Dhaka, Bangladesh: Egypt is counting on India, China, Japan and Russia in the changing world order, top Egyptian official Aly Houssam El-Din El-Hefny has said while criticising US influence in the Middle East and Africa.
El-Hefny currently serves as the Secretary-General in the Egyptian Council of Foreign Affairs and previously served as the Egyptian ambassador to China, Hungary, Mexico, Belize and Mongolia.
In an exclusive interaction with ThePrint on the sidelines of the 6th Indian Ocean Conference in Dhaka Friday, El-Hefny explained that he doesn’t see his country’s bilateral ties with India and China as contradictory.
“No, it’s not contradictory. We will always follow our interests,” he said, adding that Egypt is attempting to strike a balanced foreign policy in the fast-changing world order.
His remarks come as India and Egypt have expanded bilateral relations in the past year. In January, the two countries held the first-ever military joint exercise in Rajasthan followed by Egyptian President Abdel Fattah El-Sisi’s attendance at India’s Republic Day celebrations as the chief guest.
On the other hand, China has made large investments across African countries and most recently flexed its influence in the Middle East by helping broker peace between longtime regional foes Iran and Saudi Arabia.
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Criticism of US banking system
Speaking at the conference Friday, El-Hefny criticised bank collapses in the US and their fallout on countries like Egypt.
“There are banks in the US that are partially or totally bankrupt. The government of the United States might risk not being given its tax,” he said, alluding to losses the US government may incur as a result.
In what is being viewed as the biggest hit to the US economy since the 2008 financial crisis, American regulators had to bail out three US banks earlier this year — Silicon Valley Bank, Signature Bank and First Republic.
“It’s a very serious issue because our debts have increased in value for considerations that we don’t have anything to do with the Ukraine war, the competition between the Europeans and the Russians etc.,” El-Hefny added.
In April, Egypt’s external debt surged by 5.1 per cent quarter-on-quarter to $162.9 billion, after declining for two consecutive quarters. The Egyptian economy is still recovering from the Covid-19 pandemic and the ripple effects of the Ukraine war.
El-Hefny said his country is seeking partnerships with other players in the world order. “We are counting on China, India and Japan,” he said.
Asked by this reporter what exactly Egypt is counting on these countries for, the Egyptian official replied: “They are big markets and we have a lot to learn from their knowledge and expertise. They have wonderful educational opportunities that we need for our people. Investment opportunities are critical too.”
He added that since 2014, Egypt has sought to keep a balance in its foreign policy and is trying to “diversify its relations with the world”.
He explained that there is a huge opportunity between India and Egypt with regard to green energy and investments in green hydrogen.
“Egypt is so close to Europe and we are connected through the Mediterranean. The European Union (EU) has expressed its gratitude for our readiness to provide them with this green energy. Indians have expertise in this field and we can enlarge the scope of production and exports to Europe without any offence to Russians,” he said.
(Edited by Amrtansh Arora)