Magazine article New African

Business for Africa, Egypt and the World

Magazine article New African

Business for Africa, Egypt and the World

Article excerpt


February 2016, all roads will lead to the Egyptian resort city of Sharm el Sheikh. Egypt will be hosting Africa 2016, the first international business and investment forum of its kind, an Africa to Africa investment forum aimed at strengthening business ties The Africa 2016 Forum aims to highlight the opportunity that is Africa--described as the world's 'last investment frontier', while boosting intra-Africa trade and investment by developing new and strategic public and private sector alliances.

The organisers expect 1,000 international delegates to attend the Forum. Egypt is becoming an attractive regional gateway for international businesses wanting to access large African markets and for the private sector looking for growth partners. A number of Egyptian conglomerates have already invested in Africa, in infrastructure, mining, telecoms, manufacturing, finance, and many other important economic sectors.

Egyptian investment banks have also facilitated investments from the Middle East into the region. Sitting at the crossroads of Europe, the Gulf, Asia, and Africa, Egypt is not only focusing on building on its relationships with its traditional Middle East neighbours, but also strengthening its engagement with partners within Africa.

As Africa's third-largest economy, Egypt is looking to partner with like-minded leaders, industrialists, and financiers in showcasing the region's trade, investment and development potential. And it is not just business.

Rapid Growth

The Bretton Woods institutions have forecast economic growth figures for Egypt of around 4% over the next two years. This growth, characterised by renewed investments by several multinational companies across various sectors--from oil (BP has invested in $12bn in a new project) to beverages (Coca-Cola has made a commitment to spend $500m in Egypt within the next three years) and agribusiness, infrastructure materials and pharmaceuticals, coupled with the new political dispensation, clearly demonstrates that Egypt is on the road of transformational change.

The Tripartite Free Trade Area (TFTA) deal between the Common Market for East and Southern Africa; the Southern African Development Community; and East African Community (COMESA-SADC-EAC), launched in Sharm el Sheikh in June 2015, encompasses 26 countries in East and Southern Africa, with a combined population of 600 million and a collective GDP approaching $1. …

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