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Participants at NDB seminar in Cairo note Egypt's growing importance in international trade

Egypt joined the NDB in March 2023


Egypt is strengthening as a global logistics centre thanks to its advantageous location, improved infrastructure and economic reforms. These topics were discussed at a New Development Bank seminar held in the country.

The seminar emphasised Egypt's importance as a key player in global trade due to its proximity to major sea routes, the Suez Canal and crucial ports including Alexandria, Damietta and Port Said. This is reported by Daily News Egypt, a partner of TV BRICS.

Alaa Ezz, Secretary General of the Federation of Egyptian Chambers of Commerce, emphasised the successful implementation of infrastructure projects that have led to an increase in exports through the country.

Walid Gamaleldien, Chairperson of the Suez Canal Economic Zone, outlined the zone's plans for 2020-2025, including attracting investments in green energy, ship services and textile projects, as well as its role in international supply chains and co-operation with the BRICS countries.

Stephane Guimbert, World Bank Group Country Director for Egypt, Yemen, and Djibouti, praised the country's strategic position and the ongoing economic reforms, stressing that a large part of world trade passes through Egypt.

On the sidelines of the two-day events, President Abdel Fattah Al-Sisi and New Development Bank President Dilma Rousseff held a meeting to strengthen the partnership between Egypt and the NDB. They emphasised the forum's key role in promoting economic cooperation and supporting the south-south strategy.

The two sides expressed their desire for active cooperation to create a favourable environment and improve living conditions in the developing world, striving for a fairer global economic system.

Delegates noted Egypt's growing importance in international trade due to its location, infrastructural investments and economic reforms, and hoped to strengthen cooperation with international organisations and Chinese investors.

Photo: iStock

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