The Egyptian-Tanzanian Business Forum, inaugurated by foreign ministers from both countries, aims to strengthen economic ties through enhanced investment and cooperation. Key sectors discussed include agriculture, pharmaceuticals, and construction, with a focus on mutual benefits. Egypt seeks to leverage its industrial capabilities and existing agreements to foster development alongside Tanzania, actively supporting infrastructure projects.
The Egyptian-Tanzanian Business Forum was inaugurated on Wednesday by Egypt’s Foreign Affairs Minister, Badr Abdelatty, and Tanzania’s Foreign Affairs Minister, Mahmoud Thabit Kombo, with the primary aim of bolstering economic relations between both countries. This forum took place in Cairo and featured esteemed Egyptian business leaders as well as a comprehensive Tanzanian delegation from various sectors such as agriculture and pharmaceuticals.
Minister Abdelatty emphasized Egypt’s proactive role in enhancing investment and trade partnerships with African nations. He encouraged Egyptian companies to focus on development projects across the continent, stating that mutual benefits are central to these partnerships. He highlighted the Egyptian Agency for Export and Investment Guarantee as a crucial initiative to encourage Egyptian business expansion in Africa.
Highlighting Egypt’s robust industrial capabilities, Minister Abdelatty stated that the nation is positioned to address the continent’s development requirements, specifically noting the capacity of the Egyptian pharmaceutical industry to provide affordable essentials to Tanzania. He urged Tanzanian business leaders to collaborate with the Egyptian private sector in ventures that would elevate trade and explore agricultural projects.
Abdelatty promoted Egypt’s potential in manufacturing various goods, such as food and construction materials, and recognized the involvement of Egyptian firms in significant projects across Africa, including Tanzania. He also pointed out existing trade agreements, specifically the COMESA agreement, and reiterated the importance of easing market entry through strategic collaborations.
Further, the Suez Canal Economic Zone’s investment possibilities were highlighted, accentuating its goal to emerge as a regional logistics hub. In subsequent bilateral discussions, the two ministers reflected on the long-standing relations between Egypt and Tanzania, expressing a mutual desire to fortify cooperation in diverse sectors.
Minister Abdelatty acknowledged the advancements made since various agreements were signed between the two nations in previous years, and he emphasized the escalating interest of Egyptian businesses in Tanzania, particularly in light of significant investments approaching $1.36 billion. He reiterated objectives to enhance Egyptian investments in Tanzanian infrastructure and sectors like agriculture and fisheries.
Additionally, the Minister reaffirmed Egypt’s dedication to supporting the Julius Nyerere Dam project, showcasing it as a significant symbol of African collaboration in hydropower initiatives, with near-total completion rates. He concluded by reinforcing Egypt’s commitment to fostering development within the Nile Basin region.
In summary, the Egyptian-Tanzanian Business Forum represents a significant step towards enhancing economic cooperation and investment between Egypt and Tanzania. The commitment from both governments aims to utilize mutual interests in trade, agriculture, and infrastructure to stimulate growth and development in both nations. The ongoing initiatives and existing agreements set a solid foundation for future collaborative efforts, affirming the importance of strategic partnerships in the African context.
Original Source: www.dailynewsegypt.com
