Riyadh: Egypt Struggles Under Pressure in the Red
Tensions in the Red Sea are taking a toll on Egypt, adding to the challenges posed by recent global crises like the war in Ukraine and the pandemic, according to the country’s minister of planning and economic development at the World Economic Forum special meeting. Hala Elsaid Younes highlighted the impact of various crises on Egypt’s economy, from climate change problems to the conflict in Gaza.
Combatting Challenges Through Investment
Younes emphasized Egypt’s focus on controlling inflation and investing in its labor force and infrastructure to address the ongoing crises. The disruptions in the Red Sea have led to a significant decrease in profits, prompting the country to invest in building more ports and high railways to boost exports.
Pivots in the Petrochemical Industry
CEO of petrochemical firm Indorama Ventures, Aloke Lohia, discussed the need for significant changes in response to the shifting geopolitical landscape and consumer demands. The company is reducing its capacity by 10% and exploring manufacturing opportunities in countries like India.
Seeking Leadership and Partnerships
US Congressman Brad Schneider stressed the importance of leadership and partnerships in navigating the complexities of global trade. South Korean Minister Ahn Duk-geun highlighted the need to manage industrial competition to prevent disruptions in global trade.
Risks of Artificial Intelligence
Clifford Kupchan, CEO of Eurasia Group, raised concerns about the risks associated with artificial intelligence falling into the wrong hands. He warned of the potential for creating deepfakes and destructive weaponry, which could disrupt world powers and escalate tensions between countries like the US and China.