CAIRO - WITH discussions and presentations on investment opportunities in various sectors, senior Egyptian and Zambian officials and investors came together for a one-day investment forum in Cairo. The Egypt-Zambia Investment Seminar, held under the auspices of President of Zambia Rupiah Bwezani Banda and attended by a number of ministers from both sides, discussed boosting bilateral economic and business ties between the two African countries. “The level of trade between our countries isn't acceptable, considering the great potential and opportunities we both have,” Banda told the forum, held on the premises of the General Authority for Free Zones and Investment (GAFI). The value of trade between the two countries in 2008/2009 was $370 million. In 2009, Egyptian imports from Zambia was $106.5 million, while exports stood at $15.3 million, with theZambian President arguing that these figures could be much higher, given the opportunities in both countries. Representatives of GAFI and a number of Egyptian chambers of commerce gave presentations about investment opportunities in Egypt, while the Zambian delegation including the ministers of Energy, Commerce, Trade and Industry and Land also gave presentations and led some open discussions about the prospects for bilateral business. Egypt and Zambia, both members of COMESA (the Common Market for Eastern and Southern Africa), have had diplomatic and political ties since themid-1960s. While investment opportunities in Egypt hover around shipping, retail, real estate and infrastructure, in Zambia energy, engineering products, value addition and tourism are the key fields for investment. Hence, business opportunities between the two countries are complementary, according to Zambian and Egyptian experts who attended the event. “In today's forum, there were a lot of ideas and opportunities but more importantly there was much more information,” said Egyptian Minister of Trade and Industry Rashid Mohamed Rashid. “That's because our biggest challenge is knowledge: the ability of each business community to know about the other. “The second challenge is logistics and that's what we're working on together now. We have the will to co-operate and now we must find suitable ways to move people and goods between the two countries.” Two agreements were signed at the event between two private sector corporations from each country. Furthermore, a number of ideas were suggested on Wednesday, including a call by the President of Zambia to form the ‘Zambia-Egypt Business Council', in order to further boost bilateral ties. “Our presence here today is the start for scaling up our co-operation,” said Zambian Minister of Commerce, Trade and Industry Felix Mutati. “The near future will witness a higher level of cooperation between us; it's now the turn of our business communities to take the lead.”
