The Egyptian-Tanzanian Business Forum, inaugurated by officials from both countries, aims to boost economic cooperation through partnerships and investments across multiple sectors, including agriculture and pharmaceuticals. Key themes included Egypt’s industrial capabilities, trade agreements, and commitment to bilateral development projects, emphasizing ongoing investments in Tanzania.
The Egyptian-Tanzanian Business Forum was recently inaugurated by Egypt’s Minister of Foreign Affairs and Immigration, Badr Abdelatty, alongside Tanzania’s Minister of Foreign Affairs and East African Cooperation, Mahmoud Thabit Kombo. The forum, hosted in Cairo, sought to enhance the economic relationship between the two nations by uniting influential Egyptian business leaders with a Tanzanian delegation from diverse sectors such as construction, agriculture, and pharmaceuticals.
During the forum, Minister Abdelatty articulated Egypt’s dedication to fostering economic and trade relationships with African nations. He encouraged Egyptian companies to contribute to developmental initiatives across the continent and to forge partnerships that provide mutual benefits.
He pointed out Egypt’s industrial strength and its readiness to address the developmental demands of Africa. He referenced the Egyptian Agency for Export and Investment Guarantee, designed to motivate Egyptian businesses to expand and increase their investment footprint in African markets.
Furthermore, Abdelatty underscored the potential of Egypt’s pharmaceutical sector to provide Tasnian markets with affordable essential products. He urged Tanzanian business leaders to explore collaborations with Egyptian private sector companies in industrial ventures and agricultural projects to enhance trade volumes.
Abdelatty highlighted Egypt’s diverse manufacturing capacities, which include food products, construction materials, and chemical goods. He noted the active involvement of Egyptian firms in construction projects across Africa, which also extends to Tanzania.
The Minister also spotlighted Egypt’s various trade agreements, particularly the COMESA agreement, emphasizing the government’s intention to assist foreign companies regarding investment opportunities and facilitate market access, aiming to strengthen the private sector’s role in economic advancement.
Investment opportunities available in the Suez Canal Economic Zone, which seeks to be a significant regional logistics hub, were also continuously emphasized. On the same day, both ministers engaged in bilateral talks, where Abdelatty appreciated the enduring partnership between Egypt and Tanzania and expressed his enthusiasm for furthering cooperation.
He acknowledged progress since the Egyptian President’s visit to Tanzania in 2017 and discussed outcomes from previous joint committee meetings that led to cooperation agreements in various fields. There is a palpable increase in interest from Egyptian investors towards the Tanzanian market, evidenced by multiple delegations visiting Tanzania and the rising level of Egyptian investments, currently around $1.36 billion.
Abdelatty made clear Egypt’s determination to boost investments in Tanzania, enhance infrastructure projects, and bolster bilateral cooperation particularly in agriculture and fisheries, along with a commitment to technical support through the Egyptian Agency for Partnership for Development.
In conclusion, he reaffirmed the Egyptian government’s dedication to the Julius Nyerere Dam project as a testament to African collaborative efforts in hydroelectric power generation, indicating that the project is nearing completion while reiterating Egypt’s commitment to supporting sustainable development in the Nile Basin region.
The Egyptian-Tanzanian Business Forum exemplifies a significant step towards strengthening economic ties and fostering collaborative projects between Egypt and Tanzania. With a collective focus on mutual benefits, investment opportunities, and ongoing bilateral discussions, both nations are poised to enhance their economic cooperation across multiple sectors. The commitment to initiatives like the Julius Nyerere Dam project further highlights the importance of regional partnerships in driving development.
Original Source: www.dailynewsegypt.com
