Business Today Egypt | October – November 2023, Special Edition

bt scene
Tarek Al-Gamal: B20 Summit
highlighted the Importance of
building resilient Global Value
Chains
Eng. Tarek ElGamal, Chairman of REDCON Group, emphasized
the importance of the discussions organized as part of
the Business Leaders’ Summit “B20,” especially the recommendations
put forth by the attending policymakers, economic
experts, and business leaders from around the world.
This comes following ElGamal’s participation in the B20
Summit in New Delhi, India, representing the African Business
Leaders Coalition “ABLC”, which is affiliated with the United Nations
Global Compact initiative.
ElGamal commented that the B20 Summit’s activities represent
a pivotal step in deepening private sector engagement
in sustainable development, with over 1,500 business leaders
and 172 policymakers participating under the supervision of 10
world leaders, contributing to accelerating sustainable development
across various sectors within the framework of the G20
most significant supporting events, to which Egypt was invited.
“The future of the global economic growth will depend on
Africa and India, as projections indicate that Africa’s population
is expected to double by 2050, currently standing at 1.3 billion
people,” said ElGamal. “That’s why we have to focus on accelerating
African economic integration, by supporting continental
trade, investing in human capital to foster innovation, and enhancing
sustainable development across all sectors.”
ElGamal also highlighted the importance of international efforts
to build sustainable partnerships with Africa, aiming to support
global value chain diversification as one of the proposed solutions
to avoid the current global economic crises faced by all countries.
ElGamal drew attention to the recommendations presented
by the B20 to the G20 Summit leaders, which should be implemented
to accelerate global economic recovery and achieve
sustainable development. These recommendations include the
establishment of a Global Sustainable Development Acceleration
Fund (GSAF) aimed at financing recovery efforts, enabling
African countries to achieve the goals of comprehensive agricultural
development in the continenet, and respond to the impacts
of climate change. Additionally, increasing private sector
participation to achieve global financial inclusion, applying the
principles of circular economy, along with funding sustainable
and resilient infrastructures, with a focus on healthcare,
energy, and digital infrastructures. This also involves setting a
global standard for green data centers.
On the sidelines of the summit, ElGamal met with a group
of representatives from Egyptian and international organizing
bodies and associations, which included talks with Eng. Tarek
Tawfik, Vice Chairman of the Federation of Egyptian Industries
(FEI), member of the Board of Directors of the FEI Food Industries
Chamber at the Federation of Industries, and the President
of the American Chamber of Commerce in Cairo.
ElGamal also met with Mr. Natarajan Chandrasekaran, President
of the B20 Summit and CEO of Tata Sons, and Mr. Bernard
Looney, CEO of British Petroleum (BP), and Mr. Mark Carney,
the UN Special Envoy on Climate Action and Finance, and the
President of Brookfield Asset Management.
This edition of the B20 Business Summit was held under the
theme “R.A.I.S.E,” which stands for “Responsible, Accelerated,
Innovative, Sustainable, and Equitable Business.”
64 November 2023
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