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South Africa, Egypt join hands to further investment

3rd October 2016

By: Megan van Wyngaardt

Creamer Media Contributing Editor Online

  

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To boost investment and trade between South Africa and Egypt, the two African economic giants, through Investment South Africa (ISA) and General Authority of Investment and Free Zones (Gafi), have signed a memorandum of understanding (MoU) on investment cooperation.

The MoU was signed by Gafi CEO Mohamed Khodeir and South African Ambassador Sadick Jaffer on behalf of ISA.

Jaffer noted that the MoU would provide support and facilitate access to respective investment projects and opportunities.

“The MoU symbolises that the economic relationship between South Africa and Egypt [is ready] be taken to the next level, which will be a more targeted approach, which, I believe, will lead to greater investment focus between the two countries,” he added.

Jaffer highlighted that a work plan for the next financial year has been drafted, including missions to the respective countries.

“The two economic powerhouses on the continent are keen to encourage two-way investment, while the two agencies will be focal points for business interaction on investment,” he stated.

The signing ceremony was preceded by an Investment Business Seminar hosted by the Egyptian Business Association as an initial outcome of the second Joint Working Group on Investment held in March 2015.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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