Former PM assistant ambassador Gamal Bayoumi said that in cooperation with a number of private sector organizations
Former PM assistant ambassador Gamal Bayoumi said that in cooperation with a number of private sector organizations, the African Union Commission organized an honouring ceremony in which President Abdel Fattah e-Sisi was honoured and awarded for his role in launching the continental free trade zone during his leadership of the African Union.
Over the phone to (Cairo Local Time), he explained that the free trade zone is a story of success when Egypt joined The Common Market for Eastern and Southern Africa (COMESA) compiling twenty-one member states.
He added that our exports to these areas had tripled in the last few years and we have another group in west Africa, and a third group in the middle of Africa. It was wise enough to combine the three free trade areas in one big area which covers the whole Africa i.e. more than 50 African countries, he illustrated, pointing out that more than 35 countries so far have recognized and ratified the agreement.
Bayoumi asserted that due to this agreement we shall exchange all the commodities throughout the continent and will attract more foreign direct investments as it is the largest and most huge free trade area with more than 1200 million inhabitants. It is a sort of attraction, he admitted, and helps the Egyptian initiative to call on the rich countries to invest in Africa in cooperation with Egyptian experience.
He elaborated that economic integration between the African countries will serve the economies of each individual country especially in agriculture such as Sudan, Cameroon and Nigeria. Supporting his point, he indicated that those countries have huge areas that are not cultivated so Egypt can provide them with agricultural commodities, funds and our experience, then enjoy the results. China, Japan and Europe agreed to join in those efforts for the African market. The volume of Egyptian investments in African countries such as Uganda, Ethiopia, South Sudan and in many others is huge, he concluded, asserting that Egypt's goal is a one African united continent, hence it encourages businessmen to invest there.
(Cairo Local Time) is aired from Saturday to Thursday. This episode is presented by Engy Maher.
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