Egypt's Deputy Minister of Foreign Affairs for African Affairs, Ambassador Mohamed Abu Bakr Saleh, has revealed that Egypt's investments in Africa have reached $14 billion. He made these comments during a recent interview with Al-Qahera News, highlighting the significant presence of Egyptian companies in various African countries. These investments span multiple sectors, contributing to the continent's economic growth and development.
Despite the progress made, Ambassador Saleh noted that intra-African trade remains limited, accounting for only about 15% of the continent's total trade. This, he emphasized, presents a substantial opportunity for increasing trade and investment among African nations. The current state of intra-African trade underscores the need for enhanced cooperation and infrastructure to facilitate the movement of goods and services.
Ambassador Saleh pointed to successful models of cooperation between African countries, where clear regulations and the availability of roads and ports have boosted commercial and investment activities. He cited the importance of a well-defined regulatory framework and adequate infrastructure in attracting investors. According to him, investors seek stable administrative procedures and clear infrastructure when considering investment opportunities.
The Red Sea, Ambassador Saleh noted, is a crucial axis for maximizing trade among African countries bordering it. Egyptian ports, such as the Port of Safaga, are well-positioned to support trade with countries like Sudan, Djibouti, Eritrea, and Somalia. By leveraging these strategic locations, Egypt aims to enhance its trade relations with neighboring African nations.
Emphasizing the importance of mutual benefit in economic cooperation, Ambassador Saleh stressed that relations between Egypt and African countries should not be limited to attracting investments to Egypt. Rather, they should also involve Egyptian companies investing in African markets and African investors and funds entering the Egyptian market. This approach is expected to foster a more balanced and sustainable economic partnership.
Ambassador Saleh disclosed that efforts are underway to establish Egyptian pharmaceutical industries in certain African markets, with Angola being one of the countries being explored for potential cooperation in this sector. This initiative aligns with Egypt's broader strategy of expanding its economic presence in Africa through diversified investments.
The Africa-El Alamein Forum is set to discuss future sectors, including renewable energy, green hydrogen, technology, and artificial intelligence, as well as financing mechanisms. The forum aims to translate the continent's potential into tangible projects and investments. By focusing on these emerging sectors, the forum seeks to unlock new opportunities for economic growth and collaboration among African nations.
Key points
- Egypt's investments in Africa have reached $14 billion.
- Intra-African trade accounts for only about 15% of the continent's total trade.
- The Africa-El Alamein Forum will discuss future sectors, including renewable energy and technology.
