What is the significance of the developing countries’ summit in Egypt for the first time in 24 years?

Economic expert Wafaa Ali, in a statement to RT, discussed the importance of Egypt hosting the summit of the Organization of the Eight Developing Countries for Economic Cooperation.

Wafaa Ali, an economic expert, stated in an interview with RT that the current situation indicates a strong resurgence of the D-8 Organization at the summit level. She emphasized the organization’s crucial role as a bridge towards achieving sustainable development and strengthening its international presence. This is particularly significant amidst the global competition and geopolitical tensions that are impacting the world economy.

Ali further added that Egypt is striving to build a sustainable and competitive economy by diversifying its economic portfolio and fostering a new culture of collective investment for a brighter future.

She highlighted Egypt’s aim to promote the collective rise of emerging economies and present a sustainable development model for regional blocs. Egypt is committed to engaging in the future and driving this group towards greater economic stimulation in various sectors, including industry, trade, investment, education, training, research, development, and innovation. The goal is to increase trade volume, enhance international relations, improve living conditions, and bridge development gaps between countries.

Ali continued by emphasizing the need for further reductions in customs barriers, expansion of the energy transition, and the establishment of networks of economic research centers.

She also proposed the creation of a fund to support group projects and suggested signing a preferential trade agreement among member states. All these measures are considered significant steps in light of global developments, especially since Egypt is a key partner for developing countries in the Middle East and Africa, given its significant demographic and financial weight in the global economy.

She concluded by highlighting the D-8 Organization’s substantial gross domestic product of 5 trillion dollars and its population representing approximately 14% of the world’s population. This makes it a large open market supported by industrial, agricultural, investment, education, and training policies for the organization’s member states.

Ahmed Saeed, an economic expert, told RT that hosting the D-8 summit is of great importance to Egypt because the participating countries share similar characteristics, such as large populations and urgent needs for technology transfer. He emphasized that the alliance of these eight countries has a significant advantage due to their shared needs, which could lead to the establishment of a unified technology university and joint capital investments.

Saeed continued by stating that meeting with partners who share the same needs and challenges motivates Egypt to form economic, strategic, and technological partnerships. He expressed his belief that at the end of this conference, it is expected that a technological institution or university will be established to contribute to technology transfer among member states.

Egypt is hosting the D-8 Organization for Economic Cooperation summit on December 19th, marking the first time in 24 years that such an event has been held

The post What is the significance of the developing countries’ summit in Egypt for the first time in 24 years? appeared first on Egypt Independent.