Egyptian investments in Africa record $13B

CAIRO - 1 June 2022:  Foreign direct investments (FDIs) in the African countries amounted to about $46 billion in 2021, and the Egyptian investments in the countries of the continent amounted to $13 billion, according to Minister Plenipotentiary Trade Yahya Al Wathiq Billah, Head of the Commercial Representation Authority.

 

Al Wathiq Billah pointed to the importance of raising intra-African trade rates, which amount to only 18 percent of the total volume of trade in the continent.

 

He emphasized the importance of enhancing joint commercial cooperation to achieve industrial integration in the African continent and benefit from the availability of raw materials needed for a large number of industries in all countries of the African continent.

 

He pointed out, in a statement, the possibility of benefiting from the large industrial experiences of Egypt, Nigeria, South Africa and Ghana in developing the African industry, according to a statement.

 

This came during the participation of the head of commercial representation in the fourth session of the Egypt Can Industry Conference, which is organized by the Ministry of Immigration and Egyptians Abroad Affairs in cooperation with the Ministry of Trade and Industry and a number of concerned ministries.

 

Al-Wathiq Billah said that the African continent represents a land of opportunities, as it includes 54 countries with a total of 1.3 billion people, in addition to huge industrial, commercial and investment opportunities, noting that the continent imports about $600 billion annually, and consumes about $4 trillion, according to the statistics of 2020.

 

“It is also expected that this rate will increase to reach $6 trillion in 2025,” he added.

 

Al-Wathiq Allah noted the readiness of commercial representation offices in a number of countries on the continent to provide all aspects of support to business communities in the African continent in various economic and commercial fields.