In the current context of developing countries, the economic challenges they face are significant obstacles on the path to prosperity and development. President Abdel Fattah al-Sisi highlighted the complexity of these issues at the 11th D-8 Economic Cooperation Organization Summit, hosted by Egypt.
Among the main challenges identified are the lack of financing, escalating debt, the growing digital and knowledge gap, as well as high rates of poverty, hunger and unemployment, especially among the youth. These challenges severely hamper any hope of progress and growth for these countries.
To address these challenges, it is essential to encourage enhanced cooperation among developing countries. The implementation of joint projects and initiatives in various fields such as information and communication technologies, the digital economy, artificial intelligence applications, agriculture, manufacturing and renewable energy, especially green hydrogen, is crucial.
Supporting and developing small and medium-sized enterprises is also crucial, as they are real drivers of development for developing countries. Despite the economic diversity of the Member States, there is a shared understanding on the importance of exchanging successful experiences to achieve the Sustainable Development Goals.
Egypt, under the D-8 Presidency, announced several initiatives to strengthen cooperation among Member States, such as launching a network for directors of diplomatic institutes and academies, organizing an online competition for pre-university students in the fields of science, engineering and applied technology, and establishing a cooperation network between economic think tanks of the Member States to exchange ideas on promoting economic cooperation and trade and investment rates.
Periodic meetings of the Ministers of Health of the Member States will also be initiated, with the first meeting in Egypt in 2025, to discuss the use of advanced technological and scientific applications to develop this vital sector. Egypt’s intention to ratify the organization’s Preferential Trade Agreement was also highlighted, emphasizing the importance of strengthening intra-D-8 trade.
The President highlighted the importance of the timing of the summit, as the world and the Middle East face unprecedented challenges and crises, including conflicts, wars, economic protectionism, and double standards.. He made particular mention of the continuing Israeli war against the Palestinian people, which defies international legitimacy, and warned of the risks of the conflict spreading to other countries.
The D-8, an economic cooperation organization comprising Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan and Turkey, aims to improve the position of member states in the global economy, diversify and open up new opportunities in trade relations, increase participation at the international level and improve living standards.
In conclusion, strengthening cooperation and joint initiatives within the D-8 is vital to overcome the major challenges facing developing countries. Only concerted action and increased collaboration will make it possible to advance sustainable and equitable development for all members of the organization.