COMESA
Egypt is currently seeking to increase its exports to international markets, and with a special scope on Africa’s markets.
The Central Agency for Public Mobilization and Statistics (CAPMAS) monitored a noticeable decline in the volume of Egyptian imports from the COMESA group recently.
In statements on Saturday, he added that the African market is promising as its volume of consumption spending stands at $4.5 billion and is expected to reach $6 billion by 2025.
President Abdel Fattah el-Sisi met with Head of the Libyan Presidential Council Mohamed al-Menfi on the sidelines of the COMESA summit in the New Administrative Capital on Tuesday.
Egypt will spare no effort to develop the agenda of COMESA, especially economic and regional integration, President Abdel Fattah el-Sisi told the secretary-general of the bloc on Tuesday.
Egypt’s imports from the COMESA countries amounted to $901 million during the first 9 months of 2021, compared to $721 million during the same period in 2020, with an increase of 25 percent.
The theme of the 21st COMESA Summit is "Building Resilience Through Strategic Digital Economic Integration."
President Sisi thanked Madagascar for the work it did while chairing the Common Market for East and South Africa (COMESA).
As Egypt takes over Tuesday the chair of the COMESA, economic experts highlighted the importance of this step on multiple dimensions.
As Egypt takes over Tuesday the chair of the COMESA, economic experts highlighted the importance of this step on multiple dimensions.
Assistant Foreign Minister Ambassador Soha Gendy said that Egypt's hosting of the COMESA summit at this time is a "clear message that economic integration is one of Egypt's top priorities to achieve the required development in Africa."
The event will be attended by COMESA Secretary General Chileshe Kapwepwe and heads of other African economic blocs, said Gamea in a joint press conference with Kapwepwe.
From 2015-2020, Egypt achieved trade surplus in relations with COMESA states that reached in 2020 $1.4 billion , according to a study compiled by the center on the occasion of Egypt's hosting of the 21th COMESA summit on Tuesday.
During the summit, Egypt is scheduled to receive the presidency of the COMESA.
The report said Egypt implemented 32 projects inside the group's member states as a whole.
Egypt could attract about 38 percent of the FDIs, followed by Tunisia and Sudan with 9 and 8 percent, respectively, said the report.
The expanded meeting, held via video conference, was attended by Assistant Foreign Minister for Foreign Affairs Tarek Shalabi and head of Trade Representation Authority Ahmed Maghawri.
The Egyptian government is waiting for the Kenyan response to its query on the latter's decision.
Assistant Secretary General of COMESA Kipyego Cheluget on Monday said that President Abdel Fattah El-Sisi has earlir accepted hosting the upcoming COMESA Summit in Egypt next year.
Head of the Egyptian trade representation office in Lusaka Ahmed el Deeb said Egypt's trade balance achieved a surplus of $730 million, against $631 million in 2017.
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