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During his participation in an Informal Gathering of World Economic Leaders (IGWEL), Egyptian Foreign Minister Sameh Shoukry emphasized the urgent need for an immediate and permanent ceasefire in Gaza and underscored the necessity for the international community not to merely express aspirations for a two-state solution but also to adopt concrete steps towards its implementation. In a statement, Egyptian Ministry of Foreign Affairs Spokesperson, Director of the Public Diplomacy Department, Ambassador Ahmed Abu Zeid, said that the Foreign Minister participated in the gathering on the enhancement of global security and growth, and took part in a roundtable discussion on trade and supply chains disruptions in the Middle East. The event included the participation of the Presidents of Nigeria and Rwanda, the Managing Director of the International Monetary Fund (IMF), and a significant number of ministers and leaders from the private sector, Abu Zeid added. The roundtable tackles trade and supply chains disruptions in the Middle East, with the participation of the Saudi Minister of Transport, the Jordanian Minister of Foreign Affairs, the CEO of Maersk, and several other prominent figures. This took place as part of the World Economic Forum (WEF) meeting in Riyadh. The Spokesperson stated that Minister Shoukry, during the first event, was keen on exploring ways to resolve the Gaza crisis, as the death toll of the Palestinians in the Israeli war rose to 34,454, while the injured number reached 77,575, in accordance with the latest data from the Health Ministry Office in Gaza on Sunday. Ambassador Abu Zeid indicated that during the roundtable discussion, Minister Shoukry addressed the repercussions of supply chain disruptions in the region on the Egyptian economy. Moreover, he emphasized the importance of the Suez Canal as a vital artery of international trade, highlighting efforts to develop the canal by transforming it into an advanced logistics hub. Today, Minister of Planning and Economic Development, Hala El-Said, revealed that Suez Canal revenues have experienced a decline of 50 percent due to tensions in the Red Sea, in the special meeting of the World Economic Forum (WEF). In 2023, revenues reached $10 billion, but in 2024, there was a sharp drop as numerous ships opted to divert through the Cape of Good Hope to avoid attacks in the Red Sea. This decline is expected to impact Egypt's foreign currency earnings and contribute to the rise in food and energy prices. Additionally, Minister El-Said reiterated Egypt's possession of the necessary infrastructure to facilitate the entry of international businesses into markets across Africa, the Middle East, and Europe. Egypt is actively overseeing the implementation of 80 port projects, with a total investment of LE 129 billion, in collaboration with 100 private sector companies. It is worth mentioning that Egypt aims to increase the private sector's contribution to the national economy to 65 percent by 2026, with the current percentage approaching 42 percent and expected to reach 50 percent in the fiscal year 2024/2025, according to Minister El-Said. In February, Chairman of the Suez Canal Authority, Osama Rabie, disclosed that revenues had declined by 46 percent in January 2024, amounting to $428 million compared to $804 million in January 2023. Rabie further explained that ship transit traffic had decreased by 30 percent from January 1 to 11, compared to the same period the previous year. Egypt Today
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