Egypt’s Minister of Foreign Affairs and Immigration, Badr Abdelatty, and Tanzania’s Minister of Foreign Affairs and East African Cooperation, Mahmoud Thabit Kombo, jointly inaugurated the Egyptian-Tanzanian Business Forum on Wednesday, aiming to strengthen economic ties between the two nations.
The forum in Cairo, brought together prominent Egyptian business leaders and a high-level delegation representing sectors including construction, chemical industries, agriculture, pharmaceuticals, medical supplies, and maritime transport. Tanzanian business representatives, officials from the Ministry of Investment, and parliamentarians from both countries also participated.
During the event, Minister Abdelatty underscored Egypt’s commitment to strengthening economic and trade links with African nations. He told the forum that Egypt was encouraging its companies to increase efforts to foster development across Africa and establish partnerships based on mutual benefit.
Highlighting Egypt’s industrial and commercial capabilities, Abdelatty stated that the country was well-positioned to meet the continent’s developmental needs. He cited the establishment of the Egyptian Agency for Export and Investment Guarantee, which aims to incentivise Egyptian companies to expand their presence and increase investment in African markets.
Abdelatty also emphasised the capabilities of the Egyptian pharmaceutical industry and its potential to supply the Tanzanian market with affordable essential products. He encouraged Tanzanian business leaders to consider partnerships with the Egyptian private sector in commercial and industrial ventures to increase trade volume and explore opportunities for joint agricultural projects. He also promoted the benefits of establishing industrial projects in Egypt to serve Tanzanian needs.
He said that Egypt’s industrial landscape was an attractive opportunity for Tanzanian businesspeople seeking to leverage Egypt’s investment incentives.
The Foreign Minister also drew attention to Egypt’s manufacturing capabilities in various sectors, including food products, industrial and chemical goods, wood products, and construction materials. He also noted the involvement of Egyptian firms in construction and electricity network projects across Africa, including in Tanzania.
Abdelatty highlighted Egypt’s existing trade agreements, particularly the COMESA agreement. He said the Egyptian government intended to collaborate with foreign companies to provide information on investment opportunities in Egypt and ease market entry for businesses, aiming to empower the private sector as a driver of economic development.
Investment prospects within the Suez Canal Economic Zone, which aims to become a major regional logistics hub, were also highlighted.
On the same day, Minister Abdelatty and Minister Kombo held bilateral talks, during which Abdelatty commended the long-standing relationship between Egypt and Tanzania and expressed Egypt’s desire to enhance cooperation across various sectors.
He praised progress made since the Egyptian President’s visit to Tanzania in August 2017, and the third session of the joint committee in Cairo in January 2018, which resulted in the signing of Memoranda of Understanding (MOUs) for cooperation in diplomatic training, agriculture, and tourism. He expressed his hope for the fourth session of the joint committee to be convened soon.
Abdelatty noted the increasing interest of Egyptian business leaders and investors in the Tanzanian market, demonstrated by visits from numerous Egyptian economic, investment, and trade delegations. He also highlighted the growing number and diversity of Egyptian companies operating in Tanzania, and the approximately $1.36bn in Egyptian investments there.
He expressed a desire to increase Egyptian investment in the Tanzanian market, support infrastructure and national projects, and strengthen bilateral cooperation in agriculture, livestock, and fisheries. He reaffirmed Egypt’s commitment to provide technical assistance to Tanzania through the Egyptian Agency for Partnership for Development.
Finally, Minister Abdelatty highlighted the Egyptian government’s commitment to the Julius Nyerere Dam project, calling it an example of African cooperation in hydroelectric dam construction, with approximately 99.9% of construction complete. He affirmed Egypt’s commitment to supporting development within the Nile Basin region.
