Egypt Foreign Minister Urges Private Sector Alliances To Expand African Trade Footprint

(MENAFN- Daily News Egypt) Egyptian Foreign Minister Badr Abdelatty on Sunday urged the country's private sector to form strategic alliances and consortia to enhance their competitiveness and expand Egypt's economic presence across the African continent. During a meeting with senior business leaders and representatives of Egyptian companies, Abdelatty stated that the private sector serves as a primary pillar for deepening economic ties, increasing trade volumes, and attracting joint investments with African nations.

The minister highlighted that the Ministry of Foreign Affairs and Emigration is giving utmost priority to coordinating with African governments and institutions to create a favourable business environment. This effort involves removing procedural and regulatory obstacles and opening channels of communication with relevant authorities to facilitate the entry of Egyptian companies into African markets. Abdelatty emphasised the importance of expanding cooperation in high-value sectors, including infrastructure, energy, transport, logistics, agriculture, health, and pharmaceuticals, alongside the presence of the Egyptian banking sector and small and medium-sized enterprises.

Abdelatty praised the participation of Egyptian firms in foreign visits to African countries, noting that such involvement allows them to capitalise on promising opportunities and implement development projects with sustainable economic returns. He underscored the supportive role played by the Egyptian Agency of Partnership for Development and the financing mechanism for projects in the southern Nile Basin countries in building capacity and transferring expertise. These efforts are intended to boost Egyptian investments, support economic integration, and achieve sustainable development across the continent.

The African continent represents a promising consumer market with significant growth potential, according to the minister, who stressed the importance of transferring Egypt's successful experience in development, construction, and modernisation to other African nations to achieve mutual interests. He pointed to the positive reputation and track record of Egyptian companies in the region and urged them to maximise the benefits of the African Continental Free Trade Area (AfCFTA) to increase exports and deepen economic integration.

The meeting included an exchange of views on how to maximise economic opportunities and mechanisms to enhance private sector participation in investment projects. Participants discussed the importance of integrating diplomatic movements with economic efforts by intensifying the participation of private sector representatives in foreign visits and economic missions. This coordination is intended to bolster the access of Egyptian companies to African markets and establish long-term partnerships that serve shared interests.

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