Egypt’s PM highlights 4 main challenges facing world economy in IPAs Africa Forum 1 opening

Egypt’s PM highlights 4 main challenges facing world economy in IPAs Africa Forum 1 opening

CAIRO- 11 June 2021: Egyptian Prime Minister Mostafa Madbouli inaugurated Friday IPAs Africa Forum 1 organized by the General Authority for Investment and Free Zones (GAFI). Africa IPAs Forum 1 kicked off in Egypt's Sharm El Sheikh having as slogan "Growth for Integration.“ The forum is the first of its kind and is taking place on June 11-14 with the participation of ministers and chairpersons of investment promotion authorities at 34 African countries. The Egyptian Prime Minister said the world faces four challenges at least. One is COVID-19 and shortage in vaccine supply, particularly to developing countries. Second is limited supply because of the pandemic and decline in maritime shipping. Third is rising inflation rates globally coupled with increasing unemployment rates. Fourth is trade conflicts creating a climate of uncertainty and jeopardizing the geo-political order. Africa's share in the world's GDP is very low contributing by just 2% worth $2.6 trillion, Egypt's PM noted urging the necessity of expanding the manufacturing of more complex goods. "We have to achieve radical industrial transformation changing the African economic structure,“ the Egyptian prime minister asserted. CEO of General Authority for Investment and Free Zones (GAFI) Mohamed Abdel-Wahab points out that Africa's real GDP