Dr. Rania Al-Mashat Discusses the Impact of Global and Regional Developments on the Economic Situation with the WEF President

At the outset of the Annual Meetings in China…

Dr. Rania Al-Mashat Discusses the Impact of Global and Regional Developments on the Economic Situation with the WEF President

 

Al-Mashat:

 

Our partnership with the World Economic Forum is continuously evolving to enhance economic transformation, support reforms, and confront global challenges.

 

The WEF is the largest international gathering of private sector companies and investors... We seek to maximize the benefit from joint cooperation to support national priorities.

 

The Egyptian economy has demonstrated resilience in dealing with changes and the ability to withstand successive global and regional shocks.

 

We are moving forward with consistent steps towards economic transformation and growth led by the local and foreign private sector.

 

H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation, met with Mr. Børge Brende, President and CEO of the World Economic Forum, with the participation of Eng. Hassan El-Khatib, Minister of Investment and Foreign Trade, at the opening of the Forum's meetings held in Tianjin, China.

 

H.E. Dr. Rania Al-Mashat participates as a co-chair of these meetings, which focus on resilient economic policies to keep pace with global changes.

 

The meeting addressed the impact of turbulent global and regional developments on the economic situation. They also delved into the reactions of global markets, which have shown greater resilience than expected amidst economic disruptions and geopolitical tensions.

 

H.E. Minister Al-Mashat emphasized the significance of the meetings, which are being held at an exceptional time marked by intertwined global economic challenges.

 

H.E. Dr. Al-Mashat underscored the importance of collaboration with the WEF to enhance efforts in developing innovative solutions to confront and overcome these challenges, in order to preserve the development path. She highlighted that the WEF is the largest international gathering of private sector companies and investors, and Egypt seeks to maximize the benefit from joint cooperation to support national priorities.

 

H.E. Minister Al-Mashat pointed out that the partnership between the Arab Republic of Egypt and the World Economic Forum has witnessed remarkable progress over the past years. The government seeks to benefit from this partnership in light of the economic and structural reforms it is implementing, aimed at transforming the Egyptian economy towards tradable and export-oriented sectors.

 

H.E. Dr. Al-Mashat referred to the visit of the WEF's President to Egypt last November, which reflected the importance and centrality of the partnership between the two sides. During the visit, a meeting was held with H.E. President Abdel Fattah El-Sisi, President of the Republic, discussing the key pillars of the partnership with the WEF.

 

She stressed that the Egyptian economy has shown flexibility in dealing with variables, and resilience to withstand successive global and regional shocks, and the government is moving with consistent steps towards economic transformation and growth led by the domestic and foreign private sector.

 

During the meeting, Dr. Rania Al-Mashat reviewed the measures being implemented by the government through its program for the next 3 years to elevate the resilience and stability of the Egyptian economy, build a competitive economy attractive to investments, and continue implementing economic and structural reforms, thereby creating a sustainable growth model led by the private sector. She affirmed Egypt's commitment to continue implementing reforms to enhance the economy's ability to withstand regional and international transformations and geopolitical tensions.

 

H.E. Minister Al-Mashat also pointed to the preparation of the national narrative for economic development, which aims to promote policies supporting growth and employment, and to set priorities for the next phase in cooperation with relevant national entities. This supports the transformation in the Egyptian economic growth model, building on the integration between Egypt Vision 2030 and the Government Program (2024/2025-2026/2027), the National Structural Reforms Programme, the Egypt's Integrated National Financing Strategy (E-INFS), the State Ownership Policy Document, and the Unified General Planning and Finance Laws.

 

This is based on four main pillars: macroeconomic and financial stability, mobilizing foreign direct investment, enhancing industrial development and trade, and investing in human capital and the labor market.

 

H.E. Minister Al-Mashat presented the WEF President with a copy of the report "Development Finance to Foster Private Sector-Led Growth and Jobs," which reflects the pivotal role of international partnerships in empowering the private sector in Egypt, by providing over $15.6 billion in financing from 2020 to May 2025.

 

She reaffirmed that efforts are continuing with development partners to provide more financing mechanisms that enhance private sector empowerment and drive its participation in leading development.

 

For his part, the WEF President expressed his appreciation for the strong relationship with the Arab Republic of Egypt, commending the Egyptian government's efforts in economic reform to enhance macroeconomic stability and address international and regional development challenges.

 

It is worth noting that the partnership with theWEF has undergone a significant transformation since 2020 in many areas. In 2021, Egypt's Strategic Dialogue was held with the participation of H.E. Dr. Mostafa Madbouly, Prime Minister, on behalf of H.E. President El-Sisi, and with high-level participation from influential international business leaders, with the aim of attracting foreign investments in promising sectors based on Egypt's unique advantages.

 

H.E. Dr. Rania Al-Mashat co-chairs the Mobilizing Investment for Clean Energy in Emerging Economies (MICEE), which was launched by the WEF at the annual meetings held in Davos in 2024.

 

H.E. Dr. Rania Al-Mashat is also a member of several WEF centers and alliances, including the "Centre for the New Economy and Society," the “Resilience Consortium," and the "Future of Growth Initiative," among others. Discussions were held on mechanisms and ways of cooperation with the WEF in these areas to enhance environmental, economic, and social resilience in light of repeated shocks, to ensure inclusive and sustainable growth.