2024/08/06

Foreign Minister: Stock exchange upgrades attract investors

Minister of Foreign Affairs, Emigration, and Egyptian Expatriates, Dr. Badr Abdelatty joined a centennial celebration of the Egyptian Stock Exchange at its Cairo headquarters.

Ambassador Ahmed Abu Zeid, the official spokesperson and director of public diplomacy at the Ministry, stated that the Minister of Foreign Affairs delivered a speech in which he praised the Egyptian Stock Exchange as a vital artery of the nation's economy, highlighting its resilience in the face of global challenges. He noted the exchange's growing contribution to GDP, reflecting its strong performance and attracting increased investor confidence in Egypt's economic future.

Dr. Abdelatty praised the Egyptian Stock Exchange's ambitious plans to modernize financial services. These efforts aim to attract foreign investment and position Egypt as a leading regional financial center.

Abu Zeid noted the minister’s commendation of Egypt's diplomatic work in strengthening economic ties with other nations. This includes promoting Egypt as a stable investment hub and showcasing the country's economic and social progress under its reform program. His Excellency further stressed that the Ministry is actively seeking partnerships with international financial institutions to support economic reforms and fund key projects. This involves securing technical assistance and concessional financing for priority initiatives.

The Foreign Minister outlined the ministry's collaboration with key international economic bodies, including BRICS and the G20. Egypt is actively engaged in reforming the global financial system to address mounting economic challenges. He emphasized efforts to create innovative financing solutions and optimize existing resources to close the funding gap for achieving the sustainable development goals. He also highlighted the 'Sustainable Debt Coalition,' launched under Egypt's COP27 presidency, as a key national initiative.

Abu Zeid concluded by emphasizing the Foreign Minister's view that economic diplomacy is crucial for solidifying Egypt's global standing. All government agencies, including the Ministry of Foreign Affairs and the Egyptian Exchange, are instrumental in this endeavour. The spokesperson expressed optimism about collaborative efforts to foster international cooperation in financial markets, infrastructure, investment, and trade, thereby boosting the Egyptian Exchange's appeal to foreign investors.