Egypt Independent

Mubarak: Finance crisis shows need for global system



President Hosni Mubarak asserted during the 14th summit of the Group of 15 (G-15) held in Tehran that global economic recovery and the realization of sustainable development require continued coordination among members of the International community more than ever in order to establish an equitable system based on common interests.

Investment Minister Mahmoud Mohie el-Din gave the speech on Mubarak’s behalf, in which he stressed the necessity of activating common investment projects among countries of the G-15. He asserted that developing countries faced obstacles that couldn’t be resolved through coordination between countries of the South alone, but call for active dialog between both South and North, as well as more interactivity with development partners in countries of the North in fields such as trade, investment, resource administration and environmental affairs.

Mubarak also emphasized that it was time for the political bloc to activate its role and reconsider its agenda in order to develop a viable framework for cooperation.

At the end of the speech, Mubarak noted the importance of analyzing global society and its requirements, pointing out that cooperation among member countries should be enhanced in order to pool their abilities to counter economic challenges. He pointed to the necessity of intensifying cooperation through four axes, including investment in human resources, achieving economic stability, increasing international economic cooperation and investment in infrastructure.

Translated from the Arabic Edition.