The Federation of Egyptian Chambers of Commerce (FEDCOC) and the Union of African Chambers of Commerce, Industry, Agriculture, and Professions (UACCIAP) have begun their preparations to participate in a group of international events for the development of foreign trade and investment in Egypt and Africa. On top of these events, there is a global summit to promote trade and investment at the beginning of next month in the Chinese capital, Beijing.
Furthermore, the two federations will participate in the third economic and trade exhibition in Hunan, China, and FEDCOC will participate in the Arab-German Business Forum, which will be held at the beginning of June in the German capital, Berlin.
Ibrahim El-Araby, the President of FEDCOC and UACCIAP, stated that the federation will participate in economic events held in China with a promotional mission. Additionally, it is scheduled to arrange bilateral meetings for the business community of the two countries to discuss bilateral and multilateral cooperation between Egypt, China and the countries of the continent.
As for participation in the Arab-German Business Forum, El-Araby noted that the forum is a platform that brings together Arab and European business leaders, experts and economic decision-makers to discuss global trade challenges in light of successive political changes and economic crises since COVID-19 fallout, which had negative effects on the global trade movement. It was the first spark for a group of economic crises, which caused a decline in global trade by about 30%, and even the Russian-Ukrainian war and Western sanctions on the Russian economy, which created waves of widespread inflation in energy and food prices in various countries of the world.
He added that the forum will focus this year on developing and supporting the basic productive sectors of various countries to contribute to raising growth rates, creating new investment and trade opportunities, and identifying the latest technologies and productive variables that will advance and develop joint economic relations.
Participation in international meetings is of great importance, especially in light of the harsh conditions the global economy is going through, to discuss finding urgent ways to develop trade and investment exchange., in addition to mitigating the inflationary effects that all countries suffer from, especially emerging economies that have faced a lack of funding for development and production projects over the past four years, he concluded.
