CAIRO: An international conference will be held in Cairo in September to discuss the chances of investing in Africa considering it “the natural extension for the investment expansions and strategic depth,” head of the East African Business Council (EABC) Mustafa al-Ahwal told al-Ahram Monday.
EABC is setting plans to expand investments in different fields in Africa, Ahwal said. President Abdel Fatah al-Sisi’s participation in the African Union is an important step in revitalizing Egypt’s relationship with Africa during the upcoming period.
Sisi attended the International African speech at the African Union’s 23rd Ordinary Summit in Malabo, Equatorial Guinea last week.
In the summit, Sisi said that Egypt’s relationships with African countries are not only based on geographical and historical aspects but also on mutual identity, future, and fate. Africa is threatened by cross-borders “terrorists” and Jihadist groups and that the leaders of African countries should unite to “preserve the dignity of our people and economies.”
Representatives of 15 countries members of the African Union (AU)’s Peace and Security Council (PSC) met in Addis Ababa on July 17 to discuss lifting Egypt’s suspension from AU membership after the ousting of Former President Mohamed Morsi.
“It’s time to arrange our priorities to find chances to aim for the highest rate of growth worldwide,” Ahwal said. The current initiatives of investments in Africa are dominated by the individual nature and that Africa is in deep need to unify these efforts.
He added that African countries need to tackle the food shortage and Egypt’s geographic location can be exploited to fill the shortage by cooperating with Africa.
At the 36th meeting of the General Assembly of the African Reinsurance Corporation, Egypt’s Minister of Investment Ashraf Salman stressed Thursday the need to develop cooperation mechanisms with African markets to increase investment opportunities.
According to MENA, Arab Contractors Company is going to work on new projects in Africa including Angola, Mozambique, and Tanzania, after Prime Minister Ibrahim Mahlab’s visit there, head of East and West Africa department Ibrahim Mabrouk said on June 22.
“The volume of the future investment plan of the company in East and West Africa will exceed three billion dollars,” Mabrouk added.