The Meetings of the BRICS Finance Ministers
The Minister of Finance, Dr. Mohamed Maait, participated in the meetings of the BRICS Finance Ministers and the Board of Governors of the New Development Bank in São Paulo, Brazil, for the first time after Egypt officially joined BRICS.
What did Maait Review during the Meetings of the BRICS Finance Ministers?
During the meetings of the BRICS Finance Ministers, Dr. Maait focused on highlighting the Egyptian vision in dealing with global economic challenges, including addressing debt burdens globally and effectively mobilizing public and private resources towards a more sustainable economy, developing the global financial structure so that it is more fair and biased towards developing and emerging countries, and developing the multilateral development bank system to become more responsive to the unprecedented international economic crises that have led to high financing and development costs.
In addition, Maait reviewed the Egyptian vision in developing the international tax system, which comes in line with the technological revolution that the world has witnessed in the past decades, which necessarily required a parallel revolution in tax rules to meet the requirements of justice and preserve countries’ resources and tax rights. He also stressed that developing countries are looking forward to support in collecting their dues from international taxes in light of the updates that were made in 2023 in the OECD Roadmap on Developing Countries and International Taxation ratified by the G20.
He shed light on the efforts Egypt exerted to create an attractive investment environment for the private sector as the development engine of the national economy, aiming to open broad horizons for more local and foreign investments following the signing of the largest direct investment deal between Egypt and the UAE to develop the city of “Ras El-Hekma”.
Maait Attended Many Sessions and Held Bilateral Meetings
During the meetings of the BRICS Finance Ministers, Dr. Maait attended many sessions and held several bilateral meetings with his counterparts as part of his keenness to explore more opportunities for cooperation with the BRICS and G20 countries and exchange visions and viewpoints on issues and priorities of common interest, in light of the current global challenges.
Session “Improving the International Financial System and Global Economic Prospects”
Dr. Maait stressed, during the meetings of the BRICS Finance Ministers, that the structure of the international financial system needs fundamental reforms so that the voice of emerging economies is heard, explaining that the economies of the BRICS countries are collectively capable of confronting the impact of negative external factors, enabling them to confront any challenges, by mobilizing preferential financing through several influential tools, most notably the New Development Bank, as well as establishing trade agreements that rely more on settlements, via local BRICS currencies in a way that contributes to achieving balanced and sustainable economic growth and meets the development needs of the people.
He pointed out that Egypt’s geographical location qualifies it to play a pivotal and influential role in achieving continental interconnection in line with Egypt’s goals of transforming into a regional and global center for production and export.
Session “Infrastructure, Investment, and Cooperation in Customs and Taxation Matters”
Dr. Maait stated, during the meetings of the BRICS Finance Ministers, that Egypt is looking forward, during the next stage, to boosting cooperation between the BRICS members to the level of economic partnership that is based on creating a favorable business environment that is more encouraging for investing in promising opportunities and benefiting from the preferential and competitive advantages in each country in order to consolidate the path of economic integration, in a way that enhances the ability of emerging economies to contain the increasing risks resulting from the rapid and successive global changes.
He also emphasized Egypt’s commitment to amplifying foreign direct investments, capitalizing on its appealing business climate driven by the private sector, stimulating global investment sectors with unprecedented tax and customs benefits and incentives, and developing advanced infrastructure capable of accommodating productive activities and investment expansions.
Maait’s Meeting with His Russian Counterpart During the Meetings of the Brics Finance Ministers
On the sidelines of the meetings of the BRICS Finance Ministers in Brazil, Dr. Maait held a bilateral meeting with his Russian counterpart, Mr. Anton Siluanov, to deepen bilateral cooperation at the financial and economic levels and exchanged views on the best ways to achieve a sustainable global financial structure in the light of the current global economic challenges.
He added, during the meetings of the BRICS Finance Ministers, that Egypt is working to improve the business environment to be more attractive to the local and foreign private sector, especially with the availability of a strong and advanced infrastructure capable of accommodating productive activities, in light of Egypt’s distinguished strategic location that qualifies it to become a regional center for production and re-export in various fields.
Now you have learnt everything you need to know about Maait’s participation in the meeting of the BRICS Finance Ministers. For more information about his participation, click here.
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