in these areas.
The president praised the pioneering role played by the private sector to identify possible opportunities to enhance economic co-operation, especially through the efforts of the Organisation’s Chamber of Commerce and Industry to enhance trade.
In this regard, President Sisi stressed the importance of these efforts in ensuring the creation of common interests in priority areas, especially tourism, manufacturing and agriculture, as well as the creation of new platforms for innovative sources to provide the necessary financing for development projects.