U.S. Secretary of State John Kerry (R) walks to his motorcade after being greeted by U.S. Ambassador to Egypt Stephen Beecroft (L) in Sharm el-Sheikh March 13, 2015, where Kerry is scheduled to participate in the Egypt Economic Development Conference (Photo: Reuters)
Leading global figures in politics, business and academia arrived in Sharm El-Sheikh on Friday for the opening of Egypt's economic development conference, which is scheduled to last until Sunday.
Speaking from the resort town, Prime Minister Ibrahim Mahlab expressed his excitement "to welcome the world to Egypt", according to a press statement issued by the conference.
“This conference marks an important milestone in the government’s economic and investment roadmap, which aims to bring investment and stability in the region and deliver prosperity for our people," added Mahlab.
A total of 112 countries will be represented at the conference, including more than 30 heads of state. The presidents of the International Monetary Fund and the World Bank, Christine Lagarde and Jim Yong Kim, have also confirmed their participation.
US Secretary of State John Kerry has also arrived and plans to address the summit on Friday.
The highly anticipated event will begin with an address by President Abdel-Fattah El-Sisi on Egypt’s economic roadmap and its potential for future growth.
The conference will also include presentations from GE Chairman and CEO Jeff Immelt, Siemens President and CEO Joe Kaeser, Nobel Laureate Ahmed Zewail, BP Group CEO Bob Dudley, International Finance Corporation CEO Jin Yong Cai and many others.
Egypt is hoping to lure back investors to bolster its economy, which has been battered by four years of political upheaval. The conference will showcase the coutnry’s latest fiscal and legal reforms, along with investment opportunities.
Besides presenting Cairo’s economic vision, the conference will also see various investment opportunities and projects in a variety of sectors presented to potential investors.