São Paulo – The president of Egypt, Abdel Fattah Al-Sisi, has said this Thursday (22nd) that his country has a target of achieving 7% growth per annum and creating new opportunities for its population. <\/p>\n
“We need to guarantee a decent life to the people of Egypt through private sector-led growth,” he said at the World Economic Forum in Davos, Switzerland. “This means providing social justice, reducing red tape, creating equal opportunities for all investors, and ensuring sound fiscal and monetary policies,” Sisi added, according to a news release from the event’s organizers.<\/p>\n
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Egypt grew by 2.2% in 2012, 2.1% in 2013 and 2.2% again in 2014. From 2007 to 2011, annual growth averaged at 5.2%, according to data from the International Monetary Fund (IMF). In the latest update of its Regional Economic Outlook report for the Middle East and North Africa, released last Wednesday (21st), the Fund revised up to 3.8% its growth projection for Egypt’s Gross Domestic Product (GDP) in 2015, against 3.5% in the previous estimate, issued last October. <\/p>\n
At the forum, Sisi said meeting the Egyptian people’s demands entails completing the renewal of national institutions through parliamentary elections – slated for March –, revitalizing the country’s social contract through economic development and addressing violence and extremism.<\/p>\n
The president said his administration will impart special attention to those under 40 years old, considering unemployment levels in this age bracket and the role played by youth in the uprisings that put an end to Hosni Mubarak’s regime in 2011. Afterwards, Sisi led the military coup d’état that overthrew Mohammed Morsi, Egypt’s first democratically elected president, and then ran and won the presidential election of last year. <\/p>\n
On the international front, the Egyptian head of state said his administration will strive to broker an agreement between the Palestinians and Israelis, and work alongside international partners to address the challenges in the global agenda. “No country can achieve its goals in isolation from the world but, in turn, the world has an obligation to create the conditions for successful integration [of countries] into the global economy,” he said.<\/p>\n
Brics <\/strong><\/p>\n <\/p>\n Also this Thursday at the forum, Brics delegates said the bloc’s countries still have great potential, despite the recent economic slowdown. The group comprises Brazil, Russia, India, China and South Africa. <\/p>\n Speaking for Brazil, for instance, Strategic Affairs minister Marcelo Neri said the country is returning to the “middle path” it had embarked upon in 2003, a combination of social programs and market-friendly economic policy. He said social progress has been made despite the fact that the economy has lost steam. <\/p>\n The chairman of the Renault-Nissan conglomerate, Brazil’s Carlos Ghosn, said that in spite of the adjustments underway in the Brics, the bloc’s countries are capable of strong growth. “We continue to invest in all of these countries, because we invest not for the next two or three years, but for the next 10 or 15 years,” he asserted, according to another WEF news release. <\/p>\n Regional forum <\/strong><\/p>\n The WEF organizers have also reported that Jordan is hosting the forum’s Middle East and North Africa edition again this year. The theme will be “Shaping a new strategic context.” <\/p>\n According to the WEF, the event will address the latest regional developments and the efforts for strengthening institutions across the Levant and North Africa. The Levant is the territory that spans Jordan, Lebanon, Syria, Iraq and Palestine. The forum’s organizers believe there is a potential for increasing trade and investment with the Arab countries in the Gulf, the United States, Europe, and Asia. <\/p>\n The debate should revolve around two topics, according to the organizers: the “significant geopolitical realignments in response to security and humanitarian challenges in Iraq, Syria and Libya,” and the “fundamental transformations in the energy and technology sectors, which are reshaping business models and economies.” Regarding energy, the most important aspect, not only to the region but to the entire world, is plummeting oil prices. <\/p>\n The forum will take place in Jordan next May. The event was last held in the country in 2013. <\/p>\n *Translated by Gabriel Pomerancblum<\/strong><\/p>\n