Reviews | Egypt and the advancement of the African economy
Egypt is strengthening cooperation with its African brothers in all areas, particularly economic and development, confirming its desire to complete its active role in its regional environment.
It also aims to achieve African integration, revitalize trade between the countries of the continent and integrate it into the world trading system.
Egypt seeks to become the lever of the African economy, working at two levels, the first being the localization and development of basic industries, and the second being the search for markets for commercialization.
Therefore, it is currently seeking its exports to reach the African market, through the application of a set of logistics facilities and shipping procedures. This is particularly in relation to the promising opportunities enjoyed by the African market.
President Abdel Fattah Al-Sisi has always called for achieving economic integration with the countries of the African continent. This includes: exchanging experiences and building on Egyptian experience in the areas of infrastructure such as roads and energy; as well as to benefit in return from available resources and investment opportunities in African countries.
This is in addition to the emphasis on strengthening the role of women in trade as well as on payment settlement mechanisms.
Egypt is very advanced in the renewable energy, manufacturing, textile and tourism sectors, and this is reflected in the number of projects undertaken by Egyptian companies in many African countries.
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 agriculture, tourism and education.
The time has come for African countries to move from a source of raw material supply to their local manufacture, to increase their added value. Egyptian businessmen need to expand their investments in Africa and open up new areas there to find out what investment opportunities are available.
This is part of the African Continental Free Trade Area (AfCFTA) agreement, to strengthen trade between the countries of the continent and increase production capacities.
This is a great opportunity, and each country must exploit it rather than imposing 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 over one billion people, is growing tremendously, rather than narrow interests at the local level.
Dr Hatem Sadek, professor at Helwan University