Egyptian investments in Africa worth $7.8bn – GAFI

The total volume of Egyptian investments in African states reached around US$7.8 billion, Chairman of Egypt’s General Authority For Investment and Free Zones (GAFI) Alaa Omar stated Friday. Most of the investments are in building materials, pharmaceuticals, and electric appliances fields.

The chairman made these remarks during a press conference held Friday to launch Africa 2016 forum – the international business forum for Egypt, Africa and the World- that take place on 20-21 February in the Red Sea resort town of Sharm El-Sheikh.

The African investments in Egypt do not exceed US$2.8 billion pounds, Omar stated, adding that the volume of the exchanged investments is weak in comparison to the strong relations between Egypt and African countries.

About Africa 2016, Omar clarified that it is a good chance to have mutual African discussion to encourage investors to inject their capitals in the African market. The total investment expenditure of the African states is estimated at around US$1.4 trillion.