The Egyptian-Tanzanian Business Forum, inaugurated by Foreign Ministers Badr Abdelatty and Mahmoud Kombo, aims to bolster economic partnerships. It facilitated discussions on collaborative ventures in multiple sectors, including pharmaceuticals and agriculture, and highlighted Egypt’s robust manufacturing capabilities. The forum underscores the commitment to increasing Egyptian investments and support for Tanzania’s infrastructure and development initiatives.
On Wednesday, the Egyptian-Tanzanian Business Forum was inaugurated by Egypt’s Minister of Foreign Affairs and Immigration, Badr Abdelatty, and Tanzania’s Minister of Foreign Affairs and East African Cooperation, Mahmoud Thabit Kombo, in Cairo. The forum aims to enhance the economic relations between the two nations by bringing together key Egyptian business leaders and a high-level Tanzanian delegation from various sectors including construction, agriculture, and pharmaceuticals.
Minister Abdelatty emphasized Egypt’s dedication to strengthening trade links with African countries, urging businesses to collaborate for development and mutual benefit. He expressed that Egyptian firms are being encouraged to expand their operations across Africa to fulfill developmental needs and highlighted the establishment of the Egyptian Agency for Export and Investment Guarantee to incentivize local businesses.
In his address, Abdelatty showcased the potential of the Egyptian pharmaceutical industry to supply essential products to Tanzania and encouraged joint ventures in agriculture. He stressed the advantages of establishing industrial projects in Egypt that would cater to Tanzanian needs, promoting Egypt as a viable option for Tanzanian investors seeking investment opportunities.
Furthermore, the Minister elaborated on Egypt’s manufacturing capabilities, which span food products, chemicals, and construction materials. He noted Egyptian firms’ involvement in construction and electricity projects across Africa, underscoring the significance of existing trade agreements, particularly the COMESA agreement, to facilitate foreign investment and support private sector growth.
The discussions also covered investment opportunities within the Suez Canal Economic Zone, targeting the creation of a regional logistics hub. Minister Abdelatty highlighted the long-standing relationship between Egypt and Tanzania during bilateral talks, expressing a commitment to enhance cooperation in various sectors, including agriculture and tourism, under previous agreements.
He acknowledged the increasing interest and investment among Egyptian entrepreneurs in Tanzania, with approximately $1.36 billion invested. The Minister reiterated Egypt’s support for Tanzania’s infrastructure projects and bilateral cooperation initiatives, particularly in agriculture and fisheries, promising aid through the Egyptian Agency for Partnership for Development.
Lastly, Abdelatty discussed the Julius Nyerere Dam project as a prime example of African collaboration in hydropower development, indicating that nearly all construction is complete. He reaffirmed Egypt’s commitment to fostering development in the Nile Basin region, reflecting the overarching goal of enhancing inter-African cooperation.
The inauguration of the Egyptian-Tanzanian Business Forum marks a significant step towards strengthening economic ties between Egypt and Tanzania. Minister Badr Abdelatty’s emphasis on collaboration and investment opportunities highlights both nations’ commitment to mutual growth. The level of cooperation indicated through existing agreements and upcoming projects reflects a promising future for bilateral relationships in various sectors, specifically in development, agriculture, and trade.
Original Source: www.dailynewsegypt.com
