Al Mashat Meets Bahraini Sustainable Development Minister & CEO of Economic Development Board of Bahrain
Rana Atef
Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, met with Noor bint Ali Al-Khalifa, Minister of Sustainable Development and CEO of the Economic Development Board of Bahrain, during the Egyptian-Bahraini Government Committee's activities for commercial, economic, scientific, and technological cooperation. The meeting focused on areas of joint cooperation in light of the priorities of both countries and enhancing joint efforts to achieve sustainable development.
Al-Mashat expressed gratitude to the Bahraini side for their warm welcome and hospitality during the committee's activities, emphasizing the importance of the joint committee's meetings between the two countries. The meetings resulted in exchanging views and consultations to strengthen the bilateral relations between the two countries in various fields, particularly in economic, commercial, scientific, and other areas.
The Minister of Planning, Economic Development, and International Cooperation commended the historical relations between Egypt and Bahrain, and the mutual understanding between the two countries on all levels. Dr. Al-Mashat affirmed the Egyptian state's commitment, under the leadership of President Abdel Fattah El-Sisi, to developing cooperation with the Kingdom of Bahrain across all fields and elevating it to the level of strategic relations.
Minister Al-Mashat emphasized the importance of maintaining direct communication between the two sides through ministries and various agencies to reach agreements for joint economic work, open new horizons, and propose emerging fields that align with the rapid changes occurring globally, particularly in the economic and technical cooperation. This would increase trade exchange, reflecting the strength of the relations between the two countries.
Dr. Al-Mashat also praised Bahrain's role and membership in the Industrial Integration Partnership for sustainable economic development, which includes Egypt, the UAE, Jordan, and Morocco. Recently, Qatar and Turkey joined the partnership to strengthen the collective capacity of the countries in achieving regional industrial integration goals.
Minister Al-Mashat reviewed key aspects of Egypt's economic reform experience, including its financial and structural phases, with an ambitious and successful program for creating unprecedented infrastructure and urban development. She pointed to Egypt's accumulated expertise through the establishment of major national projects, including industrial and agricultural zones, modern urban communities, and new cities of the fourth generation.
Dr. Al-Mashat also mentioned the strong relationships with international financing institutions and the Ministry's readiness to enhance efforts to exchange expertise with Bahrain in international cooperation.
The Minister of Planning, Economic Development, and International Cooperation also highlighted the role of the Ministry after the merger in the fields of planning and economic development, preparing long, medium, and short-term sustainable development plans, and ensuring the consistency of implementing sectoral strategies and plans with the national development strategy, the General State Budget Law, and related budget laws.
Dr. Al-Mashat mentioned participating in preparing program and performance plans, taking necessary actions to implement them, diversifying sources of funding for development plans and programs, and enhancing partnerships with the private sector, civil society, and development partners to promote financing for development. Additionally, she reiterated formulating the National Sustainable Development Strategy (Egypt Vision 2030) in coordination with ministries and relevant bodies.
Dr. Al-Mashat welcomed the cooperation and exchange of experiences with Bahrain in areas of sustainable development, preparing voluntary national reports on content and reporting processes, local voluntary reports with a focus on localizing sustainable development goals at the local level in planning. This is in addition to the planning and monitoring investment projects through an integrated electronic system. This includes economic and developmental policy formulation, central, sectoral, and regional-level planning, program and performance budgeting, the government performance monitoring system, improving public investment efficiency, and integrating environmental sustainability standards in development plans, alongside building capacities.
