Foreign Minister Badr Abdelatty. Photo: Egyptian Foreign Ministry
According to the Egyptian foreign ministry, Abdelatty affirmed that the private sector is crucial for deepening economic relations with African countries, increasing the volume of trade exchange, and attracting joint investments.
He praised Egyptian companies working in Africa, stressing that they excel in seizing available opportunities to invest in and implement development projects with sustainable economic returns.
The Egyptian FM noted that the ministry prioritizes coordination with African governments and relevant institutions and bodies to remove procedural and regulatory obstacles, thus creating a conducive business environment for Egyptian companies.
Moreover, Abdelatty emphasized the expansion of cooperation in economic sectors with high feasibility, including infrastructure, small and medium-sized enterprises (SMEs), energy, transport and logistics, agriculture, and health and pharmaceutical industries.
He also indicated the importance of Egyptian banks in African countries for boosting economic cooperation.
Furthermore, the Egyptian FM underscored the crucial role of the Egyptian Agency of Partnership for Development (EAPD) in facilitating economic cooperation between Egypt and African countries.
He also praised the role of the financing mechanism for projects in the Southern Nile Basin in capacity building and knowledge transfer. Additionally, he extolled the mechanism for promoting Egyptian investments, supporting economic integration, and achieving sustainable development across the African continent.
Moreover, Abdelatty emphasized that Africa represents a promising consumer market with significant growth potential. He stressed the importance of transferring Egypt’s successful experience in development, construction, and modernization to African countries.
Additionally, the Egyptian FM noted Egyptian companies’ excellent reputation throughout Africa. He urged Egyptian companies to form alliances and consortia to enhance their competitiveness. He also encouraged them to capitalize on the benefits granted by the African Continental Free Trade Area (AfCFTA) agreement to increase exports and deepen economic integration.
The foreign ministry stated that the meeting reflects efforts to support Egypt’s economic presence in Africa by integrating economic diplomacy and private sector ventures.
According to the Central Agency for Public Mobilization and Statistics (CAPMAS), total trade between Egypt and the African Union (AU) member states reached $9.9 billion in 2024, up from $9.2 billion in 2023, a 7.6 percent increase.
In November, Al-Ahram Hebdo, the French-language publication of the Al-Ahram Foundation, hosted the first Egyptian-African Economic Conference under the slogan: The Africa We Want… Integration and Partnership for the Future.
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