The Egyptian-Tanzanian Business Forum, inaugurated by foreign ministers of both nations, aims to strengthen economic ties through enhanced collaboration across various sectors including agriculture, pharmaceuticals, and infrastructure. Egypt seeks to increase investment in Tanzania while promoting partnerships and trade opportunities. Key initiatives include the Egyptian Agency for Export and Investment Guarantee and support for the Julius Nyerere Dam project, emphasizing commitment to regional development.
The Egyptian-Tanzanian Business Forum was inaugurated by Egypt’s Minister of Foreign Affairs and Immigration, Badr Abdelatty, and Tanzania’s Minister of Foreign Affairs and East African Cooperation, Mahmoud Thabit Kombo. This event, held in Cairo, aimed to enhance economic collaboration between the two nations by uniting Egyptian business leaders with a Tanzanian delegation representing various sectors such as construction, agriculture, and pharmaceuticals.
Minister Abdelatty highlighted Egypt’s dedication to bolstering its economic and trade relations with African countries. He urged Egyptian companies to collaborate in developmental efforts across the continent, establishing mutually beneficial partnerships. The Minister emphasized that Egypt’s industrial abilities are crucial to meeting Africa’s developmental requirements, particularly through the Egyptian Agency for Export and Investment Guarantee, designed to promote Egyptian business expansion in African markets.
Abdelatty also spoke about the Egyptian pharmaceutical industry’s potential to provide essential products at affordable prices for Tanzania. He encouraged Tanzanian entrepreneurs to engage with the Egyptian private sector in industrial and commercial projects, as well as to explore joint initiatives in agriculture, thereby increasing trade volumes.
He further noted Egypt’s diverse manufacturing capabilities including food, chemicals, and construction materials, and referred to ongoing Egyptian participation in various infrastructure projects across Africa, including Tanzania’s electricity networks.
The Foreign Minister mentioned Egypt’s commitments to existing trade agreements, particularly the COMESA agreement, emphasizing his government’s intention to work with foreign enterprises to facilitate market entry in Egypt and spur economic development through private sector empowerment. Additionally, investment potential within the Suez Canal Economic Zone as a logistics hub was also stressed.
In a bilateral meeting, Ministers Abdelatty and Kombo discussed enhancing cooperation across different sectors, reflecting on the strong historical ties between Egypt and Tanzania. Abdelatty expressed enthusiasm for convening the fourth session of the joint committee on agriculture, tourism, and diplomatic training, following progress since the Egyptian President’s 2017 visit to Tanzania.
He also observed a growing interest among Egyptian investors towards Tanzania, evidenced by the substantial $1.36 billion in investments and the increasing diversity of Egyptian businesses operating in the country. Egypt aims to further increase its investments and enhance collaboration across agriculture, infrastructure, and fisheries, reaffirming technical support through the Egyptian Agency for Partnership for Development.
Lastly, he referenced the nearly complete Julius Nyerere Dam project as a testament to African cooperative efforts in renewable energy production, signifying Egypt’s ongoing commitment to promote development within the Nile Basin region.
The Egyptian-Tanzanian Business Forum illustrated a strong commitment to enhancing economic cooperation between the two nations. Through strategic partnerships and targeted investments, particularly in sectors such as pharmaceuticals and infrastructure, both countries seek to fulfill developmental goals. With existing trade agreements and a focus on mutual growth, the collaboration between Egypt and Tanzania is poised for significant progress in the near future.
Original Source: www.dailynewsegypt.com
