Egypt’s investments in Africa hikes to $10.2bn – minister

Egyptian investments in Africa rose to $10.2 billion recorded an increase of $1.2 billion in 2021, Minister of Trade and Industry Ahmed Samir said last Wednesday.

Samir added that trade volume for Ivory Coast climbed to $149 million compared to $53.5 million in 2020, an increase of 178.5 percent.

This came during the minister’s participation on behalf of Prime Minister Moustafa Madbouly in the celebrations of the 62nd National Day of Côte d’Ivoire.

The minister pointed out great opportunities for cooperation between Egypt and Cote d’Ivoire, especially in food industries, agriculture, mining, engineering, energy, construction, textiles and information technology.

The most important items of trade exchange between Egypt and Côte d’Ivoire include machinery, equipment, electrical appliances, plastics, paper, glass, iron, steel, cocoa, wood and fruits.

There are efforts to benefiting from the start of African Continental Free Trade Agreement’s implementation (AFCFTA) in doubling the volume of trade exchange between Egypt and Cote d’Ivoire during the next few years, Samir remarked.

AFCFTA had signed in March 2018 in Rwanda with GDP of $3 trillion and it expected to double by 2050, according to the African Union (AU).