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Opinion| Egypt and the advancement of the African economy - Daily News Egypt

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Opinion| Egypt and the advancement of the African economy

Egypt is enhancing cooperation with its brothers in Africa in all fields, especially economic and development, confirming its keenness to complete its active role in its regional environment. This also aims to achieve African integration, revitalise trade between the countries of the continent, and integrate it into the global trade system. Egypt seeks to become …


Egypt is enhancing cooperation with its brothers in Africa in all fields, especially economic and development, confirming its keenness to complete its active role in its regional environment.

This also aims to achieve African integration, revitalise trade between the countries of the continent, and integrate it into the global trade system.

Egypt seeks to become the lever to the African economy, working on two levels, the first being the localisation and development of basic industries, and the second being finding markets for marketing.

Therefore, it is currently seeking for its exports to reach the African market, through the application of a package of logistical facilities and shipping procedures. This is particularly in relation to the promising opportunities that the African market enjoys.

 

President Abdel Fattah Al-Sisi has always called for achieving economic integration with the countries of the African continent. This includes: exchanging experiences and benefiting from the Egyptian experience in the fields of infrastructure such as roads and energy; as well as benefiting in return from the available resources and investment opportunities in African countries.

 

This is in addition to focusing on enhancing the role of women in the trade as well as payment settlement mechanisms.

 

Egypt is highly advanced in the sectors of renewable energy, manufacturing, textiles, and tourism, and this is reflected in the number of projects undertaken by Egyptian companies in many African countries.

Dr. Hatem Sadiq

Africa is also rich in its natural resources, especially minerals such as gold, iron, and chromium, and it has the second-largest reserves of platinum in the world. However, much of this wealth is still untapped, and there are promising investment opportunities in the sectors of agriculture, tourism, and education.

 

The time has come for African countries to shift from a source of supply of raw materials to manufacturing them locally, to increase their added value. Egyptian businessmen must expand their investments in Africa and open new areas there to learn about the available investment opportunities.

This comes within the framework of the African Continental Free Trade Area (AfCFTA) agreement, to enhance trade among the countries of the continent and increase production capacities.

This is a great opportunity, and every country must exploit it rather than impose obstacles that prevent the full implementation of the agreement.

In fact, investors and entrepreneurs should look to the huge opportunities that the huge African market, which has a population of more than one billion people has tremendous growth, rather than narrow interests at the local level.

 

Dr Hatem Sadek, Professor at Helwan University

Topics: African economy

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