Egyptian-Tanzanian Business Forum: Strengthening Economic Ties and Cooperation
The Egyptian-Tanzanian Business Forum, inaugurated by Ministers Abdelatty and Kombo, aims to enhance economic ties between Egypt and Tanzania. The forum features participation from numerous business leaders and emphasizes mutual benefits in trade and investment opportunities across various sectors. Egypt’s capabilities in industrial production and investment incentives were highlighted, promoting further cooperation and development initiatives.
The Egyptian-Tanzanian Business Forum was inaugurated on Wednesday by Egypt’s Minister of Foreign Affairs and Immigration, Badr Abdelatty, alongside Tanzania’s Minister of Foreign Affairs and East African Cooperation, Mahmoud Thabit Kombo. The event, held in Cairo, aimed to bolster economic relations between the two countries, bringing together influential Egyptian business figures and a Tanzanian delegation from various sectors, including construction and agriculture.
During the forum, Minister Abdelatty emphasized Egypt’s commitment to enhancing economic and trade relationships with African countries. He called upon Egyptian companies to intensify efforts towards fostering development on the continent and establishing mutually beneficial partnerships. His remarks highlighted the vital role that Egypt can play in addressing Africa’s developmental challenges.
Abdelatty asserted that Egypt’s industrial capacity positions it as a key player in meeting the continent’s needs. He mentioned the establishment of the Egyptian Agency for Export and Investment Guarantee, aimed at incentivizing Egyptian businesses to expand their footprint in Africa. The Minister underscored the potential of the Egyptian pharmaceutical sector to provide essential, affordable products to the Tanzanian market.
Moreover, he encouraged collaboration between Tanzanian business leaders and the Egyptian private sector, particularly in commercial and industrial initiatives. The benefits of establishing industrial projects in Egypt were also promoted as a strategic move to serve Tanzanian interests.
The Foreign Minister detailed Egypt’s strengths in the manufacturing of various goods, including food and construction materials, while citing ongoing Egyptian contributions to infrastructure projects across Africa. He also reiterated Egypt’s existing trade agreements, particularly with COMESA, showcasing investment opportunities intended to bolster the private sector as a facilitator of economic growth.
Abdelatty highlighted investment opportunities within the Suez Canal Economic Zone, aspiring for it to emerge as a regional logistics hub. Following the forum, bilateral talks between Ministers Abdelatty and Kombo reaffirmed the historical cooperation between Egypt and Tanzania, with discussions on building further links across multiple sectors.
Praise was extended for the progress made since the Egyptian President’s visit to Tanzania in 2017, which resulted in various agreements for collaboration. Abdelatty expressed optimism about convening the fourth session of the joint committee soon to continue these discussions.
Additionally, he addressed the increasing interest of Egyptian investors in Tanzania, exemplified through numerous delegations and the notable $1.36 billion in Egyptian investments in the nation. He reiterated Egypt’s commitment to enhancing investment in Tanzania, particularly in infrastructure and sectoral cooperation, while also affirming support through the Egyptian Agency for Partnership for Development.
Finally, he highlighted the significance of the Julius Nyerere Dam project as a model for African cooperation in hydroelectric energy, noting its near completion. Abdelatty reaffirmed Egypt’s dedication to fostering development within the Nile Basin region.
The inauguration of the Egyptian-Tanzanian Business Forum marks a significant stride in enhancing bilateral economic relations. Through the collaborative efforts of both nations, particularly in industrial, pharmaceutical, and agricultural sectors, there exists great potential for mutual growth. The commitment to investing in regional projects and the promotion of Egyptian business in Tanzania reflects an ongoing effort to strengthen ties and foster sustainable development throughout Africa.
Original Source: www.dailynewsegypt.com
