It takes action, organisation and a lot of persistence to seize the untapped potentials of the African market, Sherine Shoukry reports For every long-term plan, there is bound to be a long meeting short on results. This was the case when members of the Egyptian Businessman's Association (EBA) held a meeting recently to discuss plans to penetrate the African market and enhance bilateral trade relations. Several former ambassadors to Africa, businessmen interested -- or with experience -- in the continent, and representatives from different Egyptian banks were invited to hear the proposals presented and add their expertise to the discussion. "Africa was in our hands," said Mohamed Ghanem, former chairman of El-Nasr Export and Import Company, commenting on the strong ties that once combined Egypt with its neighbouring African nations. "Our relationship was very strong -- politically and economically." A proposal was made by Mamdouh Saadeddin from the Egyptian African Company to establish a company with a LE250 million capital -- to be collected from banks and the private sector -- to act as a step towards creating a robust trade movement with African countries. "The most important factors to determine before venturing into the African market are the investment capital and the key African countries that will be involved," said Ambassador Mohamed Abbas, chairman of the Arab and African Sector at the Ministry of International Cooperation. According to Ambassador Mona Omar, assistant foreign minister for African affairs, Egyptian embassies can help with communication and contacts. "But, the government is only an aid -- this is an issue concerned with businessmen and the private sector; they will be the main executors of this project," she said. Nevertheless, businessmen seemed to be looking for more proactive involvement by the Ministry of Foreign Affairs. Saadeddin argued that the Egyptian Foreign Ministry should suggest the most lucrative African companies to work with. Ghanem disagreed with Saadeddin's suggestion to join forces with local African companies as he seemed more keen on a different kind of governmental assistance. "To be able to enter the African market, we need government funding. Otherwise, no businessman will be willing to take the risk." Tarek Salah, representative of the National Bank of Egypt (NBE) with a long-standing experience in South Africa suggested permanent or seasonal exhibition of Egyptian products based on the fact that Egyptian products have very limited presence in South Africa which -- to a certain extent -- is an open economy. Criticism of cultural work ethics were brief but significant, "We [Egyptians] are always very excited to start something, and then when it happens, there's neither persistence nor evaluation." commented Abbas. The meeting's great expectations only yielded the formation of a small committee that will study the plans and prepare a conclusion with a concise and tangible proposal. The next meeting will present the committee's conclusive proposal and will be held late next month.
