The Financial World Foundation for Press, Printing, and Publishing recognized Amb. Soha Gendy, Emigration Minister, for her contributions to economic empowerment and support for Egyptians living abroad. She was honored as one of the leaders chosen by the public in the newspaper’s referendum. The newspaper’s referendum sought individuals with a vision and commitment to sustainability in the Egyptian economy during the challenging year of 2023.
The ceremony was attended by prominent figures, including Minister of Tourism and Antiquities Ahmed Issa, Dr. Fakhri Al-Feki, Chairman of the Planning and Budget Committee of the House of Representatives, as well as members of the House of Representatives and the Senate, and heads of economic institutions.
In her speech, Gendy expressed her appreciation for the recognition and praised the Financial World Foundation for Press, Printing, and Publishing. She considered it a great honor, as the public’s choice through the referendum reflects the level of recognition and appreciation for the efforts made on their behalf. The recognition also signifies the tangible impact of these efforts in facilitating the lives of Egyptians abroad and strengthening their connection to their homeland.
The Minister elaborated on the ministry’s strategy, which aims to effectively link Egyptians abroad with the development initiatives of the Egyptian state. She emphasized the ministry’s commitment to maintaining continuous and meaningful communication with Egyptian citizens and investors residing abroad. The ministry focuses on addressing their issues, responding to their demands and proposals, and removing any obstacles they may face. Enabling Egyptians abroad to actively participate in supporting the national economy is a primary goal of the ministry, which it pursues with utmost seriousness and integrity.
Gendy underscored the significance of the participation of Egyptians abroad in bolstering the Egyptian economy. She highlighted that remittances from Egyptians overseas constitute a vital source of foreign currency income for the country. However, she acknowledged a decrease in remittances in 2022/2023. She attributed it to various factors such as the global impact of the COVID-19 pandemic, resulting in the closure of businesses and layoffs of Egyptian workers abroad. Additionally, she mentioned challenges related to exchange rates, the presence of a black market for the dollar, geopolitical crises like the Russian-Ukrainian war, disruptions in the supply chain, high global inflation rates, and fluctuations in oil prices. These factors have contributed to slower economic growth in high-income countries, thereby affecting financial transfers to low- and middle-income countries during the crisis-ridden year of 2023.
