Expert:Egypt’s partnership with Africa ushers in new era of prosperity

Economic expert Ahmad Khattab said that an expanded intra-African trade, facing challenges gripping the world, is very much needed

Economic expert Ahmad Khattab said that an expanded intra-African trade, facing challenges gripping the world, is very much needed. He shed light on the Egyptian investment in Africa saying that it rose by $1.2 billion in 2021 to $10.2 billion.

Over the phone to (Africa Today), he reassured that the public and private sectors in Egypt and Ivory Coast have worked in recent years to boost trade and economic relations, leading to the large increase in the trade volume which has risen with Ivory Coast to $149 million, an increase of 178.5 percent compared to 2020.

He asserted that once we implement the African Continental Free Trade Agreement (CFTA), which was signed in Rwanda in 2018 and started operation from January 2021, the volume and size of trade between Egypt and all the African countries will be increased.

He also explained that the main objectives of the CFTA are to create a single continental market for goods and services, with free movement of business persons and investments. Africa’s first continent-wide free trade area could generate greater economic benefits than previously estimated, he stated.

Khattab stated that the AfCFTA could deliver far greater benefits in terms of jobs, growth, and poverty reduction than previously estimated, making it a potential game changer for Africa’s economic development if its ambitious goals are fully realised.

He highlighted Egypt’s keenness to enhance investment cooperation with the countries of the African continent and to offer its expertise noting that African economic development is one of the most important priorities of the Egyptian state. Egypt will continue to endeavour side-by-side with African countries to achieve sustainable development, as President Abdel-Fattah e-Sisi has affirmed on various occasions.

Moreover, Africa’s most attractive investment fields to Egypt are the building of petrochemicals facilities, liquid gas and oil plants, food industry as Africa has got land and water, sugar industry, ceramic and steel industry as well as investments in the computer sector  and electricity, he added. Egypt has a huge reserve in natural gas which encourages the chemical and plastic industry.

He hopes for the increase of the volume of trade until it reaches three trillion dollars which will be duplicated before 2050 according to the African Union special report. Thus Egypt has got a good chance as a key country in Africa with its developed infrastructure, the Suez Canal Corridor, the logistic areas and the multinational companies and investments

Furthermore, he lauded PM Mostafa Madbouly’s announcement of the establishing of a Japanese economic zone in the Suez Canal Economic Zone (SCZone) which can serve as a gateway for Japanese products to Africa,

Khattab believes that Egypt in cooperation with Africa can invade the international markets by their exported products. Africa will be the leader in the coming ten years.

(Africa Today) is aired daily. This episode is presented by Shereen Adel.