World Governments Summit 2024……A Brief About It
Dubai hosted the World Governments Summit 2024 this year from 12-14 February, under the theme of “Shaping Future Governments”, welcoming more than 25 heads of state and government, more than 85 international and regional organizations and global institutions, 120 government delegations, and an elite group of global thought leaders and experts, to discuss major global future trends in more than 110 main dialogue and interactive sessions and to identify innovative solutions for future challenges to inspire and empower the next generation of governments.
Egypt Participated in the World Governments Summit 2024
Egypt’s Prime Minister, Moustafa Madbouly, participated in the World Governments Summit 2024 upon the invitation of UAE’s Vice President and Prime Minister, Mohammed bin Rashid Al Maktoum. Let’s not forget to mention that many Egyptian ministers, such as the Minister of Finance, Mr. Mohamed Maait, also participated in this summit.
Dr. Maait’s Participation in the 8th Public Finance Forum in Dubai
On the sidelines of the World Governments Summit 2024, Dr. Maait participated in the eighth session of the Public Finance Forum for Arab Countries in Dubai under the title “Designing more efficient and equitable financial policies to address debt-related vulnerabilities and future financial challenges in a world suffering from more stringent financing constraints.”
During this forum on the sidelines of the World Governments Summit 2024, Dr. Maait presented Egypt’s vision for strengthening efforts to mobilize local revenues and providing financial spaces to strengthen the social protection network most targeted to the most vulnerable citizens, explaining that Egypt is mobilizing all its capabilities to deal flexibly and balanced with the exceptional global economic conditions and possess the ability to reduce the burden of living on citizens while committing to financial discipline by maintaining a primary surplus and reducing deficit and debt rates to the gross domestic product.
He also confirmed that Egypt is adopting a strategy to diversify funding sources by entering new global financial markets and offering easy financing tools, especially after we succeeded in returning to Japanese markets. The second international issuance of Samurai bonds was also implemented at a value of 75 billion Japanese yen, about half of 1 billion dollars, at a rate of 1.5% annually for five years and issuing sustainable Panda bonds on the Chinese financial market to finance projects worth about 3.5% billion Chinese yuan, about half a billion dollars. We also succeeded in issuing the first green sovereign bonds in the Middle East and North Africa of about $750 million.
He also explained that Egypt is keen to create an environment conducive to the business climate, including approving many competitive incentives that support production expansions and increasing the export base, in a way that makes our economy more capable of attracting more investment flows, especially with the promising prospects offered to maximize the role of the private sector in economic activity.
Egypt Signed a Supplementary Agreement to the Protocol for Avoiding Double Taxation with the UAE
On the sidelines of the World Governments Summit 2024 and during the 8th Public Finance Forum in Dubai, Dr. Maait signed a supplementary agreement to the protocol for avoiding double taxation and preventing tax evasion on income with the UAE. This reflects the two countries’ commitment to deepening bilateral ties, particularly in the economic sphere.
He affirmed Egypt’s keenness to provide facilities and remove any tax or customs obstacles that may face Emirati investors and companies in Egypt, in a way that contributes to expanding the base of their business and investment and productive activities and increasing trade exchange between the two countries, calling on the Emirati business community to benefit from the measures taken by the Egyptian government to stimulate production and export in various fields, including the golden license, the state ownership policy document, and government offerings.
PM Witnessed the Signing Ceremony of MOU Annex with UAE
On the sidelines of the World Governments Summit 2024, Dr. Mostafa Madbouly witnessed the signing ceremony of an extension annex to a memorandum of understanding in the field of government development between the Ministry of Planning and Economic Development and the Ministry of Cabinet Affairs in the UAE.
The MOU included extending the period of implementation of the provisions of the memorandum concluded between Egypt and the UAE in the field of government development for two years until February 28, 2026.
PM’s Statement during the World Governments Summit 2024
On the sidelines of the World Governments Summit 2024, the PM, Dr. Madbouly, stressed that Egypt is keen to adopt various policies necessary to confront the challenges Egypt is going through, and it also continued its path towards adopting many structural reforms that support growth and employment, most notably encouraging the private sector, which culminated in the launch of a state ownership policy document to increase the private sector’s participation in output, employment, investments and exports, which enabled the Egyptian economy to withstand the global crises, and contributed as a whole to enhancing the performance levels of the Egyptian economy.
He added that Egypt is working towards enhancing economic performance rates and striving to achieve the 2030 sustainable development goals, which was reflected in the launch of the “Egypt Sustainable Development Strategy 2030”, explaining Egypt’s efforts in this field by launching many development initiatives, most notably “Hayah Kareema: Sustainable Rural Communities.”
He also stressed, during the World Governments Summit 2024, that Egypt is now focusing on supporting economic sectors that drive economic growth, especially in infrastructure, which helps attract more local and foreign investments, pointing out that these efforts have recently resulted in Egypt’s progress in many international indicators, such as its progress in the road quality index by 100%. It is also keen to expand the scope of participation between the government and private sectors in future efforts, as there are currently more than 1,000 private sector companies participating in giant national projects that contribute to strengthening infrastructure development efforts in Egypt, which resulted in creating 5 million job opportunities.
And now you have known everything about Egypt’s participation in the World Governments Summit 2024. For more information, click here or here.
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