Minister of Planning, Economic Development and International Cooperation Delivers a Speech at the Annual "St. Gallen" Symposium under the theme “Shifting Global Power” in its 54th Edition

Al-Mashat:

 

Global challenges necessitate that governments adopt flexible and proactive visions to enhance adaptation to changes and achieve sustainable growth.

 

The comprehensive package of economic and structural reforms enhances the economy's ability to withstand shocks and transition towards a sustainable development path.

 

Egypt's accession to the BRICS+ group represents a strategic shift in economic and diplomatic policies and enhances efforts for integration with emerging economies.

 

 

 

H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation, participated in the annual "St. Gallen" Symposium held at the University of St. Gallen in Switzerland.

The Symposium was attended by Mr. Heng Swee Keat, Deputy Prime Minister of the Republic of Singapore, the CEO of Siemens, the CEO of SwissRe Guarantees, and a number of thought leaders, decision-makers, and entrepreneurs from around the world.

The aim was to exchange visions and discuss pressing issues that shape the present and affect future trajectories.

 

In her speech, H.E. Dr. Rania Al-Mashat affirmed that this conference comes at a very important time, as the world is witnessing fundamental shifts in political and economic balances of power, alongside an unprecedented acceleration in the pace of technological developments and the exacerbation of environmental and climate challenges. These transformations are reshaping the global order and require governments and institutions to adopt flexible and proactive visions, as well as effective cooperation that enhances their ability to adapt and achieve sustainable growth.

 

H.E. Minister Al-Mashat emphasized that traditional power centers have become more interconnected with emerging markets, and new patterns of economic and political interaction have emerged. This drives us to reconsider prevailing development and trade models and seek more comprehensive and integrated solutions that align with the nature and complexities of this stage.

 

The Minister of Planning, Economic Development and International Cooperation reiterated that Egypt recognizes the significance of aligning national policies with regional and international trends. She pointed out that, based on this vision, the state has been keen to engage in strategic initiatives that enhance its geographical position as a link between continents and open new horizons for investments and development partnerships.

 

H.E. Dr. Rania Al-Mashat highlighted the pivotal role of the Ministry of Planning, Economic Development and International Cooperation in shaping the state's economic policies and strengthening international partnerships in a way that ensures the alignment of Egypt's development paths with global changes.

 

H.E. Dr. Al-Mashat confirmed that despite global economic challenges, Egyptian economic performance indicators showed a noticeable improvement in the second quarter of the fiscal year 2024/2025, with the domestic GDP growth rate rising to 4.3%. This growth was driven by strong performance in various sectors, most notably non-petroleum manufacturing industries, transportation and storage, communications and information technology, and tourism.

 

H.E. Minister Al-Mashat noted that the diversification of growth sources confirms the success of government policies in stimulating productive sectors and promoting innovation-based and inclusive growth. She pointed out the state's belief in the importance of the private sector as a key partner in the development process. The government has adopted structural and legislative reforms aimed at improving the business environment and increasing investment attractiveness, which have contributed to an increase in private investments compared to a contraction in government investments.

 

Regarding accelerating the pace of development and enhancing regional and international integration, H.E. Dr. Al-Mashat referred to the Ministry's launch of the Integrated National Financing Strategy. This strategy aims to mobilize resources and link development financing with national priorities. This framework contributes to strengthening cooperation with international financing institutions and development partners and directing resources towards vital sectors, most notably human capital development, industrial transformation, and the development of sustainable infrastructure. She also reviewed the most prominent results of the Country Platform for Green Projects, the "NWFE" program.

 

In a related context, H.E. Dr. Rania Al-Mashat delivered a speech in a session within the St. Gallen Symposium entitled "More Power, More Problems? The Unfolding Journey of Emerging Nations." H.E. Minister Al-Mashat affirmed that Egypt's journey in recent years has been, and continues to be, full of ambition and perseverance, relying on a clear vision for sustainable development. She pointed to the pursuit of a more resilient and sustainable future, despite the multiple crises and pressures facing the world.

 

In this context, H.E. Dr. Al-Mashat  explained that the Egyptian government began implementing a comprehensive package of economic and structural reforms in March 2024, aimed at enhancing the economy's ability to withstand these challenges and transition towards a sustainable development path. These reforms included restructuring the subsidy system, implementing a more disciplined fiscal policy, investing in renewable energy, modernizing the labor market, and expanding the scope of regional cooperation.

 

H.E. Minister Al-Mashat also highlighted the most prominent steps taken by the state to achieve these ambitious goals, including the State Ownership Policy document, which aims to increase the private sector's contribution to 65% of total investments by 2025, the agreement with the International Monetary Fund on an $8 billion financial support program to enhance macroeconomic stability and achieve greater exchange rate flexibility, and the Integrated National Financing Strategy, which has resulted in the mobilization of more than $12 billion in concessional financing to support social protection, digital transformation, and green growth. She affirmed that these efforts demonstrate the Egyptian state's determination to turn crises into opportunities and lay strong foundations for comprehensive and sustainable development.

 

 

Regarding regional transformations, H.E. Dr. Al-Mashat pointed out that Egypt's accession to the BRICS+ group represents a strategic shift in economic and diplomatic policies. This accession has provided Egypt with an opportunity to integrate into an alliance that represents about 37% of the global GDP and includes 46% of the world's population.

 

H.E. Minister Al-Mashat confirmed that through this membership, Egypt has become an active member of the New Development Bank (NDB).

In conclusion, she outlined that this path represents a real strengthening of cooperation among Southern countries and contributes to achieving regional integration, transferring expertise, and supporting development efforts in developing countries.

 

H.E. Dr. Al-Mashat underscored that the Egyptian state continues its commitment to implementing strategic reforms and moving forward with infrastructure and sustainable development projects, which enhances economic stability, achieves inclusive growth, and solidifies Egypt's position in the global economy.