Egyptian Minister of Foreign Affairs and Expatriates Abroad, Badr Abdelatty, met with a group of prominent Ghanaian business leaders during his visit to Accra. The leaders represented various sectors including construction, pharmaceuticals, shipping, automotive, energy, food, and agricultural projects.
Abdelatty emphasised the Egyptian government’s commitment to strengthening ties with the African continent, particularly in trade and economic fields. He praised the increase in trade exchange between Egypt and Ghana, which has grown to $270m in the past three years from $78m in 2020. Abdelatty highlighted the potential to double this figure, citing opportunities available in both countries and the African Continental Free Trade Area (AfCFTA).
Ambassador Ahmed Abu Zeid, the official spokesperson and Director of the Public Diplomacy Department at Egypt’s Ministry of Foreign Affairs, stated that Abdelatty also discussed Egypt’s ambitious economic programme. The programme includes comprehensive policies to mitigate the negative impacts of global political and economic crises on Egypt’s economy. Improving the investment climate is a top priority, with efforts to stabilise the foreign exchange market and remove obstacles for investors.
Abdelatty pointed out that the Egyptian government is enhancing the private sector’s capacity to drive economic growth by fostering public-private partnerships. Legislative amendments have been introduced to create a supportive investment climate and encourage private sector investors, ensuring fair competition. Measures are also being taken to support the private sector, achieve sustainable development, and digitise tax and customs systems.
During the meeting, Abdelatty was attentive to the proposals and inquiries of the Ghanaian businessmen regarding their plans to expand activities in Egypt. They expressed interest in sectors such as pharmaceuticals, food industries, iron, and car assembly. The discussion included ways to maximise the benefits of available investment incentives, promote innovation, create new markets, and generate job opportunities.
Abdelatty informed the Ghanaian investors that he had discussed with the Ghanaian Foreign Minister the need to sign an investment promotion and protection agreement, as well as a double taxation avoidance agreement. He assured them that he would relay their requests to the relevant Egyptian authorities to explore the possibility of operating cargo flights between the two countries.
