https://www.engineeringnews.co.za
Building|Business|Energy|Gas|Services
Building|Business|Energy|Gas|Services
building|business|energy|gas|services

Egypt seeks increased bilateral trade and investment with South Africa

A view of Old Cairo, with the modern city in the background

A view of Old Cairo, with the modern city in the background

Photo by Unesco

14th March 2019

By: Rebecca Campbell

Creamer Media Senior Deputy Editor

     

Font size: - +

Egyptian Ambassador to South Africa Sherif Eissa has called for more bilateral trade and investment between his country and South Africa, as well as closer political cooperation. He was addressing the South African Chamber of Commerce and Industry and Federation of Egyptian Industries (FEI) Trade and Investment Forum in Johannesburg on Thursday.

“We have big economies, we can work together,” he pointed out. “Why should we see such a small volume of trade between our two countries? …. We have never seen Egyptian investment in South Africa.” (And South African investment in Egypt was minor.)

“Egypt is moving forward, sometimes with difficulty.” He expressed the hope that this would result in a bright outcome for the people of Egypt and, indeed, also for all of Africa. “We’re working for all of Africa, not just for Egypt.”

“Egypt is building twenty new, fourth generation cities. Twenty!” he highlighted. “Seven are almost completed.” One of these cities was a new administrative capital (still unnamed) for the country, located between the Nile and the Suez Canal, some 45 km east of the present capital, Cairo.

The Suez Canal has already been upgraded, increasing its capacity by almost 100%. And the country was planning to become an energy hub, following major natural gas discoveries in Egyptian waters in the Mediterranean Sea in recent years.

But South African companies had hardly been involved in these and other major Egyptian programmes. “We have the potential; we need to have the will,” he affirmed. “Let’s urge the businessmen in Egypt, and in South Africa – this is an opportunity.”

“We have similar economies, similar services …. There is competition …. But there is constructive cooperation and destructive competition,” stated Eissa. “We need to focus on constructive competition …. We should cooperate together.”

He said that the FEI delegation was probably the biggest Egyptian trade mission to visit South Africa. “We are here today to gather business to business.”

Regarding politics, the ambassador observed that both Egypt and South Africa had the same vision – that peace and stability in Africa depended on economic development. Thus, the two countries should work together.

Edited by Creamer Media Reporter

Comments

Showroom

Schauenburg SmartMine IoT
Schauenburg SmartMine IoT

SmartMine IoT has been developed with the mining industry in mind, to provides our customers with powerful business intelligence and data modelling...

VISIT SHOWROOM 
M and J Mining
M and J Mining

M and J Mining are leading suppliers of physical support systems as used by the underground mining industry. Our selection of products are not...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.136 0.2s - 157pq - 2rq
Subscribe Now