Egypt has maintained its position as the leading country in Africa for attracting investments, securing $15 billion in investments for the fourth consecutive year, according to the latest report from the United Nations Conference on Trade and Development. This achievement was announced by Ambassador Mohamed Abu Bakr, Deputy Minister of Foreign Affairs for African Affairs. Egypt's success in attracting investments is a significant milestone for the country.
Ambassador Abu Bakr emphasized that African countries need to attract more investments through clearer steps, and Egypt is working to share its experience with other African countries. This was discussed during his interview with diplomatic journalists on the sidelines of the Africa El-Salam Forum. The forum aims to promote economic integration and cooperation among African countries. Egypt's efforts to support African countries are ongoing.
The global trade volume stands at approximately $35 trillion, with Africa's share being $1.5 trillion. The intra-African trade volume is around $213 billion, representing 15-18% of the continent's trade, according to annual statistics. These figures highlight the potential for growth in African trade. African countries are working to increase their global trade presence.
To boost intra-African trade, Ambassador Abu Bakr stressed the need to activate the African Continental Free Trade Area agreement and develop payment and settlement tools within the continent. This would facilitate trade and economic integration among African countries. The African Continental Free Trade Area agreement has the potential to significantly impact African trade.
The payment and settlement system implemented by Afreximbank can significantly reduce the time required for financial transactions between African countries from several days to just a few seconds. This system can also lower transaction fees by up to 95%, promoting trade among African countries. The implementation of this system is a key step towards enhancing African trade.
Egypt's experience in attracting investments can serve as a model for other African countries. The country's efforts to promote economic integration and cooperation with other African countries are ongoing. Egypt's role in supporting African countries is significant. The Africa El-Salam Forum provides a platform for countries to discuss and address common challenges.
The promotion of economic integration and cooperation among African countries is crucial for achieving sustainable development. Egypt's efforts to support African countries and promote trade and investment are aligned with the goals of the African Continental Free Trade Area agreement. The agreement aims to create a single, unified market for African countries.
Key points
- Egypt has secured the top spot in Africa for attracting investments for the fourth consecutive year, with $15 billion in investments.
- The intra-African trade volume is around $213 billion, representing 15-18% of the continent's trade.
- The implementation of the African Continental Free Trade Area agreement and the development of payment and settlement tools within the continent can significantly boost intra-African trade.
