Egyptian-Tanzanian Business Forum Promotes Investment and Cooperation

The Egyptian-Tanzanian Business Forum was inaugurated to promote economic ties and investments between Egypt and Tanzania, featuring discussions on trade cooperation, sector collaborations, and significant projects like the Julius Nyerere Dam.

The Egyptian-Tanzanian Business Forum, inaugurated by Egypt’s Minister of Foreign Affairs, Badr Abdelatty, and Tanzania’s Minister of Foreign Affairs, Mahmoud Thabit Kombo, seeks to enhance economic relations between Egypt and Tanzania. The forum, held in Cairo, attracted influential Egyptian business leaders alongside a high-level Tanzanian delegation representing various sectors, including construction and pharmaceuticals.

Minister Abdelatty expressed Egypt’s dedication to strengthening trade with African nations, encouraging Egyptian companies to develop partnerships for mutual benefit. He highlighted Egypt’s robust industrial capabilities and the establishment of the Egyptian Agency for Export and Investment Guarantee, aimed at expanding Egyptian businesses in African markets.

Abdelatty noted the potential of Egypt’s pharmaceutical industry to provide cost-effective essential products to Tanzania. He urged Tanzanian entrepreneurs to collaborate with Egyptian firms in trade and agricultural projects. He showcased Egypt’s manufacturing sectors such as food, chemical goods, and construction materials while emphasizing the country’s role in infrastructure projects across Africa.

The Foreign Minister mentioned Egypt’s existing trade agreements, particularly COMESA, and the government’s plans to facilitate foreign investments in Egypt. He underscored opportunities within the Suez Canal Economic Zone, which aims to be a significant logistics hub in the region.

During bilateral discussions, both ministers acknowledged the longstanding Egypt-Tanzania relationship and expressed eagerness to enhance cooperation across different sectors. Abdelatty lauded the progress made since the Egyptian President’s visit to Tanzania in 2017 and anticipated the fourth session of their joint committee’s meeting.

He remarked on the rising interest among Egyptian investors in Tanzania, with notable activities reflecting the approximately $1.36 billion in Egyptian investments. Abdelatty articulated a commitment to boosting investments in Tanzania, particularly in infrastructure and agriculture. He reaffirmed Egypt’s technical assistance through its Agency for Partnership for Development.

Lastly, he shed light on the Julius Nyerere Dam project, emphasizing it as a model of African cooperation with nearly complete construction. He reaffirmed Egypt’s support for developmental initiatives within the Nile Basin region.

The Egyptian-Tanzanian Business Forum represents a strategic commitment to strengthen economic ties between Egypt and Tanzania. Through partnership and collaboration across multiple sectors, both nations aim to enhance mutual growth. With substantial investments and technical support, Egypt expresses its dedication to fostering development in Tanzania and promoting broader African cooperation.

Original Source: www.dailynewsegypt.com