Prime Minister Mostafa Madbouly delivered a speech during the session on “Enhancing Multilateralism and Economic, Financial, and Artificial Intelligence Affairs” as part of his participation, on behalf of His Excellency President Abdel Fattah El-Sisi, in the proceedings of the 17th edition of the BRICS summit hosted in Rio de Janeiro, Brazil, on 6th and 7th July.
At the beginning of his speech, the Prime Minister expressed his sincere gratitude to His Excellency Brazilian President Lula da Silva for hosting them today and welcomed the heads of state and government from partner countries in the BRICS group participating in the summit.
Dr. Mostafa Madbouly added that this meeting comes at a time when the world is suffering from complex crises and challenges, as well as a decline in multilateral action and the effectiveness of the international system.
He continued by stating that developing countries are facing increasing burdens of debt servicing, inflation, and difficulties in accessing adequate financing for developmental infrastructure projects for their citizens to ensure a better quality of life.
He remarked that this situation has been further complicated by geopolitical tensions and conflicts, especially in the Middle East, resulting in additional challenges such as illegal migration and the displacement of populations from their homelands as refugees or illegal migrants.
The Prime Minister stated that Egypt believes in the necessity of strengthening the multilateral system, with the United Nations at its core, to face the escalating and multifaceted challenges we encounter.
He affirmed that Egypt firmly believes in the importance of enhancing cooperation and overcoming common challenges, highlighting several key points in this context.
Dr. Mostafa Madbouly noted that our countries face significant challenges in achieving sustainable development, with the financing gap for development exceeding 4 trillion dollars annually in developing countries, stating: “Thus, we must ensure that developing countries have access to affordable financing.”
He added: “In this regard, I would like to emphasize the role of the New Development Bank in providing affordable financing, particularly in local currencies, and its ‘New Investment Platform’ aimed at executing joint investments, especially among private sector institutions in our countries.”
The Prime Minister asserted that we must enhance cooperation among the central banks of BRICS countries and advance our efforts to enable financial settlements in local currencies in line with the BRICS initiative for cross-border payments.
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He further added: “I would like to highlight the important role of the private sector and the significance of strengthening links and communication between the private sectors of BRICS countries and partner countries to implement joint projects in various fields, especially in energy, manufacturing, and agriculture.”
He confirmed Egypt’s welcoming of the Brazilian presidency’s efforts in drafting the “BRICS Leaders’ Statement on Global Governance of Artificial Intelligence,” which represents a solid foundation for enhancing our cooperation and ensuring equitable access to advanced technologies, as well as addressing the digital divide between developed and developing countries.
Dr. Mostafa Madbouly continued that our countries need to formulate an effective roadmap for knowledge and technology transfer, as well as capacity building in advanced and emerging technologies, particularly artificial intelligence.
In conclusion, the Prime Minister reiterated Egypt’s full commitment to enhancing joint cooperation with BRICS member countries to contribute to achieving our common goals.
(Except for the headline, this story has not been edited by PostX News and is published from a syndicated feed.)
