Dr. Mahmoud Mohieldin, the United Nations Special Envoy on Financing the 2030 Agenda for Sustainable Development, participated in the opening session of the OECD conference titled “Responsible Business Conduct in Egypt: Preparing for a Sustainable Future.” The event was organized by the General Authority for Investment and Free Zones and under the patronage of the Ministry of Investment and Foreign Trade, in the presence of H.E. Hassan El-Khatib, Minister of Investment and Foreign Trade.
The conference coincides with the launch of the Arabic version of the OECD Guidelines for Multinational Enterprises on Responsible Business Conduct.
In his speech, Dr. Mohieldin highlighted key milestones in the fruitful collaboration between Egypt and the OECD. Specifically, he referenced Egypt’s inclusion in 2007 as a participant in the OECD Investment Committee, becoming the first Arab and African country to sign the OECD Declaration on International Investment. He also noted Egypt’s early participation and support for launching the OECD’s Middle East and North Africa Initiative on Governance and Competitiveness for Development in 2005, during which Egypt co-chaired the initiative from 2007 to 2009.
Dr. Mohieldin emphasized the importance of translating the recommendations in the OECD Guidelines for Multinational Enterprises on Responsible Business Conduct into actionable policies. He highlighted the critical role these enterprises play in achieving sustainability goals. He explained that the guidelines cover a comprehensive range of topics related to responsible corporate behavior, including information disclosure, human rights, labor rights, addressing climate change, biodiversity, anti-corruption measures, consumer interests, competition, taxation, and science and technology.
Dr. Mohieldin underscored that responsible business conduct aligned with comprehensive sustainability goals is no longer optional but has become an essential requirement for the success and sustainability of businesses.
He also addressed the EU’s plan to implement the Carbon Border Adjustment Mechanism (CBAM) starting in 2026, which will impact high-carbon footprint sectors. This mechanism will compel companies in these sectors to develop innovative solutions, including increasing investments in restructuring and developing voluntary carbon markets, such as those being adopted in Egypt by the Financial Regulatory Authority and through the African Carbon Markets Initiative.
In conclusion, Dr. Mohieldin emphasized that encouraging companies to adopt responsible business practices depends on demonstrating that such behavior not only preserves profitability but also enhances it. Furthermore, it contributes to building more resilient and competitive businesses over the long term.