The Egyptian-Tanzanian Business Forum was inaugurated by Egypt’s Foreign Minister and Tanzania’s Foreign Affairs Minister to bolster economic cooperation. The event gathered key business leaders and highlighted Egypt’s industrial capabilities and commitment to African development initiatives. Plans for increased investment in Tanzania were discussed, along with the significance of joint projects such as the Julius Nyerere Dam, exemplifying strong bilateral relations.
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, aims to enhance economic cooperation between the two countries. Held in Cairo, the forum gathered leading Egyptian business figures alongside a high-ranking Tanzanian delegation, representing various sectors such as construction, agriculture, and pharmaceuticals.
Minister Abdelatty emphasized Egypt’s dedication to strengthening economic and trade relations with African nations, urging Egyptian companies to participate actively in the continent’s development. He highlighted Egypt’s capability to address Africa’s developmental challenges and the establishment of the Egyptian Agency for Export and Investment Guarantee, designed to incentivize Egyptian firms to invest in African markets.
Furthermore, Abdelatty discussed the potential of the Egyptian pharmaceutical industry to provide affordable essential products to Tanzania. He encouraged Tanzanian business leaders to forge partnerships with Egyptian businesses in industrial and agricultural initiatives while promoting the establishment of industrial projects in Egypt to serve Tanzanian needs.
Abdelatty also highlighted Egypt’s robust manufacturing in various sectors, including food, construction materials, and chemical goods. He pointed out Egyptian firms’ active involvement in construction projects across Africa, including in Tanzania, and Egypt’s existing trade agreements such as the COMESA agreement, which support economic collaboration.
Investment opportunities, particularly in the Suez Canal Economic Zone, were also discussed, as it aims to be a regional logistics hub. Additionally, Minister Abdelatty and Minister Kombo engaged in bilateral talks, reaffirming the long-standing relationship between their nations and expressing a desire to bolster cooperation in multiple sectors.
The ministers acknowledged progress made since the Egyptian President’s visit to Tanzania in 2017 and referenced the joint committee’s previous meetings resulting in various Memoranda of Understanding. Abdelatty noted the rising interest from Egyptian investors in Tanzania, reflected in growing investments approximating $1.36 billion, along with plans to enhance collaborations in agriculture, livestock, and fisheries.
Lastly, Minister Abdelatty highlighted the Egyptian government’s commitment to the Julius Nyerere Dam project, an example of successful African cooperation in hydroelectric projects, which is nearing completion. He reiterated Egypt’s support for development initiatives within the Nile Basin region.
The Egyptian-Tanzanian Business Forum represents a significant step forward in strengthening economic ties between Egypt and Tanzania. With a focus on cooperation across various sectors, both nations aim to enhance trade volume and investment, particularly in agriculture and infrastructure. The government’s commitment to projects like the Julius Nyerere Dam demonstrates a pledge towards collaborative development, indicating a promising future for bilateral relations in Africa.
Original Source: www.dailynewsegypt.com
