Ramsco's Women Empowerment Initiative Recognized Among Top BRICS Businesswomen Practices for 2025    Egypt, Elsewedy review progress on Ain Sokhna phosphate complex    Gold prices end July with modest gains    Pakistan says successfully concluded 'landmark trade deal' with US    Egypt's FM, US envoy discuss Gaza ceasefire, Iran nuclear talks    Modon Holding posts AED 2.1bn net profit in H1 2025    Egypt's Electricity Ministry says new power cable for Giza area operational    Egypt's Al-Sisi, Italian defence minister discuss Gaza, security cooperation    Egypt's FM discusses Gaza, Nile dam with US senators    Aid airdrops intensify as famine deepens in Gaza amid mounting international criticism    Health minister showcases AI's impact on healthcare at Huawei Cloud Summit    On anti-trafficking day, Egypt's PM calls fight a 'moral and humanitarian duty'    Federal Reserve maintains interest rates    Egypt strengthens healthcare partnerships to enhance maternity, multiple sclerosis, and stroke care    Egypt keeps Gaza aid flowing, total tops 533,000 tons: minister    Indian Embassy to launch cultural festival in Assiut, film fest in Cairo    Egyptian aid convoy heads toward Gaza as humanitarian crisis deepens    Culture minister launches national plan to revive film industry, modernise cinematic assets    Rafah Crossing 'never been closed for one day' from Egypt: PM    I won't trade my identity to please market: Douzi    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt's EHA, Huawei discuss enhanced digital health    Egypt, Oman discuss environmental cooperation    Egypt's EDA explores pharma cooperation with Belarus    Foreign, housing ministers discuss Egypt's role in African development push    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







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



Intra-African economic integration essential to speed up global growth: Salman
It is necessary to exploit African capital to invest inside the continent, says investment minister
Published in Daily News Egypt on 21 - 02 - 2016

Minister of Investment Ashraf Salman called upon African representatives to achieve economic integration and speed up international economic growth, at the Africa 2016: Business for Africa, Egypt and the World forum in Sharm El-Sheikh on Sunday.
Salman's statements came during a session entitled "Egypt is a key partner for business and trade in African countries", which was attended by Foreign Minister Sameh Shoukry and private sector representatives.
"African countries' economic indicators show that there are major opportunities for growth in the next 30 years. These are reinforced by 1.1 billion people who reside on the continent, exhibiting consumption rates of up to $1tr, expected to rise to $1.4tr by 2020," Salman said.
He highlighted the importance of economic integration, cooperation, knowledge of strengths and utilising all available opportunities, especially in light of the slow global economic growth.
Salman pointed out that the Egyptian government has taken several steps to improve the business environment, promote economic openness and improve the infrastructure. He noted that this began with roads, energy, ports, easing travel procedures and eliminating bureaucratic obstacles, alongside efforts to facilitate intra-regional trade and services.
The trilateral agreement, signed during June 2015 for the establishment of a free trade area among the three main African economic blocs (COMESA, SADC, EAC), aims to boost economic integration between the south and east of the continent, added Salman.
He further pointed to the forum's position as an important event to familiarise businessmen and investors with the latest developments in regards to investments in Egypt and the rest of Africa.
In addition, the forum provides an opportunity to discuss the challenges, mechanisms and strategies for facilitating the flow of direct investment to these countries, Salman said.
Egyptian investments in other African countries amounted to $7.9bn between 2003 and 2015 for 62 projects in numerous fields such as construction, chemical industries, energy and pharmaceutical industries, which provide approximately 21,000 jobs.
The government signed an agreement with African Export-Import Bank (Afreximbank) to support intra-continental trade and African countries' exports, along with a number of bilateral agreements, including the promotion and protection of investment agreement, Salman added.
The Minister of Investment is expected to sign a cooperation protocol between Qalaa Holding and the Engineering Industries Export Council to enhance cooperation in the transport sector, especially railways.


Clic here to read the story from its source.