CAIRO – CEO of the General Authority for Investment and Free Zones (GAFI) Hossam Heiba said the convocation of the Egypt-South Africa business forum reflects the strategic partnership between the two countries, especially as they serve as the two pivotal gateways for investment on the African continent.
Heiba made the remarks in his speech at the forum hosted by the Ministry of Investment and Foreign Trade, in the presence of Minister Plenipotentiary for Trade Yahya El-Wathiq Billah, Director of Africa Bilateral Economic Relations at the South African Department of Trade, Industry and Competition Calvin Phume, as well as a large number of business representatives from both countries, according to a statement released by GAFI.
Heiba said Egypt and South Africa enjoy a strong and dynamic partnership based on cooperation in diverse areas, adding the two countries play a key role in implementing the African Continental Free Trade Area (AfCFTA) aimed at fostering intra-African trade, encouraging industrialization and facilitating regional integration.
CEO of the GAFI stated South Africa has investments in Egypt in the sectors of agriculture, tourism, manufacturing and communications and information technology, stressing the Egyptian government’s commitment to providing all forms of support for investors, through introducing incentives to meet their needs in addition to digitizing government procedures and services for doing business in the Egyptian market.
On his part, El-Wathiq Billah said the forum is aimed at cementing trade and investment cooperation between the two countries through direct communication between Egyptian and South African companies.
The minister plenipotentiary for trade underlined the importance of launching a serious dialogue between the two countries regarding trade exchange and industrial policies for each country, which in turn contributes to drawing a new economic map for the African continent.
He emphasized the significance of advancing joint cooperation within the BRICS group, by taking advantage of the manufacturing capabilities of the two countries, enhancing inter-trade movement and developing private investments between the Egyptian private sector and its South African counterpart in the industries of textile, pharmaceuticals and automobiles.
El-Wathiq Billah expressed the willingness of the Egyptian private sector to contribute to building infrastructure projects in South Africa and transferring advanced Egyptian expertise in this sector to all African countries.
For his part, Phume said the current visit of South African International Relations and Cooperation Minister Ronald Lamola to Egypt demonstrates the political and economic integration between the two countries in order to achieve sustainable development.
He stated South Africa and Egypt are important players in Africa, as they can implement joint projects in the auto industry, agriculture, mining, oil and gas, communications and information technology and the pharmaceutical industry.
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