Friday 31 Jan
The General Authority for Investment and Free Zones hosted a forum for Sudanese businessmen. The forum was attended by key figures, including Hossam Heiba, CEO of the Authority, Commercial Counselor Yahya Al-Watheqballah, Head of the Commercial Representation Authority, Lieutenant General Emad El-Din Moustafa Adawy, Sudanese Ambassador to Cairo, and representatives from numerous Sudanese companies operating in Egypt.
During the forum, attendees explored avenues to deepen cooperation between the Egyptian government, the Sudanese embassy, and the Sudanese Federation of Chambers of Commerce and Industry. The primary objective was to thoroughly assess the genuine requirements of Sudanese companies seeking to establish ventures in Egypt.
Heiba encouraged the Sudanese
business community to capitalize on the burgeoning infrastructure development
within Egypt. He specifically highlighted investment opportunities in free
zones located in southern Egypt, such as the Qift Free Zone in Qena
Governorate, which is only 170 km from the Safaga export port, and the Aswan
Free Zone, which is currently being provided with utilities.
He emphasized that these zones
present a compelling geographical advantage for Sudanese investments,
particularly those involving the supply of raw materials and intermediate goods
from Sudan. Furthermore, these zones qualify for enhanced investment incentives
as they are designated as priority development areas within Egypt.
The CEO of the Authority
announced the development of specialized incentive programs to support young
Sudanese entrepreneurs. These programs will be established in collaboration
with relevant Egyptian and Sudanese investment agencies, complementing existing
incentives for economic activities that foster development in both nations.
The Sudanese Ambassador expressed
gratitude to the General Authority for Investment and the Commercial
Representation Authority for facilitating investment and commercial
collaboration between the two fraternal countries. He emphasized the Sudanese
business community's strong desire to contribute meaningfully to the growth of
the Egyptian economy.
Lieutenant General Emad El-Din
Adawy urged the Sudanese business community to seize the current momentum in
investment relations between Egypt and Sudan. He highlighted the significance
of the first Egyptian-Sudanese Businessmen Forum held last November and
emphasized the upcoming second forum scheduled for April in Sudan. These
forums, alongside the Sudanese Businessmen Forum hosted by the General
Authority for Investment, serve as crucial platforms for deepening economic
cooperation.
Adawy emphasized that these
initiatives aim to connect Sudanese investors with investment opportunities in
Egypt and facilitate Egyptian companies' involvement in Sudan's reconstruction
efforts. He noted that these endeavors enjoy strong support from the leaders of
both countries and that Egyptian companies possess a proven track record of
successful projects in Sudan.
Commercial Counselor Yahya
Al-Watheqbellah underscored the critical importance of leveraging the strong
geographical and historical ties between Egypt and Sudan to further deepen investment
and commercial cooperation.
He noted that while Sudanese
investments in Egypt currently stand at $240 million and Egyptian investments
in Sudan reach $1 billion, with trade exchange reaching approximately $1.4
billion in 2023, there exists significant potential for substantial growth.
He highlighted Egypt's
substantial improvements in its investment and commercial environment as a key
factor in achieving this growth. Egyptian ports have been developed according
to the latest global standards, the logistical cost of goods has been reduced,
a large number of commercial agreements have been signed, and investment
procedures have been simplified, especially for small and medium-sized
projects, and many investment systems have been approved that suit the needs of
different investors.
Sudanese investors expressed their appreciation to the Egyptian government for hosting their visit and for the preferential treatment extended to Sudanese investors. They acknowledged that the new generation of Sudanese investors has increasingly recognized the strategic importance of integrating with the Egyptian economy. This realization has driven a focus on establishing value-added chains between the two countries, particularly within sectors such as textiles and food processing, with the aim of meeting both domestic demand and expanding export opportunities.
