President Abdel Fatah al-Sisi inaugurated the 15 Arab International Mineral Resources Conference taking place on November 26-28, 2018 in Cairo, Egypt. TV Screenshot
CAIRO - 26 November 2018: President Abdel Fatah al-Sisi inaugurated the 15 Arab International Mineral Resources Conference taking place on November 26-28, organized by the Arab Industrial Development and Mining Organization, and hosted by Egypt, the new chair of the organization.
The Mining Sector in Egypt
Minister of Petroleum and Mineral Resources Tarek al-Mulla said that mining laws and regulations in Egypt do not match international standards. As a result, foreign investors have refrained from entering the sector so it has been deprived of international expertise for decades. Another challenge cited by the minister is informal mining.
The ministry targets that the mining sector contributes to the GDP by two percent after completing certain reforms in collaboration with different state institutions. In 2018, an international firm was hired to set a strategy that would rehabilitate the sector finishing the first phase. That consists of comparative studies and action plans encompassing draft law amendments and capacity building.
The Cabinet has issued a primary approval of mining amendments put forward by the ministry. “The Arab World is home to the third of world’s minerals,” Mulla stated.
Saudi Minister of Energy, Industry, and Mineral Resources, and former chair of the organization Khaled al-Faleh said that Egypt and the Kingdom of Saudi Arabia are geologically related which offers precious opportunities for mutual cooperation in the mining sector.
The minister stated that the Arab World has a variety of mineral resources, and that its countries must take advantage of that since the mining sector feeds basic, and transformative industries being an essential component of all goods used in daily life.
Faleh urged the Arab countries to double their efforts to develop the mining sector by creating an environment favorable for investment, and strengthening the economic integration among them. “We passed a milestone in the support for Arab coordination and exchange of expertise in the mining sector,” Faleh said.
As energy is part of the mining sector, Secretary General of the Arab League Ahmed Abou El Gheit stressed that the need for energy has been increasing worldwide to meet development needs. The secretary general highlighted the importance of adopting efficient strategies in the sector representing an economic pillar and a drive for development in many Arab countries.
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