Egypt Hosts D-8 Summit: A Focus on Youth and Economic Growth
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CAIRO – december 19, 2024 – President Abdel Fattah El-Sisi of Egypt opened the 11th summit of the Developing-8 (D-8) Association for Economic Cooperation in the nation’s New Administrative Capital. The summit, themed “Investing in Youth and Supporting Small and Medium Enterprises: Shaping the Economy of Tomorrow,” brought together leaders from eight developing nations and international organizations to tackle global challenges and foster stronger economic ties.
President El-Sisi’s opening address highlighted the crucial role of young people in driving economic progress. He emphasized the need for collaborative action to achieve lasting progress goals. “I welcome you all to Egypt, particularly to the New Administrative Capital, a symbol of cultural, developmental, and economic progress,” el-Sisi stated. “Today’s summit focuses on investing in youth,the main pillar of our member countries in the present and future.”
Taking over the D-8 presidency from Bangladesh, El-Sisi praised Bangladesh’s leadership and acknowledged the efforts of D-8 Secretary-General Izziaka Abdul Qadir Imam in organizing the event. The summit addressed critical issues facing member states, including funding gaps, technological disparities, poverty, and unemployment.El-Sisi also acknowledged the impact of ongoing regional conflicts, such as the Israeli-Palestinian conflict and instability in Lebanon and Syria, on economic progress.
“The challenges we face require us to work together to overcome obstacles and build a brighter future for our nations,” El-Sisi emphasized.
key Initiatives Unveiled at the D-8 Summit
- Diplomatic Leadership Network: A new network for directors of diplomatic institutes to enhance capacity building and address global challenges.
- Educational Competition: An online competition for pre-university students to foster innovation in science, engineering, and technology.
- Economic Think Tank Network: A platform for D-8 think tanks to share ideas and strategies for boosting trade and investment.
- Health Sector Meetings: Regular meetings for health ministers, starting with Egypt hosting the first session in 2025, to explore advancements in healthcare technologies.
Egypt also pledged to ratify the D-8 Preferential Trade Agreement, underscoring the importance of increased intra-organization trade for economic growth. Addressing regional instability, El-Sisi called for solidarity in tackling the Israeli-Palestinian conflict and the escalating tensions in Lebanon and Syria. A special session was dedicated to these critical issues. “These conflicts not only threaten regional stability but also have significant political and economic repercussions that affect us all,” El-Sisi noted.
The summit also highlighted the vital role of small and medium-sized enterprises (SMEs) in economic development. El-Sisi highlighted Egypt’s successful “Hayah Karima” and “Takaful and Karama” programs, which have improved infrastructure and social welfare, as models for other nations. “we seek to support and develop small and medium enterprises within the framework of achieving sustainable development goals,” he stated.
Concluding the summit, El-Sisi urged member states to collaborate effectively to achieve the shared goals of prosperity and development. “I wish you all success in your discussions and deliberations. Together,we can create opportunities that meet the aspirations of our peoples for a brighter future,” he said.
The 11th D-8 Summit represents a significant step towards strengthening economic cooperation and addressing the multifaceted challenges facing developing nations. The initiatives announced promise to foster innovation, collaboration, and sustainable growth within the D-8 member states.
Global Initiative Targets Youth empowerment in Developing Nations
A significant new global initiative is underway,focusing it’s efforts on fostering youth empowerment,boosting international trade,and promoting sustainable economic growth in developing countries. The program aims to equip young people with the skills and resources needed to thrive in a rapidly changing world, while simultaneously strengthening economic ties and promoting environmentally responsible practices.
The initiative recognizes the critical role young people play in shaping the future of their nations. By investing in their potential, the program hopes to unlock significant economic and social progress.This includes providing access to education, job training, and entrepreneurship opportunities, tailored to the specific needs and contexts of each participating country.
A key component of the initiative is its emphasis on sustainable development.The program is designed to support environmentally conscious business practices and promote responsible resource management. This approach aims to ensure that economic growth does not come at the expense of the planet’s well-being, a crucial consideration for long-term prosperity.
