NEW DELHI – Egypt’s President Abdel Fattah El Sisi stressed the importance of political will in adopting measures required for guaranteeing a better future for humanity.
During his participation in the third and final session of the G20 Summit in New Delhi Sunday, the Egyptian president said he followed with great attention the world leaders’ address on dealing with international crises.
President Sisi said talking about the future necessitates highlighting great hopes pinning on technological transformation in increasing production, creating job outlets and generating new opportunities for growth and development.
The president said guaranteeing a better future for the entire humanity necessitates exerting strenuous efforts to bridge the wide technological gap between world countries. He added that technological advancement should not be an additional factor behind inequality between countries.
Egyptian President Abdel Fattah El Sisi said the impact of automation and Artificial Intelligence (AI) has become quite obvious on the future of employment, which would further add to negative economic and social implications in developing countries, especially labor-intensive industries; a matter that would threaten progress achieved so far regarding development efforts.
The president said moving towards the future and working out solutions based on multilateral cooperation necessitate prompt actions to contain existing challenges.
The president also underlined the importance of solving the issue of developing countries growing debts not only in low- income countries, but also in middle-income ones, especially that the issue has become crucial and took serious dimensions. Sisi highlighted the importance of adopting decisive decisions in this regard to prevent the outbreak of a global debt crisis.
The president said abiding by the sustainable development agenda and the goals of Paris Climate Agreement necessitate providing essential finance, developing the international financial system and practices of multilateral development banks. Sisi accentuated the need to maximize banks’ lending capacity and providing soft loans taking into consideration that climate finance would not interrupt development finance.
The president called on developed countries to meet their obligations pertaining to financial pledges and technology transfer.
President Sisi voiced strong belief in the G20’s ability to take necessary measures, with a view to reaching common goals and putting them into effect.
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