Egypt is the gateway to Africa: Sahar Nasr

CAIRO – 9 December 2018: “Egypt is the gateway to Africa and the meeting point of the civilizations of the ancient and modern world,” Minister of Investment Sahar Nasr said in her speech at the opening session of Africa 2018 Forum.

The minister pointed to President Abdel Fatah al-Sisi's keenness to build bridges of cooperation between Egypt and its brotherly countries in the continent, thus contributing to making Africa a promising continent and an incubator for major productive and service projects by attracting huge investments.

“Our meeting today reflects our consensus on a common vision for the advancement of our continent,” Nasr stated.

Nasradded that meetings are held to discuss ways to boost economic development and overcome possiblechallenges, and to tacklethe prospects for cooperation, encouraging joint investments and increasing intra-trade opportunities to provide jobs for the people of our promising continent to achieve the goals of sustainable development.

According to the minister, a number of African countries have recently adopted economic reform programs that contribute to increasinggrowth rates, despite the challenges of the global economy, the rates reached 3.5 percent in 2018 and are expected to rise to more than 4 percent in the coming years.

“Indeed, six African countries ranked the top ten fastest growing economies this year,” she noted.

Nasr pointed to Egypt's achievements that came as a result of the implementation of anambitious program to correct the course of the economy,improvingthe investment climate through economic, financial and institutional reforms, notably the investment law and its incentives.

The minister said that this program resulted inan increase in economic growth rates, increased investment opportunitiesand a marked increase in economic and social indicators, which have been praised by international institutions.

“Africa has the huge economic, production and consumption potential needed to enjoy a better future. Investment returns on the continent are among the highest in the world, and this has been reflected in more than a fourfold increase in foreign direct investment flows in the last five years,” Sahar stated.

She clarified that in order to get the best out ofthese opportunities, our countries need a supportive infrastructure of networking, digital transformation and a maximizeduse of information technology.

The minister said: “Investment in infrastructure is the cornerstone of development and growth. The amount of investments required annually is estimated to be $150 billion, with a funding gap of about $90 billion, which means that there is a need for concerted efforts between governments, the private sector, international financial institutions and investment banks - our development partners.”

Nasr added that investing in human capital is an urgent necessity for sustained growth and for the exploitation of the human wealth of Africa - a young continent with 60 percent of its population under the age 25 years old.

According to the minister, Egypt has been a pioneer in this field, where President Abdel Fatah al-Sisi has adopted the initiative to invest in human capital in the areas of health, education and skills development, as investing in the youth of the continent is a key factor toraising growth rates.

She referred that it is a top priority to channel the youth's energies to developing their skills and their innovative ideas, consolidating the concept of entrepreneurship, which is the main engine of economic development and increased competitiveness of the economy.

“Entrepreneurship is an important source of employment, as fast-growing startups generate one-third of new employment opportunities. Egypt has been keen to develop this activity by providing a stimulating investment climate and innovative financing mechanisms,” Nasr said.

The minister added that on Saturday more than 250 African companies representing more than 35 countries and 57 models of products made in Africa participated in the forum. “We are proud of our youth.”

Nasr explained that growth plans are not complete without real opportunities for women to participate in economic, political and social life.

“Identifying the common objectives of the African countries will unify the priorities of development,” Nasrsaid, noting that in August, Egypt and African countries succeeded in adopting an integrated financing agenda for the governors of the international financial institutions in SharmEl-Sheikh.

She emphasized the need to adhere to national programs that meet national priorities and preserve the sovereignty and national security of countries.

At the end of her speech, she invited all the attendants to seize the opportunity of the participation in this important international forum and exchange ideas and experiencesto explore investment opportunities in Egypt and Africa.