Egypt’s Prime Minister Mostafa Madbouly recently chaired a meeting of the Permanent Higher Committee for Monitoring Egyptian-African Relations, attended by Egypt’s economic ministers and other relevant government officials. The session, part of the government’s ongoing efforts to strengthen Egyptian-African ties, focused on enhancing trade relations between Egypt and African countries.
At the meeting’s outset, Madbouly emphasized the significance of these regular sessions, which monitor Egypt’s diplomatic and economic efforts in Africa. He highlighted the government’s recent achievements in advancing trade ties with the continent, including initiatives to increase bilateral trade.
Madbouly revealed that the Central Bank of Egypt (CBE) had developed a proposal for establishing more balanced trade deals with African nations. Naglaa Nozahie, the CBE Governor’s Advisor for African Affairs, elaborated on Egypt’s growing export presence in Africa. She noted that balanced trade deals now account for 60% of Egypt’s total non-oil merchandise exports, a figure that the government plans to expand further. Egypt aims to increase export value by at least 20% annually from 2024 to 2030, targeting $130bn by 2026/2027 and $145bn by 2030.
Nozahie explained that the goal of these balanced trade deals is to create mutual benefits for both Egypt and African countries, addressing trade imbalances by offering Egyptian goods that help ease deficits in African economies. She also stressed that the deals would strengthen resilience against external economic shocks, activate the African Free Trade Area, and boost trade among African nations. These measures ensure that neither side becomes overly dependent on imports, fostering fairer trade relations.
Kamel Al-Wazir, Deputy Prime Minister for Industrial Development and Minister of Industry and Transport, discussed Egypt’s connectivity projects with Africa, focusing on land, rail, and maritime transport. Al-Wazir highlighted ongoing projects aimed at enhancing infrastructure to link Egypt with African countries, such as the Cairo-Cape Town Road, the Suez-Hurghada-Marsa Alam-Berenice-Halaib Road, and land routes connecting Egypt with Chad, Cameroon, and Libya.
He also detailed plans to extend Egypt’s rail network into Africa, including a high-speed electric train project and rail links to Sudan and Libya. Additionally, Al-Wazir outlined plans to upgrade Egyptian ports to accommodate larger ships, facilitating better maritime trade with Africa.
Finally, Al-Wazir emphasized the untapped potential of river navigation corridors across Africa, which offer a cost-effective means of boosting trade among Nile Basin countries. While often overlooked, these water routes could be key to stimulating greater economic exchange across the continent.
The meeting underscored Egypt’s commitment to fostering stronger, more balanced trade relations with African countries, enhancing both infrastructure and economic cooperation.