While specific details about funding and participating nations are still emerging, the program’s organizers have expressed optimism about its potential impact. “We believe that investing in youth is investing in the future,” said [Insert Name and Title of Spokesperson Here], “This initiative is not just about economic growth; it’s about creating a more just and sustainable world for generations to come.”
The initiative’s focus on trade aims to create new market opportunities for developing nations, fostering economic interdependence and reducing global inequalities. By facilitating access to international markets and providing support for small and medium-sized enterprises (SMEs), the program seeks to empower local businesses and create jobs.
The long-term success of this initiative will depend on several factors, including effective collaboration between governments, international organizations, and the private sector. However,the program’s ambitious goals and commitment to youth empowerment offer a beacon of hope for a brighter future in developing nations,with potential ripple effects felt globally,including within the United States through strengthened international partnerships and increased trade opportunities.
D-8 Summit in Egypt: A New Era for Youth Empowerment and International Trade
Leaders from eight developing nations converged on Cairo for the 11th D-8 Summit, focusing on critical issues like youth empowerment, sustainable economic growth, and international trade. This year’s summit, hosted by Egypt, emphasized the crucial role young people play in driving economic progress and achieving the United Nations’ Sustainable Advancement Goals.
Interview with Dr. yasmine El Masry: Egyptian Economic Development Specialist
senior Editor: Dr. El Masry, welcome to world-today-news.com.The D-8 Summit in egypt seems focused on a truly significant agenda. Can you shed some light on the key objectives of the summit and why they are so crucial for developing countries?
Dr. El Masry: Absolutely. The D-8 represents a vital platform for economic cooperation among some of the world’s most promising emerging markets. This year’s summit, themed “Investing in Youth and Supporting Small and Medium Enterprises: Shaping the economy of Tomorrow,” underscores a crucial shift in development thinking.
Instead of focusing solely on macro-economic indicators, the D-8 is recognizing the incredible potential of young people as drivers of innovation, entrepreneurship, and sustainable growth. Equally crucial is the heightened emphasis on supporting SMEs, which are the backbone of most developing economies.
Senior Editor: So, you see youth empowerment and small business development as interconnected?
Dr. El Masry: Absolutely. SMEs frequently enough face significant barriers to growth, whether it’s access to funding, technology, or international markets. Empowering young people with the skills, resources, and entrepreneurial mindset they need can directly fuel the growth of SMEs and create a virtuous cycle of economic progress.
Senior Editor: One of the key takeaways from the summit is the focus on international trade. How will initiatives like the D-8 preferential Trade Agreement (PTA) help bolster economic growth amongst member countries?
Dr. El Masry: The D-8 PTA is a game-changer. It aims to reduce trade barriers and tariffs among member nations, making it easier and more cost-effective to exchange goods and services. This increases market access for SMEs, promotes regional value chains, and contributes to a more robust and interconnected D-8 economy.
senior Editor: What initiatives were announced at the summit that particularly resonate with you, and why?
Dr. El Masry: I was particularly impressed by the launch of the D-8 Diplomatic Leadership Network. Fostering closer collaboration amongst diplomatic institutions can lead to more effective policy coordination, stronger advocacy for D-8 interests on the global stage, and enhanced cooperation on critical issues like sustainable development and climate change.
Senior Editor: A lot of attention was given to the challenges facing the Middle East and North Africa region during the summit. Can you elaborate on those discussions?
Dr. El Masry: The summit recognized the serious threat regional instability poses to economic progress. The ongoing conflicts in Syria, Lebanon, and the Israeli-Palestinian conflict all cast long shadows over the region’s prospects. There was a strong call for collective action to address these crises, not just for humanitarian reasons but because lasting peace and security
are fundamental prerequisites for sustainable economic growth.
Senior Editor: Dr. El Masry, what is your overall assessment of the D-8 Summit’s potential impact? Are you optimistic about the future?
Dr. El Masry: I am cautiously optimistic. The D-8 summit demonstrates a shared commitment by these eight nations to work together to overcome common challenges and create a more prosperous future.
The emphasis on youth empowerment, sustainable economic growth, and international trade are all positive signs. However, translating aspirations into concrete action will require continued commitment, political will, and collaborative efforts across all levels of government and society.
