Tarek Al-Gamal: B20 Summit highlighted the Importance of building resilient Global Value Chains Young Population in Africa and India will the global economy growth by 2050
Eng. Tarek ElGamal, Chairman of REDCON Group, emphasized the importance of the discussions organized as part of the Business Leaders’ Summit “B20,” especially the recommendations put forth by the attending policymakers, economic experts, and business leaders from around the world.
This comes following ElGamal’s participation in the B20 Summit in New Delhi, India, representing the African Business Leaders Coalition “ABLC”, which is affiliated with the United Nations Global Compact initiative.
ElGamal commented that the B20 Summit’s activities represent a pivotal step in deepening private sector engagement in sustainable development, with over 1,500 business leaders and 172 policymakers participating under the supervision of 10 world leaders, contributing to accelerating sustainable development across various sectors within the framework of the G20 most significant supporting events, to which Egypt was invited.
Future of Global Economy
“The future of the global economic growth will depend on Africa and India, as projections indicate that Africa’s population is expected to double by 2050, currently standing at 1.3 billion people,” said ElGamal. “That’s why we have to focus on accelerating African economic integration, by supporting continental trade, investing in human capital to foster innovation, and enhancing sustainable development across all sectors.”
ElGamal also highlighted the importance of international efforts to build sustainable partnerships with Africa, aiming to support global value chain diversification as one of the proposed solutions to avoid the current global economic crises faced by all countries.
Recommendations for Achieving Sustainable Development
ElGamal drew attention to the recommendations presented by the B20 to the G20 Summit leaders, which should be implemented to accelerate global economic recovery and achieve sustainable development. These recommendations include the establishment of a Global Sustainable Development Acceleration Fund (GSAF) aimed at financing recovery efforts, enabling African countries to achieve the goals of comprehensive agricultural development in the continenet, and respond to the impacts of climate change. Additionally, increasing private sector participation to achieve global financial inclusion, applying the principles of circular economy, along with funding sustainable and resilient infrastructures, with a focus on healthcare, energy, and digital infrastructures. This also involves setting a global standard for green data centers.
Meetings for Collaboration
On the sidelines of the summit, ElGamal met with a group of representatives from Egyptian and international organizing bodies and associations, which included talks with Eng. Tarek Tawfik, Vice Chairman of the Federation of Egyptian Industries (FEI), member of the Board of Directors of the FEI Food Industries Chamber at the Federation of Industries, and the President of the American Chamber of Commerce in Cairo.
ElGamal also met with Mr. Natarajan Chandrasekaran, President of the B20 Summit and CEO of Tata Sons, and Mr. Bernard Looney, CEO of British Petroleum (BP), and Mr. Mark Carney, the UN Special Envoy on Climate Action and Finance, and the President of Brookfield Asset Management.
This edition of the B20 Business Summit was held under the theme “R.A.I.S.E,” which stands for “Responsible, Accelerated, Innovative, Sustainable, and Equitable Business.”