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Federation of Chambers: Egypt ranks first in attracting foreign investments with $10.1 billion

Engineer Ibrahim El-Araby, President of the General Federation of Chambers of Commerce and President of the Federation of African Chambers of Commerce and Industry, announced that the Federation of African Chambers is in the process of presenting the Federation’s strategy to African partners to start implementing it, which is based on industrial and commercial integration with the countries of the continent to develop intra-African trade and to find African and Arab financing mechanisms to establish New industrial projects and the start of multilateral partnerships that contribute to the development and development of the infrastructure of the countries of the continent and the improvement of the investment and industry climate.


Al-Araby said that the strategy will be implemented in three phases. The first in the short term depends on the development of inter-trade and value-added trade, after the study of all the obstacles that caused the weakness of African-African trade compared to the foreign trade of the continent had been completed.


The second phase comes to promote joint industrialization and optimal exploitation of the continent's natural resources, leading to the third phase, which will depend on directing multilateral direct investments to the countries of the continent.


Al-Araby pointed out that there are many great opportunities for African partnerships at the commercial level, as intra-African trade represents only 15% of the total volume of its foreign trade, and most of the continent's exports are concentrated in raw materials that are not manufactured, which provides great opportunities to exploit those resources. industrially and exported in the form of finished goods.


He explained that free trade agreements between the countries of the continent will facilitate the movement of goods and services, which is expected to witness a qualitative and quantitative shift once the Alexandria-Cape Town road is completed and the development of commercial transport projects, whether by land, air or through railways, in addition to the maritime transport line that connects the ports of Egypt in the ports of the south and southeast of the continent.


On the foreign direct investments of the countries of the continent, El-Araby explained that foreign direct investment in Egypt is mainly concentrated so far in the energy and natural resources sectors, expecting this pattern to change with Egypt giving priority to diversifying energy sources in addition to launching giant investment and industrial projects in the new industrial zones, which come on top. The Suez Canal Region, and pointed out that, according to the report of the United Nations Conference on Trade and Development (UNCTAD) on global investment for 2020, Egypt is a center for attracting foreign direct investment in the region, as the investments flowing into the country amounted to more than half of the investments in the North African region of 10.1 One billion dollars and 15% of the total foreign investments received by the African continent, which recorded 39.8 billion dollars, and despite the negative effects of the Corona pandemic, which reduced net foreign direct investments in Egypt on an annual basis, this decrease is equal to the global average, which witnessed a deterioration in foreign direct investment due to the pandemic.