Egyptian investments in African countries is about $8 billion: Egyptian PM

CAIRO – 12 December 2018: Prime Minister Mostafa Madbouli said that Egypt aims to double the volume of intra- trade with the African countries in five years to reach $10 billion, from the current $5 billion. During the opening of the first African Intra-Trade Fair, Madbouli said that the volume of Egyptian investments in African countries is about $8 billion, especially in the sectors of construction, energy, telecommunications, mining, agriculture and others. The prime minister stressed that this exhibition comes as an important step in supporting the efforts of African economic integration, especially in light of the completion of the African Free Trade Agreement (FTA) negotiations; the FTA will enter into force in the near future. He stated that the agreement will help the countries of the continent achieve high economic growth rates after removing customs barriers to intra-trade movement, facilitate the movement of production elements, and increase industrial growth rates and technological development. Consequently, the agreement will help enhance the competitiveness of African products at the regional and international levels. Madbouli added that the organization of this event comes in line with Egypt's commitment to achieving the hopes of the people of Africa, that are set forth in the Africa Agenda 2063, which was adopted by the countries of the continent as an African vision for achieving comprehensive development. The prime minister called on African countries, African and international business communities and development partners to place the first building blocks of development projects and initiatives, taking into consideration the balance between our ambition to build our African continent and the aspirations of development partners for incentives and returns that open up new horizons for more investment and capital flows. Madbouli inaugurated Tuesday, Dec.11 the first African intra-trade fair, held in Cairo from December 11 to 17, with the participation of 34 countries and about 1,055 African companies, including 300 Egyptian companies.