Sisi says Egypt’s investments in Africa amount to $1 billion in 2016

Egypt’s President Abdel Fattah al-Sisi said on Friday that the country’s investments in Africa over past year amounted to $1billion, in an address at the inauguration of the Africa 2017 Forum.

El-Sisi pledged to facilitate business for African investors in the country and promote integration between African countries as he spoke at the official launch of the three-day business and investment forum in Sharm El-Sheikh.

In October, Egypt brought into force a new investment law, aimed at drawing foreign investments and encouraging public-private sector cooperation by reducing red tape, especially for new projects, and providing a raft of incentives to investors.

Sisi said Egypt’s investments in Africa amounted to $1 billion during the past year, adding that cumulative investments in the continent reached $9 billion.

The international forum, organised by the Ministry of Investment and International Cooperation and the COMESA Regional Investment Agency, aims to promote intra-African trade and investment focusing on key strategic sectors.

The Egyptian president said his government is working to promote investments in Africa especially in major sectors of construction, infrastructure, energy and mining, agriculture as well as communications and information technology.

Egypt is seeking to bolster regional projects to develop the continent’s infrastructure and create new links and road networks between African countries, including a cross-continent shipping line which would connect the Mediterranean Sea to Lake Victoria, as well as a Cape Town-Cairo highway to bolster intra-African trade, El-Sisi added.

He urged African countries to develop a strategy to “boost regional integration and bolster Africa’s competitiveness in global markets” to draw more investments into the continent.

The forum began on Thursday with a day focused on young African entrepreneurs; it will conclude on Saturday.

Source: Ahram online