May 19, 2020

UK and Egypt announce joint economic partnership at The UK-Africa Investment Summit

UK
Egypt
The UK-Africa Investment Summit
Maureen Maingi
2 min
UK and Egypt announce joint economic partnership at The UK-Africa Investment Summit

It has been officially announced that following the UK-Africa Investment Summit, the UK and Egypt are going to enter an economic partnership. 

The UK-Africa Investment Summit, which took place earlier this week, has been hailed as an enormous success. The event, which took place in London and welcomed 16 African leaders, sought to present the UK as an investment partner of choice to the nation and its leaders. Of the many agreements and partnerships to emerge from the summit, the Secretary of State for International Development of the United Kingdom Alok Sharma and Minister of International Cooperation for the Arab Republic of Egypt Dr. Rania Al-Mashat have agreed in a joint statement to enhance economic cooperation.

Secretary of State for International Development of the United Kingdom Alok Sharma said: “The UK is committed to deepening its bilateral cooperation with Egypt and growing our strong trading relationship. Our joint statement paves the way for us to intensify our economic partnership and support Egypt to develop a sustainable economy that can benefit future generations.”

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The event had already seen a number of new partnerships emerge, including a partnership between Africa’s leading data provider, Asoko Insight and UK’s Department for International Trade (DIT), to create a digital DealRoom at the summit, which would facilitate UK investments in Africa. 

Minister of International Cooperation of Egypt Dr. Rania Al-Mashat said: “The UK is a strategic partner to Egypt and I look forward to strengthening the cooperation between our two countries. Together, we will work on the full implementation of the programs in our joint statement, which are designed to achieve sustainable economic growth by delivering on Egypt’s 2030 vision consistent with the UN Sustainable Development Goals.”

For more information on business topics in the Middle East and Africa, please take a look at the latest edition of Business Chief MEA.

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Jun 11, 2021

G7 Summit guide: What it is and what leaders hope to achieve

G7
Sustainability
G7Summit
EU
3 min
Business Chief delves into what the G7 is and represents and what its 2021 summit hopes to achieve, in terms of sustainability and global trade

Unless you’ve had your head buried in the sand, you’ll have seen the term ‘G7’ plastered all over the Internet this week. We’re going to give you the skinny on exactly what the G7 is and what its purpose on this planet is ─ and whether it’s a good or a bad collaboration. 

 

Who are the G7?

The Group of Seven, or ‘G7’, may sound like a collective of pirate lords from a certain Disney smash-hit, but in reality, it’s a group of the world’s seven largest “advanced” economies ─ the powerhouses of the world, if you like. 

The merry band comprises:

  • Canada
  • France
  • Germany
  • Italy
  • Japan
  • The United Kingdom
  • The United States

Historically, Russia was a member of the then-called ‘G8’ but found itself excluded after their ever-so-slightly illegal takeover of Crimea back in 2014.

 

Since 1977, the European Union has also been involved in some capacity with the G7 Summit. The Union is not recognised as an official member, but gradually, as with all Europe-linked affairs, the Union has integrated itself into the conversation and is now included in all political discussions on the annual summit agenda. 

 

When was the ‘G’ formed?

Back in 1975, when the world was reeling from its very first oil shock and the subsequent financial fallout that came with it, the heads of state and government from six of the leading industrial countries had a face-to-face meeting at the Chateau de Rambouillet to discuss the global economy, its trajectory, and what they could do to address the economic turmoil that reared its ugly head throughout the 70s. 

 

Why does the G7 exist?

At this very first summit ─ the ‘G6’ summit ─, the leaders adopted a 15-point communiqué, the Declaration of Rambouillet, and agreed to continuously meet once a year moving forward to address the problems of the day, with a rotating Presidency. One year later, Canada was welcomed into the fold, and the ‘G6’ became seven and has remained so ever since ─ Russia’s inclusion and exclusion not counted. 

 

The group, as previously mentioned, was born in the looming shadow of a financial crisis, but its purpose is more significant than just economics. When leaders from the group meet, they discuss and exchange ideas on a broad range of issues, including injustice around the world, geopolitical matters, security, and sustainability. 

 

It’s worth noting that, while the G7 may be made up of mighty nations, the bloc is an informal one. So, although it is considered an important annual event, declarations made during the summit are not legally binding. That said, they are still very influential and worth taking note of because it indicates the ambitions and outlines the initiatives of these particularly prominent leading nations. 

 

Where is the 2021 G7 summit?

This year, the summit will be held in the United Kingdom deep in the southwest of England, with Prime Minister Boris Johnson hosting his contemporaries in the quaint Cornish resort of Carbis Bay near St Ives in Cornwall. 
 

What will be discussed this year? 

After almost two years of remote communication, this will be the first in-person G7 summit since the novel Coronavirus first took hold of the globe, and Britain wants “leaders to seize the opportunity to build back better from coronavirus, uniting to make the future fairer, greener, and more prosperous.”

 

The three-day summit, running from Friday to Sunday, will see the seven leaders discussing a whole host of shared challenges, ranging from the pandemic and vaccine development and distribution to the ongoing global fight against climate change through the implementation of sustainable norms and values. 

 

According to the UK government, the attendees will also be taking a look at “ensuring that people everywhere can benefit from open trade, technological change, and scientific discovery.” 

 

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