Egypt Economic Development Conference

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Egypt Economic Development Conference
مؤتمر دعم وتنمية الإقتصاد المصري
Egypt Economic Development Conference Logo.jpeg
Host country Egypt
Date13–15 March 2015
MottoEgypt The Future
Venue(s) Maritim Jolie Ville International Congress Center
Cities Sharm El Sheikh
Participants Abdel Fattah el-Sisi
Foreign Dignitaries (incl. 15 HOSG)
Business Executives
Website www.egyptthefuture.com Archived 11 October 2016 at the Wayback Machine

The Egypt Economic Development Conference (EEDC) was a three-day event that took place in the Egyptian Red Sea resort of Sharm El Sheikh, Egypt. On March 13, 2015, over 2,000 delegates from 112 different countries arrived in Egypt to attend the conference. [1]

Contents

On the first day, a proposal for a new Egyptian capital city was announced. [2] Kuwait, Saudi Arabia and United Arab Emirates pledged $4 billion each; whilst Oman announced it would provide $500 million. [3] BG Group and BP both made a commitment to invest $4 billion and $12 billion respectively. [4] [5]

Background

The EEDC had been initially suggested by the King Abdullah of Saudi Arabia, whose country along with the United Arab Emirates and other Gulf monarchies, have been the largest financial and political backers of Egypt's president Abdel Fattah el-Sisi. Abel Fattah Sisi led the coup d'état of Muslim Brotherhood-backed president, Mohamed Morsi, in the summer of 2013, pledging billions of dollars in aid to the new Egyptian government. Sisi, who vowed to tackle the country's economic turmoil since the 2011 revolution, has announced austerity measures to lower Egypt's budget deficit. [6]

In January 2015, the Egyptian government told an International Monetary Fund delegation that it aims to achieve a 3.8% growth rate by June, claiming that Egypt's economy grew by 6.8% in the third quarter of the previous year. [6] During the conference, the IMF's chief, Christine Lagarde, praised the government's 2014 energy subsidy reforms and its plans to increase investment in the country, but she noted, citing World Bank figures, that it takes over 60 days to register property in Egypt and over 1000 days to enforce a contract. [7] The day prior to the event, Sisi ratified a new set of investment and civil services laws following months of fiscal and legal reforms aiming to regulate and improve investment in Egypt ahead of the conference, [8] a move which Lagarde described as "A very good step in the right direction" during her speech. [7]

Organizers

The conference's organizer, Richard Attias, expected the unveiling of over thirty projects "which can attract billions of dollars of investment," [9] with more than 2,500 high-level attendees, including heads of state, public figures, chairmen, and CEOs of multinational corporations among others. [10]

The conference

Secretary Kerry Arrives at the Convention Hall. Secretary Kerry Arrives at Convention Hall for Meeting With Egyptian President Al-Sisi.jpg
Secretary Kerry Arrives at the Convention Hall.

During the first day, the Egyptian minister of environment, Khaled Fahmy, revealed a new biofuel project in cooperation with the agricultural sector. [11] General Electric announced at the conference that it would invest $200 million in a new training and manufacturing facility in the city of Suez and that it had delivered 34 gas turbines as part of a project to supply 2.6 gigawatts to its grid by May 2015. [12] [13]

U.S. Secretary of State John Kerry attended the conference and delivered a speech of encouragement to Egypt's economy during an American Chamber of Commerce event. [14] Egypt's irrigation minister, Hossam Moghazy, later discussed with a European Union delegation the One Million Feddan land reclamation project, one of the highlights in Sisi's election campaign a year earlier. [15] The African Development Bank announced it would invest in energy projects, particularly in a solar power plant in Kom Ombo and a wind farm in the Gulf of Suez. [16]

During the opening ceremony, Sisi gave a speech where he said he hoped to attract billions of dollars by the end of the summit and promised new strategies to support the private sector and investors. He also listed a number of major projects, including the land reclamation project, the New Suez Canal digging project, the Suez Canal Area Development project and the Golden Triangle project among others. [17]

During the second day, several speeches and presentations were held starting with Prime minister Ibrahim Mahlab joined by Hisham Ramez, Governor of Central Bank of Egypt, and Ministers of Finance and Planning and Administrative Reform presenting Sisi's administration's vision on how to turn the vision into action showcasing Egypt's economic reform plan.[ citation needed ] Later Nobel laureate Ahmed Zewail showcased his view on Egypt's technology's future, followed by Minister of Finance of Saudi Arabia, Ibrahim Abdulaziz Al-Assaf providing perspective on Egypt.[ citation needed ]

CNN anchor John Defterios hosted a discussion between leaders from global corporations discussing where Egypt stands in their investment priorities followed by a conversation with Joe Kaeser of Siemens.[ citation needed ]

