Engineer Karim Badawy, Minister of Petroleum and Mineral Resources, opened the Critical Minerals Forum of the Organization for Economic Cooperation and Development in Istanbul, representing the Arab Republic of Egypt as the keynote speaker. This event featured prominent international participation, including ministers from various countries and representatives from specialized international organizations.
The forum was attended by Mr. Mathias Cormann, Secretary-General of the OECD, and Mr. Alperen Arslan, Turkish Minister of Energy and Natural Resources, reflecting the event's significance on both regional and international levels.
Event Details
Minister Badawy participated in a high-level ministerial dialogue session, alongside several prominent ministers, such as Mr. Bandar Al-Khorayef, Saudi Minister of Industry and Mineral Resources, Mr. Mike Kop, Senior Advisor to the U.S. Secretary of Energy, and Mr. Rohit Dehwan, President and CEO of the International Council on Mining and Metals.
During the session, Minister Badawy presented Egypt's ambitious vision to maximize the benefits from the mining sector's capabilities, indicating that the Egyptian government prioritizes this sector, recognizing its vital role in supporting the national economy and creating added value.
Background & Context
Egypt aims to raise the mining sector's contribution to GDP from currently less than 1% to approximately 6% by unlocking the sector's full potential, developing operational mechanisms, and improving the investment climate. The minister also announced the commencement of a comprehensive geophysical airborne survey for minerals in June, the first of its kind since 1984.
Providing accurate geological data is a fundamental pillar for enhancing the assessment of mineral resources and presenting more attractive investment opportunities, which contributes to accelerating investment decisions.
Impact & Consequences
Minister Badawy confirmed that Egypt possesses promising components for developing the mining sector, including rich geological resources and mineral extensions with neighboring countries. He also highlighted the advanced infrastructure that supports transportation, export operations, and the localization of mining industries.
The availability of energy sources and the expansion of renewable energy projects are pivotal factors in supporting mining and industrial development, aligning with the state's direction to increase the contribution of renewable energy to the electricity mix by 2028.
Regional Significance
Egypt is working to develop a more stable and attractive investment environment in the mining sector by updating legislative and contractual frameworks, thereby enhancing cooperation opportunities between governments and the private sector.
The minister emphasized the importance of integrating efforts among various parties to ensure the employment of the latest technologies in exploration and mining operations, focusing on the increasing role of artificial intelligence and modern technologies.
He concluded by stressing the importance of enhancing international cooperation in developing business models for mineral exploitation, contributing to supporting global supply chains and establishing high-value-added manufacturing industries.