Egypt promotes its travel destinations in meeting with US Tour Operators Association    Snubbed by Gulf, Lebanon's PM Diab hosts Iranian official    ICC trial in The Hague one option for Sudan's Bashir: Minister    OUD's sales exceed EGP 100m at Nile Property Expo in Riyadh    Egypt sentences Boutros Raouf Ghali to 30 years for smuggling artefacts    Schneider Electric to provide energy management system to Castle Landmark    AUC alumni foresee future of life in Egypt    The Address to launch new project in Sheikh Zayed 3Q2020    Naguib Mahfouz's daughter donates some of Nobel laureate's belongings to his museum    Egypt's Sisi attends inauguration of new military factory    Hundreds of Americans flown home from cruise ship, 14 with coronavirus    Nestlé Egypt starts a recycling project two months ago    Orascom Development brings Kent College to open first campus in O West    Shoukry presents Egypt's vision on Libyan, Palestinian crises at Munich Security Conference    House of Representatives wronged, history would do it justice: Deputy Speaker of Soliman Wahdan    Spain La Liga allow Barca to make emergency striker signing    Khamenei loyalists may tighten grip at Iran elections    Rise in coronavirus infections prompts Japan to limit public crowds    Coronavirus forces delay of trade fairs and conferences    Tokyo Marathon limited to elite runners because of virus    Egypt's economy can weather foreign crises: Amer    Europe Stocks gain as Chinese share increase; Yen, Gold Slip    Egypt ends 14-day quarantine for Egyptians returning from China's Wuhan; no coronavirus cases detected    Egypt eyes increasing financial allocations for health, education in FY 2020/21    Sharm El Sheikh receives 2 UK flights in 4 years    Eastern Company revenues see 7.5% increase in 1H 2019/20    Syria military hails advance against rebels in 'record time'    Former Man United goalkeeper Gregg dies at age 87    Egypt's embassy in China continues to provide consular services despite coronavirus outbreak: Ministry    Sisi attends funeral of former commander of Egypt's air forces    'Parasite' director Bong Jun Ho gets hero's welcome in South Korea    Rockets hit U.S. coalition base in Baghdad, no casualties    Shoukry represents Egypt in 56th Munich Security Conference    Egypt expects final agreement on GERD to be fair: Shoukry    Zamalek dominate Africa from Doha    Massar Egbari's keyboardist Ayman Massoud starts electronic music project    Egypt's FM expects final, fair deal on Ethiopian dam to serve Cairo's interests    Sundance 2020: top awards go to bold, intimate, and humanising stories    Cats leads Golden Raspberry Awards' nominations for worst films    Second day of talks on Ethiopian dam kicks off in Washington    Chinese Grand Prix likely to be called off amid coronavirus concerns    Zamalek clash with Espérance de Tunis, eyeing first CAF Super Cup in almost 17 years    Pyramids appeal against EFA's ban of 5 players after Al Ahly game quarrel    Egypt's Golden Age actress, Nadia Lutfi, dies at 83    Basketball legend Kobe Bryant, Daughter Gianna die in helicopter crash    ‘Djamila Bouhired' movie star Magda al-Sabahi dies at 89    Egypt's President Sisi pardons some prisoners on 25 Jan. Revolution anniversary    Egypt's Sami Anan released after near two-year detention    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.





Boom continent
Published in Ahram Online on 21 - 01 - 2020

The UK-Africa Investment Summit took place in the presence of world leaders, including President Abdel-Fattah Al-Sisi and the UK's Prime Minister Boris Johnson, the event's host, high-profile representatives of 21 African countries and members of the UK government.
According to Johnson, Africa is the future and the UK is a huge part of that future.
“Look at the monorail trains that will shortly be conveying citizens through the streets of Cairo, that great and growing city, the monorails will be made here in Derby,” said Johnson.
In his speech addressing the summit, President Al-Sisi said: “There are promising and diverse opportunities for Africa's partners… such opportunities make Africa one of the most important destinations for international business institutions.”
Al-Sisi highlighted four areas where cooperation with partners such as the UK was especially welcome — the implementation of infrastructure projects that contribute to continental integration and fall within the priorities of the infrastructure development programme of the African Union, such as the Cairo-Cape Town axis linking the north and south of the continent, renewable energy generation projects, and all road and railway projects and initiatives to activate the African Continental Free Trade Agreement and enhance intra-Africa trade.
Al-Sisi stressed the important role of the domestic private sector as a driver of economic growth. He said partnerships between foreign and African private sectors were an integral part of African national strategies.
The president also welcomed cooperation in empowering women and youth and providing job opportunities and equipping them with skills, and highlighted the importance of the government in providing guarantees to international companies to reassure investors and encourage them to pump direct investments into Africa.
During the summit, the UK's Secretary of State for International Development Alok Sharma and Egypt's Minister of International Cooperation Rania Al-Mashat agreed to work together on projects that can help deliver Egypt's 2030 agenda.
Cooperation between the UK and Egypt already encompasses medical training programmes and the Chevening Scholarship Programme which provides 50 fully-funded scholarships a year. The UK is a major investor in Egypt's telecommunications, oil, gas and pharmaceutical sectors. According to a joint press release by the UK Department of International Development and the Egyptian Ministry of International Cooperation, current UK investments stand at $48 billion.
The press release also said the UK will provide technical assistance and capacity building for the structural reforms required to unlock private sector development and inclusive economic growth, seek to strengthen education and healthcare partnerships, deepen financial links, boost trade and investment and continue to establish a UK-Egypt association agreement.
“The agreement, once signed and following completion of domestic processes in both countries, will provide continuity in our trading relationship when the current agreement between Egypt and the EU ceases to apply to the UK.”
Another highlight of Egypt's cooperation with the UK this year will be Egypt's High-Level Conference on Accelerating Learning in the Middle East and Africa, to be held in Cairo in February 2020, which the UK will support.
African growth is accelerating, with GDP set to reach £2.5 trillion by 2025. Advantages mentioned by panel members included Africa's young population and its rapidly growing economies.
The IMF says Africa is home to eight of the world's 15 fastest growing economies.
According to World Bank figures, six of the top 10 fastest growing economies in the world are located in Africa.
According to David Schwimmer, the CEO of the London Stock Exchange, Africa is in need of capital. Schwimmer said the London stock market is ready and able to mobilise capital to drive growth across the continent.
On Tuesday, Al-Sisi held closed bilateral talks with Johnson at 10 Downing Street. This was followed by a meeting between the two countries' delegations during which, according to Presidential Spokesperson Bassam Radi, Johnson stressed his keenness on enhancing bilateral relations with Egypt.
“Britain counts on Egypt's central and active role as a mainstay of stability in the Middle East and Africa,” Johnson said.
According to Radi, Al-Sisi stressed that Egypt is “looking forward to maximising bilateral cooperation in the coming period and enhancing political and security coordination and the exchange of visions on issues of mutual interest.”
Earlier the same day, Al-Sisi met with Prince William. They discussed economic and trade ties and ways to strengthen mutual cooperation, mainly in the fields of tourism and education.

*A version of this article appears in print in the 23 January, 2020 edition of Al-Ahram Weekly.


Clic here to read the story from its source.