What does the Egyptian economy gain by hosting the 2022 climate summit?

It seems that the Egyptian economy will be in top of the list of winners of the Egyptian hosting of the Climate Summit (COP27), as the holding of the global summit attended by more than 190 countries and attended by more than 40,000 participants, is a testimony of confidence in the state of security stability in Egypt. The summit will also promote Egyptian tourism and Sharm el-Sheikh, one of Egypt’s largest tourist cities.

In his remarks, Dr Ashraf Ghorab, an economics expert and vice-president of the Arab Union for Social Development in the Arab League of States’ system of action, said the climate summit “gives a message to the world on security, stability. political and economic benefits that Egypt enjoys, as well as confirming the political, regional and international weight of Egypt. “It brings many economic and political benefits to Egypt and the entire African continent”.

He explained that the Egyptian hospitality of an important global event “acquires political and economic weight at the international level due to its interest in solving the issue that occupies the whole world”, adding that “the presence of all leaders and leaders in Egypt in light of the security and stability it enjoys gives a message to the whole world with the safety, security and stability it enjoys, it is an important message that attracts foreign investments because the investor is always looking for stability, in addition to the investment climate enjoyed by Egypt, which is ready to attract investment “.

He stressed that holding the summit in Sharm el-Sheikh, which is one of the most important tourist cities in the world, in addition to the increase in the groups of archaeological sites in Egypt, is “the largest promotion, marketing and advertising for Egypt tourism, in as it contributes to attracting foreign tourists from all over the world, and this is beneficial for increasing revenue in hard currency.

He also stressed that there is a unified African position on climate change issues to be put on the negotiating table at the Climate Summit, in concurrent with Egypt’s adoption of decisive policies and major efforts to support the green transition, adding that the African continent is the region most affected by climate change and is expected to benefit the most from the conference and reaching agreements radicals to solve the continent’s problems of desertification, drought and hurricanes in its countries.

He claimed that “hold the summit in Egypt is an opportunity to open wide horizons with the international companies that will participate in the summit, in order to attract their investments in Egypt, especially with the availability of energy at lower prices than in Europe, in addition to the presence of important economic zones within them, which have all the means to stimulate investments. “He stressed that the Climate Summit is a good opportunity to launch environmentally friendly projects in Egypt and open the doors to local and foreign investments in it.

At the same time, Egypt aims to open the doors to investment in green energy projects such as green hydrogen projects, in addition to the summit which represents an opportunity to achieve this goal, especially with the presence of investors in the field of clean environment and green economy to learn about Egypt’s capabilities and great investment opportunities available to them in this field.

The economic expert and vice-president of the Arab Union for Social Development in the Arab Labor System of the League of Arab States indicated that it is possible to increase the investments of companies working in the sectors of setting up solar plants, especially after these companies have completed a large number of solar power plants in Sharm El Sheikh, which transformed it in a green city.

He explained that the opportunity is available to create solar panel factories by exploiting the important elements found in black sand and materials prime available in Egypt, noting that the supply of electricity from solar energy, wind energy and other clean energy sources contributes to increasing energy sources, which provides a large amount of natural gas and electricity to increase the percentage of its exports and increase revenues from hard currency.

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