German Chancellor Mrs. Angela Merkel,

Your Excellency heads of state and government,

Ladies and gentlemen heads of delegates,

I would like in the beginning to express my gratitude for inviting Egypt by the German presidency of the G20 to participate in this special event which attests to the priority lent by Germany to the African continent. I would like also to laud the role undertaken by Germany in enhancing efforts for reviving the world economy and for financial stimulation and structural reform in this critical juncture that see growing challenges in an unprecedented way and with the continuation of conflicts in several parts of the world as well as the spread of extremist thought and terrorism.

Ladies and gentlemen,

We are now in need than any other time before for enhancing international efforts to upgrade the efficiency of the structures of the international economic governance, stimulate economic growth and create new mechanisms and resources for pushing up the international economy to achieve more development and prosperity through providing a fair international economic environment and introducing the required amendments into the multilateral trade system along with boosting the role of developing countries in international financial institutions.

This is why Egypt was keen through its participating as a guest of honor in meetings of the G20 in 2016 to float the visions and aspirations of the developing countries which are affected in different degrees by the policies and measures adopted at the discussions of the G20 member states at a time when these developing countries are largely far from the meetings at which these policies are formulated. This state of affairs underlined the necessity of hammering out a smooth and viable mechanism to transfer the experience and outcome of the G20 to the countries that are interested in benefiting from them.

Within this framework, we pin hope on the initiative that was launched by the German presidency of the G20 on cooperation with Africa. This initiative is based on creating partnerships with international institutions with a view to creating a suitable atmosphere for attracting investments into Africa in a sustainable way for stimulating African economic growth and providing decent job opportunities along with increasing economic and social development rates for achieving the hopes of African peoples for leading a decent life and minimizing the consequences of several problems from which the African continent is suffering.

This is why Egypt is looking forward that the proposed initiative would constitute an added value to the initiative of the G20 on supporting industries in Africa and less developing countries and setting up partnerships between the public and private sectors in African countries. Egypt will work so that its contribution to the initiative would be constructive and lead to its success and to achieve its goals in light of what Egypt enjoys of historical and strong relations with other African countries and its keenness on contributing to pushing up the development process in the African continent.

Ladies and gentlemen,

Allow me on this score to shed light on the efforts exerted by the Egyptian government in accordance with the national strategy for achieving sustainable development – Egypt Vision 2030 – which constitutes a far-sighted vision towards the future whereby Egypt would be ranked among the best 30 economies at the international level by the year 2030. This vision is based on adopting a comprehensive approach for achieving the national development priorities and increasing potentials along with overcoming hindrances on a scientific base for ending all economic and social challenges facing Egypt. Some of these challenges appeared as a result of the process of transformation in some countries of the region while others appeared as a result of the consequences of slow international growth rates.

Therefore, Egypt has started a serious economic reform program that is based on several major aspects in the areas of general financial policies, monetary policies, social policies and implementing some structural reforms for redressing imbalances of financial policies while achieving better growth rates. On top of these policies was adopting an expansionist policy offering financial stimulation measures for upgrading the efficiency of economic productivity and redressing the imbalances of the general budget of the State through reducing governmental expenditures and rationalizing subsidy along with increasing competitiveness and creating an environment suitable for attracting foreign investments especially in the promising fields such as renewable energy. It also included launching major national projects atop of which comes the development of the Suez Canal zone along with encouraging the private sector and supporting partnership between the public and private sectors.

Egypt is also working for achieving social justice and increasing the per capita share of the gross domestic product along with upgrading the efficiency of the social protection network and expanding social safety networks to cover the poor and weak segments.

Ladies and gentlemen,

The world is now confronting two phenomena that are largely affecting international stability and balance and by turn affecting development in several countries in the world. Terrorism became an international phenomenon that is not restricted to certain borders that is threatening everybody. We should work together for dealing seriously and in a comprehensive way with this danger that is jeopardizing international peace and security through drying up its sources and cutting off its funding resources along with stopping its supply with weapons and fighters. Also, illegal migration is another phenomenon which resulted from instability especially in our region. It is threatening in a direct way all societies in a way that requires an international action with more cooperation for dealing with this phenomenon. There is no doubt that these two phenomena constitute a major challenge to all countries without exception either within the framework of efforts to achieve stability and security or for achieving sustainable development and economic growth for their peoples.

In conclusion, I would like to confirm that these challenges require the G20 to work closely for outlining a future vision for enhancing international cooperation in a way that achieves the hoped-for balance between the cost of sustainable development and its revenue through coordinating mechanisms and averting a conflict between the inclusive economic policies and steering away from selectivity while dealing with international issues along with taking into consideration the particular national aspects. I would like to laud in this regard the vision of the German Presidency on Africa which was expressed clearly today through the proposed initiative on cooperation with Africa which we hope will see the light in the near future. 

Thank you.