Dr Mahmoud Mohieldin addressing the event at Nile University in Egypt.
He made his remarks while moderating a session titled “A Panoramic Perspective of Risks and Opportunities” at the 29th Annual Conference of the Economic Research Forum, hosted by Nile University under the theme of “The Future of MENA Development Path: Risks and Opportunities in an Emerging World Order.”
The session included the participation of Rania Al-Mashat, Egypt’s minister of international cooperation; Jeffrey Sachs, a distinguished American economist; Klaus Schmidt-Hebbel, a professor at Universidad del Desarrollo in Chile; Saba Almubaslat, MENA regional director of the Ford Foundation; and Hassan Hakimian, a professor of economics at Hamad Bin Khalifa University.
Mohieldin, who is also the UN special envoy on financing the 2030 sustainable development agenda, pointed out that during Egypt’s presidency of the most recent UN climate change conference, the country emphasised the most crucial factors for achieving development and prosperity.
These factors include the need to implement all sustainable development goals holistically, without sacrificing one goal for the sake of another. Additionally, he stressed the importance of moving beyond promises and pledges and immediately implementing comprehensive development measures.
During the session, the speakers underscored that the world, not just the MENA region, faces significant and successive crises, including geopolitical, economic and military conflicts, as well as environmental and climate disasters that pose threats globally.
The speakers agreed that no MENA country can successfully overcome the consequences of these crises and achieve development goals in isolation. They emphasised the importance of regional cooperation at all levels, fostering peaceful relations with neighbouring regional powers, maintaining diplomatic balance by treating all powers equitably, such as Russia, China, the United States and Europe, and capitalising on mutually beneficial relationships. Furthermore, they stressed the significance of drawing lessons from the successful experiences of different countries.
The speakers also highlighted the importance of the region’s countries developing long-term investment strategies, and implementing effective planning across various fields to overcome economic crises and obstacles to sustainable development. They emphasised the interconnection of all sustainable development goals (SDGs) and the need to increase investment in scientific research and the application of technological solutions in various sectors.
Furthermore, the speakers emphasised the urgent need to restructure the global financial system to ensure fairness and enable regional countries to mobilise necessary funding for implementing their development plans while alleviating debt burdens. They also called for international development finance banks to adopt policies for concessional financing.
Finally, the speakers emphasised the importance of involving the private sector in financing and implementing development and climate action, as well as engaging all stakeholders in transitioning toward green, inclusive and digital economies.
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