A conversation moderated by CNBC anchor Hadley Gamble regarding Egypt's Energy crisis under the title of "Egypt’s Energy Equation", the energy mix in Egypt and how Egypt can best achieve energy security as part of its development plans were discussed.[ citation needed ]

Adnan Nawaz moderated a conversation on the diversification imperative for emerging economies and the demands for a sustainable and long-term growth, between the CEO of DHL Express, Chairman of Lazard, CEO of Etisalat, CEO of CAD Fund, and CEO of WPP.[ citation needed ]

Five run in parallel sector-level sessions included an overview from ministers, presentation of sector opportunities by local investment banks, and input from private sector participants. The sessions were on oil, gas & mining; housing, utilities & development; ICT; industry & manufacturing; and tourism.[ citation needed ]

A session headed by Naglaa El-Ehwany, Minister of International Cooperation, discussed how can the major international financial institutions improve the effectiveness of their support for Egypt's economic development.[ citation needed ]

Chairman of Suez Canal Authority, Mohab Mameesh, ended the day with a presentation titled "Suez Canal Development: Egypt's Gift to the World". The presentation showcased the Suez Canal Area Development Project.

Participants

The Egyptian Foreign Ministry did not invite Iran, Israel and Turkey as the "criteria do not apply to them" due to their investment levels. [18] Turkey's non-participation is also believed to be a result of the country's strained relations with Sisi's government since the 2013 Egyptian coup d'état. [19]

High level delegation

Heads of State and Government at the conference. President al-Sisi Listens as Secretary Kerry Addresses Audience of Several Thousand Attending Egyptian Development Conference in Sharm el-Sheikh.jpg
Heads of State and Government at the conference.
John Kerry addressing the audience at the conference. Secretary Kerry Addresses Audience of Several Thousand Attending Egyptian Development Conference in Sharm el-Sheikh.jpg
John Kerry addressing the audience at the conference.
CountryTitleLeader
Flag of Bahrain.svg  Bahrain King Hamad bin Isa Al Khalifa [20]
Flag of the Comoros.svg  Comoros President Ikililou Dhoinine
Flag of Cyprus.svg  Cyprus President Nicos Anastasiades
Flag of Ethiopia.svg  Ethiopia Prime Minister Hailemariam Desalegn [11]
Flag of Italy.svg  Italy Prime Minister Matteo Renzi [11]
Flag of Jordan.svg  Jordan King Abdullah II [21]
Flag of Kuwait.svg  Kuwait Emir Sabah Al-Ahmad Al-Jaber Al-Sabah [11]
Flag of Lebanon.svg  Lebanon Prime Minister Tammam Salam [11]
Flag of Libya.svg  Libya Speaker Aguila Saleh Issa [11]
Flag of Mali.svg  Mali President Ibrahim Boubacar Keïta [11]
Flag of Oman.svg  Oman Prime MinisterYahia bin Mahfouz Al Manthiry [11]
Flag of Palestine.svg  Palestine President Mahmoud Abbas [11]
Flag of Rwanda.svg  Rwanda President Paul Kagame [22]
Flag of Saudi Arabia.svg  Saudi Arabia Crown Prince Muqrin [11]
Flag of Somalia.svg  Somalia President Hassan Sheikh Mohamud [11]
Flag of Sudan.svg  Sudan President Omar al-Bashir [11]
Flag of Tanzania.svg  Tanzania Vice-president Mohamed Gharib Bilal [23]
Flag of the United Arab Emirates.svg  United Arab Emirates Vice-president and Ruler of Dubai Mohammed bin Rashid Al Maktoum [24]

Government representatives

CountryTitleLeader
Flag of the People's Republic of China.svg  China Minister of Commerce Gao Hucheng [11]
Flag of France.svg  France Minister of Finance Michel Sapin [11]
Flag of Germany.svg  Germany Minister for Economic Affairs and Energy Sigmar Gabriel [25]
Flag of Malawi.svg  Malawi Minister of Trade and Industry Joseph Mwanamveka [11]
Flag of Eritrea.svg  Eritrea Minister of Foreign Affairs Osman Saleh
Flag of Russia.svg  Russia Minister of Economic Development Alexey Ulyukaev [11]
Flag of Spain.svg  Spain [11]
Flag of the United Arab Emirates.svg  United Arab Emirates Foreign Minister Abdullah bin Zayed Al Nahyan [24]
Flag of the United Kingdom.svg  United Kingdom Foreign Secretary Philip Hammond [11]
Flag of the United Kingdom.svg  United Kingdom former Prime Minister Tony Blair
Flag of the United States.svg  United States Secretary of State John Kerry [11]

Multilateral organisations

OrganisationTitle
International Monetary Fund Managing director Christine Lagarde [11]
World Bank Group Managing director Sri Mulyani Indrawati [11]

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References

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