The Egyptian-Tanzanian Business Forum, co-inaugurated by Ministers Badr Abdelatty and Mahmoud Thabit Kombo, aimed to strengthen economic relations between Egypt and Tanzania. The forum highlighted opportunities in investment, agriculture, and pharmaceuticals while emphasizing Egypt’s commitment to fostering development initiatives across Africa. Bilateral talks reinforced the nations’ ongoing collaboration and investment prospects, particularly in infrastructure and economic growth.
The Egyptian-Tanzanian Business Forum, 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, took place in Cairo to enhance economic relations between the two nations. The forum gathered prominent Egyptian business leaders and a high-level Tanzanian delegation representing key sectors including construction, agriculture, and pharmaceuticals, further facilitating investment opportunities and strategic partnerships.
Minister Abdelatty emphasized Egypt’s commitment to bolstering economic ties with Africa, encouraging Egyptian companies to actively engage in development initiatives throughout the continent. He highlighted Egypt’s ability to address Africa’s developmental challenges, drawing attention to the Egyptian Agency for Export and Investment Guarantee which aims to foster investment in African markets.
During the forum, the Minister also showcased the potential of the Egyptian pharmaceutical industry to serve the Tanzanian market with affordable products. He urged Tanzanian business leaders to consider partnerships with their Egyptian counterparts to expand trade and explore agricultural opportunities, while also advocating for the establishment of industrial projects within Egypt catering to Tanzanian needs.
Abdelatty spoke positively of Egypt’s robust manufacturing capabilities across sectors such as food, chemicals, and construction materials, informing participants about Egypt’s active role in various construction and infrastructure projects across Africa, including those in Tanzania. He mentioned the trade benefits stemming from the existing COMESA agreement and expressed the government’s aim to facilitate foreign investment opportunities to empower the private sector.
Investment possibilities in the Suez Canal Economic Zone, projected to become a key logistics hub in the region, were also mentioned. In bilateral discussions, both Ministers recognized the strength of Egypt-Tanzania relations, lauding past collaborations and expressing intentions for enhanced cooperation across diverse sectors.
Abdelatty referenced the fruitful outcomes from the Egyptian President’s visit to Tanzania in August 2017 and prior joint committee meetings, which resulted in multiple Memoranda of Understanding aimed at fostering diplomatic training, agriculture, and tourism. He expressed optimism for further joint committee sessions in the future.
Attention was drawn to the increasing interest of Egyptian businesses in Tanzania, with visits from various economic delegations leading to a demonstrated growth in investments, totaling approximately $1.36 billion. Abdelatty expressed a desire to escalate investments in sectors such as infrastructure, agriculture, and fisheries, while reaffirming Egypt’s commitment to providing technical assistance through the Egyptian Agency for Partnership for Development.
Lastly, Minister Abdelatty highlighted the near completion of the Julius Nyerere Dam project, asserting it as a symbol of African collaboration in hydroelectric power, and reiterated Egypt’s dedication to supporting development initiatives in the Nile Basin region.
The Egyptian-Tanzanian Business Forum is a significant step towards strengthening economic ties between Egypt and Tanzania, presenting opportunities for investment and collaboration across various sectors. Both nations are committed to leveraging each other’s capabilities to enhance trade and support development initiatives, thereby fostering mutual growth within the African continent. The dialogue between the ministers reflects a hopeful future for bilateral collaborations in investment and infrastructure projects, with a focus on building lasting partnerships.
Original Source: www.dailynewsegypt.com
