Egypt Economic Development Conference

{{further|Economy of Egypt}}

The EEDC had been initially suggested by the King Abdullah of Saudi Arabia, whose country along with the United Arab Emirates and other Gulf monarchies, have been the largest financial and political backers of Egypt's president Abdel Fattah el-Sisi. Abel Fattah Sisi led the coup d'état of Muslim Brotherhood-backed president, Mohamed Morsi, in the summer of 2013, pledging billions of dollars in aid to the new Egyptian government. Sisi, who vowed to tackle the country's economic turmoil since the 2011 revolution, has announced austerity measures to lower Egypt's budget deficit.{{cite web |url=http://www.aljazeera.com/news/2015/03/analysis-investment-solve-egypt-economic-woes-150312075338221.html |title=Analysis: Will investment solve Egypt's economic woes? |last1= |first1= |last2= |first2= |date=13 March 2015 |website= |publisher=Aljazeera |access-date=14 March 2015}}

In January 2015, the Egyptian government told an International Monetary Fund delegation that it aims to achieve a 3.8% growth rate by June, claiming that Egypt's economy grew by 6.8% in the third quarter of the previous year. During the conference, the IMF's chief, Christine Lagarde, praised the government's 2014 energy subsidy reforms and its plans to increase investment in the country, but she noted, citing World Bank figures, that it takes over 60 days to register property in Egypt and over 1000 days to enforce a contract.{{cite web | url=http://www.egyptindependent.com//news/imf-s-lagarde-right-policies-key-meet-egypt-s-economic-goals-and-reforms | title=IMF's Lagarde: Right policies key to meet Egypt's economic goals and reforms | publisher=Egypt Independent | date=13 March 2015 | accessdate=14 March 2015}} The day prior to the event, Sisi ratified a new set of investment and civil services laws following months of fiscal and legal reforms aiming to regulate and improve investment in Egypt ahead of the conference,{{cite news | url=http://english.ahram.org.eg/NewsContent/3/162/125107/Business/EEDC-/Egypt%E2%80%99s-president-ratifies-investment-and-civil-se.aspx | title=Egypt's president ratifies investment and civil services laws | newspaper=Al-Ahram | date=12 March 2015 | accessdate=14 March 2015}} a move which Lagarde described as "A very good step in the right direction" during her speech.

The conference's organizer, Richard Attias, expected the unveiling of over thirty projects "which can attract billions of dollars of investment,"{{cite news | url=http://www.dailystar.com.lb/News/Middle-East/2015/Mar-13/290644-jihadi-targeted-egypt-courts-foreign-investors.ashx | title=Jihadi-targeted Egypt courts foreign investors | newspaper=The Daily Star | date=13 March 2015 | accessdate=14 March 2015 | author=Salem, Mona}} with more than 2,500 high-level attendees, including heads of state, public figures, chairmen, and CEOs of multinational corporations among others.{{cite web | url=https://www.cnbc.com/id/102502780 | title=Richard Attias & Associates, Executive Produces the Egypt Economic Development Conference for the Egyptian Government | publisher=CNBC | date=13 March 2015 | accessdate=14 March 2015 | archive-date=2 April 2015 | archive-url=https://web.archive.org/web/20150402190018/http://www.cnbc.com/id/102502780 | url-status=dead }}

File:Secretary Kerry Arrives at Convention Hall for Meeting With Egyptian President Al-Sisi.jpg

During the first day, the Egyptian minister of environment, Khaled Fahmy, revealed a new biofuel project in cooperation with the agricultural sector.{{cite news |url=http://english.ahram.org.eg/NewsContent/3/162/125127/Business/EEDC-/Live-updates-Gulf-leaders-pledge--bn-in-aid,-inves.aspx |title=Egypt garners pledges of financial and political support on 1st day of Sharm conference |date=13 March 2015 |newspaper=Al-Ahram |access-date=13 March 2015}} General Electric announced at the conference that it would invest $200 million in a new training and manufacturing facility in the city of Suez and that it had delivered 34 gas turbines as part of a project to supply 2.6 gigawatts to its grid by May 2015.{{cite news | url=http://economictimes.indiatimes.com/news/international/business/general-electric-plans-200-million-facility-in-egypt-canal-city/articleshow/46555592.cms | title=General Electric plans $200 million facility in Egypt canal city | newspaper=The Economic Times | date=13 March 2015 | accessdate=14 March 2015}}{{cite news | url=http://economictimes.indiatimes.com/news/international/business/general-electric-says-it-has-delivered-34-gas-turbines-to-egypt/articleshow/46552987.cms | title=General Electric says it has delivered 34 gas turbines to Egypt | newspaper=The Economic Times | date=13 March 2015 | accessdate=14 March 2015}}

