CAIRO – President Abdel Fattah El Sisis has stressed the importance of consolidating efforts to face regional challenges topped by COVID-19.
Addressing the summit of the Common Market for Eastern and Southern Africa (COMESA) with representatives of the 21-member bloc attending the event, in the New Administrative Capital, the president said the world and regional economies witnessed important developments after the convocation of the recent COMESA summit in 2018.
The president said the pandemic did not only affect the health of citizens but rather affected all economic sectors and integration efforts.
Sisi said regional and world economies witnessed many developments since the recent COMESA summit held in the Zambian capital Lusaka in 2018 and the launch of African Continental Free Trade Area which entered into effect in 2021.
The president said that Egypt’s viewpoint aimed deepening integration among regional countries to achieve economic growth and overcome the repercussions of COVID-19.
The president called on the bloc’s countries to facilitate business activities and encourage investments to open vistas of integration, increase job rates and improve the living conditions of citizens.
The president called for eliminating customs obstacles to facilitate trade among the bloc countries out of the Egypt’s belief in the importance of integration and intra-trade development.
President Sisi said Egypt sought coordination with the bloc member states and proposed a review of trade policies among them to make use of the customs privileges.
He said that Egypt pays attention to applying the African Continental Free Trade Area through economic integration a matter that would contribute to benefitting from integration among three African economic blocs namely COMESA, the East African Community (EAC) and the Southern African Development Community (SADC).
The president added that Egypt prepared the regional industrial integration initiative which coincides with the COMESA industrial strategy 2017/2026 and the African development agenda 2030.
The president reaffirmed the importance of integration especially in the fields of infrastructure sectors, transport, energy, communications and Information technology.
He said integration among the bloc countries would ensure intra-trade and smooth transfer of goods, pointing out that Egypt works with all countries in the African bloc to encourage ground linkage projects among African countries especially the Cairo-Cape Town project which passes through most of COMESA countries.
The president said that Egypt, during its presidency of the COMESA, will work on continuing efforts aimed to carry out the feasibility study of the navigation line project linking Lake Victoria with the Mediterranean Sea to facilitate the movement of trade and individuals among the countries of the region.
Egypt will also spare no effort to transfer its expertise in the fields of electricity and energy to the other member states and support all initiatives aimed to overcome the energy deficit facing some countries, Sisi said.
He added that attracting investments into the COMESA region requires the member states and the General Secretariat to exert more efforts to make use of the unique capabilities of the COMESA countries.
Sisi pointed out that Egypt will work with the General Secretariat to cooperate with member states to prepare a list of investment opportunities and offer it to businessmen and financial institutions to implement them in a way that contributes to increasing economic growth and providing more jobs.
