A high-level ministerial delegation will visit Chad on Thursday to launch a pharmaceutical factory, Hisham Tawfik, Minister of Public Enterprises, said on Sunday, adding, “I will participate in the ministerial mission which will also include Sahar Nasr, Minister of Investment and International Cooperation, and Minister of Health and Population, Hala Zayed.
“We aim at licensing our planned factory’s products in Chad which will allow us to export the production to other five African markets,” he mentioned in his speech at the Egypt Investment Forum.
The minister highlighted the importance of activating the joint cooperation with Africa, including all aspects of investment, trade, and sharing knowledge, noting that it’s time for Egypt to full use of the available opportunities in the African markets.
“We will announce new partnerships with African countries before mid of 2019. We are implementing an analysis study to recognise the most important markets, products, and logistics centers to activate our plans towards Africa,” Tawfik added.
The ministry aims at developing all the affiliated companies focusing on offering new products that are needed in the markets, he asserted, noting that the affiliated companies operate in diversified activities including manufacturing, tourism, constructions, and others.
Moreover, the minister affirmed that the country will recover the before 2011’s tourist arrival rates, while the ministry is exerting huge efforts for developing hotels and tourism companies.
The huge issue that face tourism now is that the companies didn’t spend the enough capital on maintaining hotels over the past 10 years, the minister said.
On the other hand, he noted that the ministry will announce a new contract with an Emirati company to establish a tires factory, noting that the contract will be signed shortly.
An American company is implementing a study for developing Egypt’s cotton industry to recover its international reputation, Tawfik said, adding that the sector will need about $1.2bn to promote the sector.
“Textile companies will be developed, then they will be offered partnerships with international and local companies after they will recover profitability,” he noted.
He also said that new maritime lines will be announced soon with African markets through Jeddah port in Saudi Arabia, adding that new road networks will also be announced.
Yusuf Daya, senior manager for trade policy and market access at the African Export-Import Bank, asserted his organisation’s efforts to boost Egypt’s cooperation with Africa through several facilities.
“We work closely with the Egyptian authorities and banks operating in Egypt to seize the huge opportunities in Africa that are available for Egyptian businesspeople,” he mentioned.