CAIRO: The 2006 World Economic Forum (WEF) will be hosted this year by Egypt from May 20-22 in Sharm El-Sheikh, the country’s red sea tourist attraction.
According to a statement issued by the Ministry of Trade and Industry, the WEF decision to come to Egypt “reflects the forum s recognition of Egypt s long-standing commitment to working for peace and stability in the region.
The WEF on the Middle East in Sharm El-Sheikh next May will gather leaders to deliberate political, social and economic affairs of this important part of the world, said WEF Managing Director Andre Schneider at a press conference after signing a memorandum with the Egyptian government on preparation for the international gathering.
The Middle East is experiencing an economic boom, driven by giant oil discoveries, which has resulted in substantial liquidity for investment.
Egypt is no exception to this. The country’s energy boom (especially in natural gas) has led international companies to flock to Egypt and stake a claim on the industry’s growth.
With the support of a profit minded government, FDI’s have increased, embracing the new opportunities placed before them by the government and, as a result, aiding in boosting the overall economy of Egypt and the region.
The current healthy state of the Egyptian economy (derived from vigorous political activity and initiatives) has given rise to optimism, the one emotion needed to combat the challenges that need to be met in order to continue the current flourishing economic trend.
According to the official Web site of the WEF, The World Economic Forum on the Middle East will focus on such challenges, shaping the regional agenda toward bold decisions that will provide hope and opportunity for young people. Job creation, according to WEF, must be at the heart of the region’s future, and the business agenda and labor market issues will form the core of a comprehensive program.
Other sub-themes will cover the rule of law, peace, security and international relations, and issues of youth, culture and identity, according to WEF.
Participants will be drawn from the highest level of government and business, as well as top experts and civil society representatives, including the Egyptian prime minister, and the ministers of investment and trade and industry.
The WEF decision to come to Egypt reflects the forum s recognition of Egypt s long-standing commitment to working for peace and stability in the region, said the Minister of Trade and Industry in a statement quoted in a report by the official MENA news agency.
Egyptian officials also said they hoped the meeting would further boost Egypt s tourism industry while highlighting the country s political and economic reform process, according to the report.
The WEF will also garner publicity for the country, as major news networks provide coverage of the event and vie for exclusive interviews with keynote speakers. Just recently, at the last WEF annual meeting in Davos, Switzerland, CNN aired their interviews with Egypt’s Trade and Industry Minister and Arab League President Amr Moussa.
The WEF is a prestigious nonprofit organization, founded in 1971 in Switzerland. It has served as a major venue for business, political and intellectual leaders to talk about pressing issues in the world.