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East Mediterranean Gas Forum Achieves Distinct Outcomes

East Mediterranean Gas Forum Achieves Distinct Outcomes
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East Mediterranean Gas Forum Achieves Distinct Outcomes

East Mediterranean Gas Forum Achieves Distinct Outcomes

Egyptian Minister of Petroleum Tarek al-Mulla said the East Mediterranean Gas Forum (EMGF) has achieved “distinct outcomes” in regional cooperation among participating states.

“The EMGF is a model for successful regional economic cooperation,” the ministry quoted Mulla as saying during his participation via video conference in the World Economic Forum’s (WEF) Regional Energy Work Group in the Middle East and North Africa (MENA) regions.

Participants reviewed global economic dynamics and their impact on the Middle East region, as well as global investment conditions in light of the current economic conditions.

It was attended by US Secretary of Commerce Wilbur Ross, CEO of UAE’s Mubadala Investment Company Khaldoun al-Mubarak, CEO of the UAE’s Crescent Petroleum Majid Jafar, and WEF President Borge Brende.

More than 60 oil and energy ministers participated in the meeting as well, in addition to several heads of major international oil companies (IOCs) and energy experts.

Mulla briefed participants on the status of global energy markets, especially in Egypt, in light of the geo-economic conditions and the challenges posed by the pandemic.

He shared Egypt petroleum sector’s exceptional work in the past six years in various oil, gas, and petrochemical fields, noting that it has managed to contain the repercussions of the pandemic by adopting several packages for economic reform and development.

The meeting also reviewed the global economic dynamics and their impact on the Middle East and global investment in light of current economic conditions.

The Work Group was launched by the WEF in April, in response to the challenges posed by the coronavirus crisis, which significantly affected the health sector and the economy.

The Cairo-based EMGF was established in January 2019 and aims at coordinating policies on natural gas exploration to attain regional countries’ common interests.

Current members are Egypt, Cyprus, Israel, Greece and Italy. Representatives of other countries, including Palestine and Jordan, are also participating in the meetings.

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French People Need to Work More to Boost Growth, Minister Says

French Minister for the Economy, Finance and Industry Antoine Armand arrives to attend a governmental seminar at the Hotel Matignon in Paris, on November 4, 2024. (AFP)
French Minister for the Economy, Finance and Industry Antoine Armand arrives to attend a governmental seminar at the Hotel Matignon in Paris, on November 4, 2024. (AFP)
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French People Need to Work More to Boost Growth, Minister Says

French Minister for the Economy, Finance and Industry Antoine Armand arrives to attend a governmental seminar at the Hotel Matignon in Paris, on November 4, 2024. (AFP)
French Minister for the Economy, Finance and Industry Antoine Armand arrives to attend a governmental seminar at the Hotel Matignon in Paris, on November 4, 2024. (AFP)

People in France must work more, Finance Minister Antoine Armand said on Monday, adding that the fact that French people worked less than their counterparts in Europe was harming the economy due to lower tax contributions and social security payments.

The government is examining reforms to speed up its sluggish economic growth, although changes to work practices are often opposed by trade unions.

"On average, a French person works clearly less than his neighbors, over the course of a year," Armand told C News TV.

"The consequence of this is fewer social security payments, less money to finance our social models, fewer tax receipts and ultimately fewer jobs and less economic growth."

France, the euro zone's second biggest economy, wants to cut its public deficit to a targeted 5% of GDP by 2025.

The country's 35-hour work week, introduced in 2000, has typically been fiercely defended by trade unions, while reforms to France's pension system have also faced widespread protests.

"Let's all work a bit more, collectively speaking, starting off by making sure that everyone respects the working hours that they have been given, in all sectors," Armand said.