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Leader's view Guest leader 2014 Elected Collective efforts by the G20 should ensure sharing knowledge and experiences It is a pleasure to participate in this year’s G20 summit following the generous invitation of the Chinese President. It will enable us to plan our way forward in light of our discussions on the state of the global economy with the world’s key players. The global economy is approaching a critical stage as a result of a multitude of interconnected and complex challenges, amid expectations of a further slowdown in global growth as well as geopolitical risks in different parts of the world. We may have different explanations of how we have reached this stage, but they should not prevent us from working together. We share the common goal of achieving strong, sustainable, balanced and inclusive global economic growth. Evolution and innovation The rapid change in the world's economies reflects the vital need for more effective and efficient economic governance. The weighted voting structure of countries should be outlined fairly, while the relevant international institutions should act as a vanguard for harmonising countries’ trade and investment policies to spur stronger growth. As the world changes at an unprecedentedly rapid pace, our economies should evolve in an innovative manner. To recall the motto of this year’s G20 summit, we need to clear a new path to ensure that common global prosperity is achieved. Progress should be measured by maintaining the economic security of the state, improving the wellbeing of a greater portion of the world’s population and enhancing transparency and fairness in the global economic system. Egypt is keen to represent a balanced voice on behalf of a much wider group of countries that are not present at this year’s G20 summit and are affected by the G20’s policies and action plans. This evokes the essential need for establishing an innovative outreach modality with other key non-G20 players, which could serve as a sustained communication tool to exchange views and bridge the gap between different groups of countries across the globe. It is crucial to comprehend that progress and inclusive sustainable growth can be achieved if we draw the right lessons from the past and learn to work together to achieve our common goals. No one should be left behind. Abdel Fattah El-Sisi President, Egypt Unlocking trade and investment The Egyptian economy has faced tremendous challenges since 2011. We were able to achieve an economic turnaround starting in the fiscal year of 2014–15 after successfully completing the political road map by holding parliamentary elections as well as making significant progress on the security situation. In 2014-15, the economic growth rate reached 4.2 per cent, compared to a record slow 1.8 per cent in 2010–11. In the same year, the annual growth rate of total investments increased by 26 per cent and the budget deficit fell from 12.8 per cent of gross domestic product to 11.5 per cent. The government is unlocking the country’s trade and investment potential by focusing on three main pillars. These consist of carrying out a legislative reform programme to restore confidence and revive investments; implementing a number of mega infrastructure projects that include upgrading ports and road networks, establishing the strategic Suez Canal economic zone and modernising the energy sector; and creating an international trade hub by capitalising on Egypt’s numerous free trade agreements and launching the Tripartite Free Trade Agreement to access 26 African markets. A knowledge-based economy Innovation is an important asset for establishing and consolidating a knowledge-based economy. It is capable of making the best use of its tools to achieve sustainable growth. In the spirit of shared responsibility towards achieving universal balanced and inclusive growth, collective efforts by the G20 should ensure the sharing of knowledge and experiences and capacity building, in addition to know-how and technology transfer. We are partners who share the responsibility of providing a better future for subsequent generations. Our overarching aim is to invest the ingenuity of human capital – the youth and entrepreneurs in particular – to efficiently take part in the new industrial and scientific revolution. We must also realise the aspirations of the world community for development. In Hangzhou, Egypt looks forward to working closely with its G20 partners to fulfil the summit’s objectives and set a new path for growth. G20 34 G20 China: The Hangzhou Summit • September 2016 G7G20.com
Leader's view GUEST LEADER'S VIEW Progress and inclusive sustainable growth We must draw lessons from history and learn to work together to achieve our common goals. An innovative G20 outreach modality is key, writes Abdel Fattah El-Sisi RAINER JENSEN/DPA/ALAMY G7G20.com September 2016 • G20 China: The Hangzhou Summit 35
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