The Egyptian-Tanzanian Business Forum aimed to bolster economic cooperation between Egypt and Tanzania. Key discussions included fostering partnerships in agriculture, pharmaceuticals, and construction, alongside promoting investment incentives. The forum reflects Egypt’s ongoing commitment to strengthening ties and expanding its investments in Tanzania and Africa as a whole.
The Egyptian-Tanzanian Business Forum was inaugurated by Egypt’s Minister of Foreign Affairs, Badr Abdelatty, and Tanzania’s Minister of Foreign Affairs, Mahmoud Thabit Kombo, with the goal of enhancing economic cooperation between the two countries. Held in Cairo, the forum attracted top Egyptian business leaders and a Tanzanian delegation representing diverse sectors such as agriculture, pharmaceuticals, and maritime transport.
Minister Abdelatty emphasized Egypt’s dedication to boosting trade ties within Africa. He encouraged Egyptian businesses to actively engage in development initiatives across the continent, promoting partnerships based on mutual benefits while showcasing Egypt’s capabilities in meeting the developmental needs in Africa.
He highlighted the role of the Egyptian Agency for Export and Investment Guarantee, which incentivizes Egyptian firms to enhance their presence and investments in African markets—a strategic move to encourage collaboration. Abdelatty also underscored the potential of the Egyptian pharmaceutical industry to supply Tanzania with essential, affordable products, urging partnerships in agriculture and industrial ventures to bolster trade volumes.
Abdelatty pointed to Egypt’s industrial landscape as a prime opportunity for Tanzanian investors to benefit from investment incentives. He listed the country’s manufacturing strengths, including food products and construction materials, and spoke of Egyptian firms participating in vital construction and electricity projects throughout Africa.
He referenced Egypt’s trade agreements, notably the COMESA framework, which aims to facilitate investment opportunities. The Suez Canal Economic Zone was also spotlighted as a prospective logistics hub, further enhancing investment interest.
Minister Abdelatty and Minister Kombo engaged in bilateral discussions, reaffirming their nations’ historical ties and expressing the intent to elevate cooperation across various sectors. He recounted the fruitful outcomes of previous agreements and expressed eagerness for the upcoming joint committee session.
Acknowledging growing Egyptian interest in Tanzania, Abdelatty mentioned that Egyptian investments in the country approximate $1.36 billion. He aims to expand this investment, focusing on infrastructure, agriculture, and fisheries collaboration, backed by the Egyptian Agency for Partnership for Development.
Moreover, he assured Egypt’s commitment to the Julius Nyerere Dam project as a pivotal example of African collaboration in hydroelectric development, with nearly all construction completed, while reiterating Egypt’s pledge to support Nile Basin development.
The Egyptian-Tanzanian Business Forum aims to strengthen economic ties through heightened investment and cooperation between both countries. Key discussions highlighted areas of potential collaboration, particularly in agriculture, pharmaceuticals, and significant investment opportunities in sectors like construction. This forum underscores Egypt’s commitment to increasing its investment footprint in Tanzania while promoting mutual benefits, ultimately fostering economic growth within both nations and across the African continent.
Original Source: www.dailynewsegypt.com
