General Authority For Investment: Africa 2016 forum paves way for economic, trade integration

Head of General Authority For Investment and Free Zones (GAFI) Alaa Omar asserted on Friday that the "Business for Africa, Egypt and the World Forum" is a new step to achieve integration at the economic and trade levels in the continent. 

During a press conference in the eve of the two-day event, Omar noted that the trade volume in Africa does not reflect the historic relations that linking countries. 

The Egyptian investments in the African countries hit $7.8 billion while the African investments in Egypt total $2.8 billion, Omar added. 

The official noted that the current trade volume fails to meet urgent needs of the continent to achieve aspirations. 

Egypt can play a major role to attract investments from the north into the south, he said, adding the time is due to restore a leading role in Africa. 

Head of the Egyptian Agency of Partnership for Development (EAPD) Hazim Fahmy described the forum as a chance for the private sector in Egypt and other African countries to work under the African Union's umbrella. 

The forum is scheduled to focus on five main files including energy, health, medicine, infrastructure, agriculture and the information technology, he added. 

For his part, head of the Egyptian Commercial Service Ali Ellithy said the Africa 2016 forum is a progress in negotiations over a free trade zone for the main African economic bodies. 

The forum is organized by Egypt's ministries of investment, foreign affairs, industry, and international cooperation in partnership with the Egyptian Agency of Partnership for Development and COMESA Regional Investment Agency.

Source: MENA