PM to open first forum of African investment promotion agencies

The forum is organized by the General Agency for Investment (GAFI) under the auspices of the Cabinet. The event will be attended by ministers and chairpersons of investment authorities from 34 African countries as well as representatives of African economic institutions.

Top attendees include Secretary-General of the African Continental Free Trade Area (AfCFTA) Wamkele Mene, the CEO of the World Association for Investment Promotion Agencies (WAIPA), and African Union (AU) Commissioner for Infrastructure and Energy Amani Abou Zeid. Further, Egyptian businesspeople who have successful experiences of investment in Africa will participate.

Chairman of the General Authority for Investment and Free Zones (GAFI) Mohamed Abdel Wahab stated that a number of MoUs will be signed between the authority and a number of its African counterparts on the sidelines.

Abdel Wahab said the forum will seek to enhance integration among the African investment promotion bodies to prepare the continent to be a luring destination for investments, achieve economic diversity and address the optimal use of huge natural resources to enhance the competitiveness of the African states and up influx of indirect investments and inter-African investment ties.

He pointed out that the forum backs efforts aimed at achieving one of the goals of AU Agenda 2063 that is bolstering inter-African investment to boost growth.

The Egyptian official added that GAFI is ready to provide technical support, experience, and information to fellow African investment authorities empowering them to face the repercussions of COVID-19 pandemic on investment inflow.

GAFI has also set meetings between Egyptian businesspeople and heads of African investment authorities to examine investment opportunities, particularly in the sectors of agriculture, manufacturing, infrastructure, and energy, and to get acquainted with funding mechanisms and incentives