Egyptian General Authority of Investment and Free Zones (GAFI) signed a memorandum of understanding (MoU) with Investment South Africa (ISA) on investment cooperation.
The MoU was signed Sunday by GAFI’s Head Mohamed Khodair and South African Ambassador to Cairo, Sadick Jaffer on behalf of ISA.
The MoU targets raising joint mutual investment and trade between Egypt and South Africa.
Ambassador Jaffer noted that the MoU would provide support and facilitate access to respective investment projects and opportunities.
“The MoU symbolises that the economic relationship between South Africa and Egypt [is ready] be taken to the next level, which will be a more targeted approach and, which I believe will lead to greater investment focus between the two countries,” he added.
Jaffer highlighted that a work plan for the next financial year has been drafted, including missions to respective countries.
“The two economic powerhouses on the continent are keen to encourage two-way investment, while the two agencies will be focal points for business interaction on investment,” stated Jaffer.
The signing ceremony was preceded by an Investment Business Seminar hosted by the Egyptian Business Association as an initial outcome of the second Joint Working Group on Investment held in March 2015.
Source: Engineering News