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$4.8bn trade volume between Egypt and African markets - Daily News Egypt

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$4.8bn trade volume between Egypt and African markets

Economic ties are the top priority on Al-Sisi’s agenda in the upcoming African tour

Commercial relations between Egypt and African countries witnessed a noticeable increase in 2016, the trade volume amounted to around $4.8bn against $4.5bn in 2015, said Minister of Industry and Trade Tarek Kabil on Saturday.

Kabil added that the increase in Egyptian exports was the main catalyst for the increase in the volume of trade exchange. Egyptian exports to African countries in 2016 accounted for about $3.4bn, while the value of imports reached $1.3bn.

Moreover, the upcoming African tour of President Al-Sisi to the countries of Tanzania, Rwanda, Chad, and Gabon will represent an important step toward the strengthening of strategic relations between Egypt and the African countries, on both political and economic levels, according to the press statement.

The economic ties will top the discussions of Al-Sisi with the heads of state of the four countries, as Egypt attaches great importance to the development of economic relations with the countries of the African continent, both in the framework of its membership in the COMESA organisation or through the establishment of the “Continental Free Trade Area” (CFTA) between the three largest African blocs, COMESA, SADC, and EAC.

Egypt’s Ministry of Trade and Industry prepared an ambitious strategy to promote trade and investment relations with the African markets, as they are one of the most promising markets for Egyptian products, said Kabil, indicating that the strategy includes a clear plan of action for a specific time period and implementation mechanisms.

Furthermore, the Ministry of Trade and Industry has opened  five new commercial offices in the African continent, in the countries of Tanzania, Ghana, Uganda, Djibouti, and Côte d’Ivoire, in addition to the establishment of the first logistics centre in Kenya to facilitate the movement of trade between Egypt and East Africa. It is also currently studying the establishment of a logistics centre in Ghana or Côte d’Ivoire to develop trade relations with the countries of West Africa.

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