The Egypt Minister of Petroleum and Mineral Resources, Tarek El Molla, addressed the attendees of the 4th Ministerial Summit of Gas Exporting Countries Forum (GECF), Egypt Oil & Gas reports.

Energy is one of the most important elements in sustainable development, boosting production and growth, El Molla noted in his speech.

The GECF plays an important role in reaching natural gas sufficiency, El Molla said, supporting its twelve member countries.

The minister further noted that Egypt’s economic reforms have contributed to economic growth and higher foreign-exchange reserves. The economy expanded at an annual rate of 4.3% in July, he noted, projecting that economic growth would reach 6% in the next few years.

The summit was held in Santa Cruz, Bolivia.