First Forum of African Investment Promotion Agencies Kicks off in Egypt

Business

June 12th, 8:16am

Sharm al-Sheikh - Sabri Najeh

Participants at the first forum of heads of African investment agencies in Sharm El-Sheikh. (Photo: Egyptian Cabinet page on Facebook)

Egypt’s Prime Minister Mustafa Madbouly inaugurated on Friday the first forum of heads of African investment agencies in Sharm El-Sheikh. Held under the slogan of “Integration for Growth”, the forum seeks to develop a strategy to stimulate investment within the Dark Continent. In his speech, Madbouly said that the world was currently facing four major challenges, represented by the Covid-19 pandemic and its repercussions on global economies with the unfair distribution of vaccines, the lack of supply of products and goods, in addition to high inflation rates globally and trade disputes. The forum is organized by the General Authority for Investment and Free Zones (GAFI), in the presence of ministers and heads of investment agencies in 34 African countries and representatives of major economic institutions in the continent. Mohamed Abdel-Wahab, Executive Director of GAFI, said in his opening speech that the forum “comes within the framework of President Abdel Fattah el-Sisi’s keenness to build bridges of cooperation between Egypt and its brothers in the continent and to strengthen coordination in all fields.” Abdel-Wahab pointed to positive indicators that the continent was entering a recovery phase. He noted that international estimates showed that the African economy will achieve positive growth rates this year, which may reach 3.4%. This reflects the ability of African economies to withstand global crises, he underlined. He said that over the next three days, the forum will focus on studying the best practices of African investment agencies in terms of legislative and procedural reforms to facilitate business and generate incentives for foreign investments. On its first day, the forum witnessed the signing of two cooperation agreements between the Egyptian Investment Authority and its Sudanese counterpart and another agreement with South Sudan. In his speech, Egyptian Foreign Minister Sameh Shoukry said that Egypt was deploying constant efforts to achieve the desired development. He stressed that the Egyptian President has sought over the past years to create a favorable environment to attract more foreign investments and to reach the hoped African integration. The forum, which will be held from June 11-14, is attended by around 50 speakers, including African ministers of electricity and renewable energy, foreign affairs, planning, and economic development, international cooperation, health and population, transportation, and civil aviation, agriculture and land reclamation, commerce and industry, as well as a number of key stakeholders in the investment sector.

from Asharq AL-awsat https://english.aawsat.com/home/article/3022991/first-forum-african-investment-promotion-agencies-kicks-egypt