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I am also delighted to welcome His Excellency Rumen Radev, President of Bulgaria, His Excellency Robert Fico, Prime Minister of Slovakia, His Excellency Olzhas Bektenov, Prime Minister of Kazakhstan, His Excellency Adylbek Kasymaliev, Chairman of the Kyrgyz Government, His Excellency Kohir Rasulzoda, Prime Minister of Tajikistan, His Excellency Ali Asadov, Prime Minister of Azerbaijan, Deputy Prime-Minister of Russia Mr. Alexander Novak, Deputy Chairman of the Cabinet of Ministers of Turkmenistan Mr. Nokerguli Ataguliev, who are with us today. I would also like to welcome the distinguished delegations from Russia, China, the United States of America, and the Arab, European, Asian and African countries. Let me express my special gratitude to the heads of the financial institutions working closely with us: Ms. Odile Renaud-Basso, President of the European Bank for Reconstruction and Development, and Ms. Dilma Rousseff, President of the New Development Bank. Today's forum is attended by more than 7.5 thousand delegates, including almost 3 thousand foreign guests from around 100 countries. We see this as a true expression of respect for our country, as well as an indication of mutual trust and close cooperation. Welcome to Uzbekistan, dear friends! Dear participants! The world today is facing big challenges. Serious threats to global security and sustainable development are strengthening, while geopolitical processes are changing rapidly before our eyes. The global arms race is intensifying again. Military spending by major countries has increased by 1.5 times against 2010, reaching $2.5 trillion. Due to the consequences of the economic crisis and a shortage of financial resources global GDP has been declining for three years in a row. Unfortunately, the norms of international law and the power of diplomacy are weakening. Even more regrettably, attention is waning to the most pressing problems of humanity: food security, poverty and climate change. It is more important than ever to restore peace, justice and a shared belief in human dignity around the world. We believe that the situation related to Ukraine must be resolved only through diplomatic means, and we welcome the process of direct negotiations taking place in Istanbul. At the same time, I would like to draw your attention to the ongoing tragedy in Gaza. In the 21st century, the death of so many innocent people before our eyes cannot be justified. The only solution to this problem is a fair settlement of the conflict based on international law and adopted resolutions. The people of Palestine have a right to their own independent state. Another issue on the global agenda is supporting the peaceful and sustainable development of neighboring Afghanistan. Now more than ever, it is crucial to engage in constructive dialogue with the current government of this country on the international stage and to prevent its isolation. After all, stability and economic development in Afghanistan are key factors for the long-term progress of all surrounding regions. On the issues I have just outlined, we urge all our partner states to engage in open and broad-based international cooperation. Because the core theme of the forum is investments that guarantee not only economic development, but also peace and stability! Let us work together to create an investment environment that, alongside generating profit, becomes a strong foundation for upholding human dignity and contributing to societal development! Dear guests! In the current challenging environment, we are focusing our primary attention on maintaining economic stability in Uzbekistan. Our gross domestic product has doubled over the past eight years. 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We are firmly committed to developing green energy to provide our economy with stable energy resources. Over the past short period, nearly $6 billion worth of foreign direct investment has been attracted to this sector. Electricity production has increased from 59 billion to 82 billion kilowatt-hours. In the next five years, this figure will exceed 120 billion kilowatt-hours, and the share of green energy in the energy mix will reach 54 percent. We will also attract $4 billion to upgrade the power grids. In this regard, this year we will transfer the Samarkand power grids, and next year, another 8 regional power grids to private partnership. In addition, we have launched the sale of green certificates and carbon units for the first time. This year, we will join global carbon markets and create a 'Green Uzbekistan' climate investment platform. Secondly, digital technologies and AI are turning into the 'drivers' of the economy. This year alone, IT exports in our country will reach $1 billion. We have enough potential and opportunities to increase this figure fivefold by 2030. Our work has been internationally recognized, and over the year, we have risen 17 positions in the International AI Readiness Index. Next year, 'Cloud Technologies' National Platform will be launched. In the next five years, together with private investors, we will build 20 Data Centers with a capacity of more than 500 megawatts. We will also develop a national model of artificial intelligence that embodies our rich history, values, and new creative ideas. In order to ensure the effectiveness of this system, we have launched the project 'One million AI leaders'. I am confident that together with you, we will turn Uzbekistan into a prestigious IT and Fintech 'hub'. Third, the financial system and technologies are drastically changing in modern world. Recently, together with the International Monetary Fund and the World Bank, we conducted a comprehensive assessment of Uzbekistan's financial sector for the first time. They fully supported our reforms in banking, finance, insurance, and the capital market. In order to take these sectors to the next stage of development a Financial Stability Council will be established in Uzbekistan, as well as cybersecurity and financial technology platforms at the Central Bank. We have also launched major reforms in the insurance system. A National Reinsurance Company and Global Digital Reinsurance Platform have been established. We are witnessing rapid growth of venture capital as an alternative tool for startups. Notably, last year, two local startup companies' capitalization surpassed $1 billion. We are committed to increasing the number of such companies. In this regard, a draft law "On Alternative Investment Funds" has been developed. 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I am confident that our long-term productive relations will bring win-win business cooperation in all key areas. Distinguished investors! We are taking all necessary measures to turn the principle of "New Uzbekistan – a country of vast opportunities for investments" into practical accomplishments. First and foremost, I would like to draw your attention to one important point: it is essential to ensure level playing field for each state within global production chains. Undoubtedly, the World Trade Organization plays a key role in this regard. Therefore, we have set the goal to become a member of this organization next year and we are actively working with our partners. To this end we have harmonized dozens of laws and hundreds of standards to international requirements, and this year we will complete this process in full. 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