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Egypt identifies 10 sectors for joint investment with Turkey, African countries

Egypt made a significant announcement during the fourth edition of the Turkish-African Economic and Trade Forum in Instanbul, revealing plans to identify sectors for joint investments with Turkey and Africa.
15.10.23 | Source: EgyptToday

During the forum, Egypt's Minister of Trade and Industry, Ahmed Samir, made several important remarks. He reinforced the Egyptian government's dedication to augmenting regional trade and investment partnerships, describing them as vital components of Egypt's economic and industrial strategy. Furthermore, he spotlighted Egypt's commitment to building robust ties with Mediterranean neighbours and serving as a connection between them and African nations. Samir detailed Egypt's intent to support Turkish enterprises in uncovering joint investment opportunities with Egyptian firms in Africa. These joint ventures are particularly centred on strategic sectors that are beneficial for African economies, like infrastructure, construction, transportation, steel production, electrical devices, textiles, ready-made clothing, agricultural manufacturing, food products, and medical devices. A significant part of the discussion was Samir's emphasis on the importance of encouraging Turkish companies to increase their industrial investments in the African market to support African economies by generating more job opportunities for the youth and triggering African economic development. He substantiated Egypt's annual exports to African countries, pegged at around $6.2 billion and principally comprising heavy machinery and paper products. Moreover, he mentioned Egypt's role in realizing the regional economic integration agenda in Africa, as a member of the Common Market for Eastern and Southern Africa (COMESA) and as an early joiner of the African Continental Free Trade Area (AfCFTA). He concluded by inviting Turkey to harness the opportunities available in Africa through Egypt's extensive network of free trade agreements with African partners.