Sunday 23 Feb
Ministry of Investment and International Trade hosted a joint Egyptian-Nigerian business forum on Saturday, under the theme "Egyptian-Nigerian Partnership: Launching the Horizons of Joint Prosperity through Trade and Investment."
The forum marks a strategic step towards strengthening bilateral relations between the two countries and paves the way for achieving growth in trade and investment across the African continent.
The event was attended by
Engineer Hassan Al-Khatib, Minister of Investment and International Trade, Dr.
Badr Abdelatty, Minister of Foreign Affairs and Immigration, Alaa Farouk,
Minister of Agriculture and Land Reclamation, and Dr. Hany Sweilam, Minister of
Water Resources and Irrigation, along with Yusuf Maitama Tuggar, Nigerian
Minister of Foreign Affairs, Abubakr Kyari, Nigerian Minister of Agriculture
and Food Security, and Joseph Utsav, Nigerian Minister of Water Resources. Also
in attendance were Mohamed Lere, head of the Nigerian side of the joint
business council, Dr. Walid Gamal El-Din, head of the Egyptian side of the joint
business council, Ahmed El-Bedewy, head of the promotion sector at the General
Authority for Investment and Free Zones, and the commercial attaché Fadel
Yaqoub, director of the Africa department at the Commercial Representation
Authority.
The Minister of Investment underscored
the importance of strengthening bilateral relations between Egypt and Nigeria,
emphasizing their shared aspirations and mutual respect. These relations,
established diplomatically in 1961, form a cornerstone for enhancing economic
and commercial development across Africa.
Al-Khatib highlighted that Egypt
and Nigeria, the continent's largest countries, must increase trade rates
through enhanced cooperation. Egypt's recent investments in infrastructure,
including road networks, new cities, ports, and energy, have positioned the
country to lead private sector-driven economic development and boost trade and
investments.
The Minister invited Nigerian
investors to leverage Egypt's advanced infrastructure and benefit from trade
agreements providing access to markets in over 70 countries, including the
European Union, Arab nations, COMESA, and Mercosur. He stressed the importance
of utilizing the African Continental Free Trade Agreement to enhance
intra-African trade.
He affirmed that the ministry is
dedicated to establishing logistics centers in key African countries, including
Nigeria, and facilitating trade with African nations by supporting banking
operations and export credit insurance programs.
Dr. Badr Abdelatty, Minister of Foreign Affairs, stressed the importance of intensifying joint efforts to boost bilateral trade and investment between the two countries in the coming period, aligning with the mutual economic interests of both nations. He highlighted promising investment opportunities for both countries, particularly in sectors such as energy (including renewable energy), mining, oil and gas, construction, infrastructure projects, water management, land reclamation, transportation, and logistics.
Minister of Agriculture and Land
Reclamation, Alaa Farouk, emphasized that cooperation between the two nations
could encompass fostering investment, facilitating commercial and technical
exchange, bolstering food security, and collaboratively addressing challenges
such as population growth and climate change, which significantly impact
agricultural production. He highlighted the importance of sharing expertise and
implementing effective measures to control cross-border pests.
Abubakr Kyari, Nigerian Minister of Agriculture and Food Security, emphasized his country's commitment to boosting agricultural production, particularly of staple crops crucial for food security and economic growth. Kyari highlighted Nigeria's desire to leverage Egypt's agricultural expertise, advanced technologies, and cost-effective irrigation solutions. He recognized Egypt's pivotal role as a regional commercial hub with strong export networks, facilitating access to global markets for Nigerian agricultural products.
He emphasized that collaboration with Egypt offers significant opportunities to deepen partnerships in irrigation systems, sustainable agricultural practices, and addressing climate change challenges. Kyari commended the successful partnership between Nigeria and Tanta Motors in agricultural mechanization, highlighting it as a model for the substantial potential of bilateral relations.
The ministers witnessed the signing of several memoranda of understanding between the two countries in areas of mutual interest.