U.S. Secretary of State John Kerry attended the conference and delivered a speech of encouragement to Egypt's economy during an American Chamber of Commerce event.{{cite web | url=https://www.usnews.com/news/politics/articles/2015/03/13/kerry-promotes-us-investment-in-egypt-no-new-military-aid | title=Kerry promotes US investment in Egypt, but brings with him no new military aid | publisher=U.S. News | date=13 March 2015 | accessdate=13 March 2015 | author=Klapper, Bradley}} Egypt's irrigation minister, Hossam Moghazy, later discussed with a European Union delegation the One Million Feddan land reclamation project, one of the highlights in Sisi's election campaign a year earlier.{{cite news | url=http://english.ahram.org.eg/NewsContent/3/162/125139/Business/EEDC-/Egypts-irrigation-minister-in-discussions-with-EU-.aspx | title=Egypt's irrigation minister in discussions with EU delegation over 1 mn feddan project | newspaper=Al-Ahram | date=13 March 2015 | accessdate=14 March 2015}} The African Development Bank announced it would invest in energy projects, particularly in a solar power plant in Kom Ombo and a wind farm in the Gulf of Suez.{{cite web | url=http://www.aawsat.net/2015/03/article55342291/egypt-investment-summit-kicks-off-in-sharm-el-sheikh | title=Egypt investment summit kicks off in Sharm El-Sheikh | publisher=Asharq Al-Awsat | date=13 March 2015 | accessdate=14 March 2015 | archive-url=https://web.archive.org/web/20150315081845/http://www.aawsat.net/2015/03/article55342291/egypt-investment-summit-kicks-off-in-sharm-el-sheikh | archive-date=15 March 2015 | url-status=dead }}

During the opening ceremony, Sisi gave a speech where he said he hoped to attract billions of dollars by the end of the summit and promised new strategies to support the private sector and investors. He also listed a number of major projects, including the land reclamation project, the New Suez Canal digging project, the Suez Canal Area Development project and the Golden Triangle project among others.{{cite news | url=http://english.ahram.org.eg/NewsContent/1/64/125148/Egypt/Politics-/Egypts-Sisi-promises-appealing-investor-climate-at.aspx | title=Egypt's Sisi promises 'appealing investor climate' at Sharm conference | newspaper=Al-Ahram | date=13 March 2015 | accessdate=14 March 2015}}

During the second day, several speeches and presentations were held starting with Prime minister Ibrahim Mahlab joined by Hisham Ramez, Governor of Central Bank of Egypt, and Ministers of Finance and Planning and Administrative Reform presenting Sisi's administration's vision on how to turn the vision into action showcasing Egypt's economic reform plan.{{citation needed|date=February 2017}} Later Nobel laureate Ahmed Zewail showcased his view on Egypt's technology's future, followed by Minister of Finance of Saudi Arabia, Ibrahim Abdulaziz Al-Assaf providing perspective on Egypt.{{citation needed|date=February 2017}}

CNN anchor John Defterios hosted a discussion between leaders from global corporations discussing where Egypt stands in their investment priorities followed by a conversation with Joe Kaeser of Siemens.{{citation needed|date=February 2017}}

A conversation moderated by CNBC anchor Hadley Gamble regarding Egypt's Energy crisis under the title of "Egypt’s Energy Equation", the energy mix in Egypt and how Egypt can best achieve energy security as part of its development plans were discussed.{{citation needed|date=February 2017}}

Adnan Nawaz moderated a conversation on the diversification imperative for emerging economies and the demands for a sustainable and long-term growth, between the CEO of DHL Express, Chairman of Lazard, CEO of Etisalat, CEO of CAD Fund, and CEO of WPP.{{citation needed|date=February 2017}}

Five run in parallel sector-level sessions included an overview from ministers, presentation of sector opportunities by local investment banks, and input from private sector participants. The sessions were on oil, gas & mining; housing, utilities & development; ICT; industry & manufacturing; and tourism.{{citation needed|date=February 2017}}

A session headed by Naglaa El-Ehwany, Minister of International Cooperation, discussed how can the major international financial institutions improve the effectiveness of their support for Egypt's economic development.{{citation needed|date=February 2017}}

Chairman of Suez Canal Authority, Mohab Mameesh, ended the day with a presentation titled "Suez Canal Development: Egypt's Gift to the World". The presentation showcased the Suez Canal Area Development Project.

The Egyptian Foreign Ministry did not invite Iran, Israel and Turkey as the "criteria do not apply to them" due to their investment levels.{{cite web |url=http://english.ahram.org.eg/NewsContent/1/64/125143/Egypt/Politics-/Turkey,-Iran,-Israel-out-at-Sharm-Conference;-Qata.aspx |title=Turkey, Iran, Israel out at Sharm Conference; Qatar in |last1= |first1= |last2= |first2= |date= 13 March 2015 |website= |publisher=Al Ahram |access-date=14 March 2015}} Turkey's non-participation is also believed to be a result of the country's strained relations with Sisi's government since the 2013 Egyptian coup d'état.{{cite news |url=http://www.dailynewsegypt.com/2015/03/14/turkey-absent-from-economic-summit-after-strained-diplomacy-with-egypt/ |title=Turkey absent from Economic Summit after strained diplomacy with Egypt |date=13 March 2015 |newspaper=Daily News Egypt |access-date=14 March 2015}}

===High level delegation===

File:President al-Sisi Listens as Secretary Kerry Addresses Audience of Several Thousand Attending Egyptian Development Conference in Sharm el-Sheikh.jpg

File:Secretary Kerry Addresses Audience of Several Thousand Attending Egyptian Development Conference in Sharm el-Sheikh.jpg

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Category:Conferences in Sharm El Sheikh

Category:Economy of Egypt

Category:Diplomatic conferences in Egypt

Category:21st-century diplomatic conferences