19 September 2019 09:26 PM

Sisi hopes for more investments among African countries

Sunday، 09 December 2018 - 01:32 PM

President Abdel Fattah El Sisi expressed on Sunday 9/12/2018 hope for more investments among African states through carrying out more joint transboundary projects, especially in the infrastructure, new and renewable energy and information technology and communications domains.

Addressing the opening session of Africa 2018 Forum, Sisi said Egypt took big strides on the road of social, economic and structural reform and improved its investment climate to be a magnet for local and foreign investments.

The President hoped for more steps to achieve integration among African states and increase the volume of trade among them, especially after the African Union launched the African Continental Free Trade Area (AfCFTA) during its summit in Nouakchott in March of 2018.

During its presidency of the African Union next year, Egypt will seek to achieve these goals and go ahead with the African continent's development agenda to carry out the projects that will achieve hoped-for comprehensive development in the continent, Sisi promised.

Speaking about Egypt's economic and social reforms, he said these reforms have helped improve the country's economic indicators and credit rating.

Sisi stressed that the African continent needs reform programs that run in line with requirements of the age and citizens' needs, underlining the importance of pressing ahead with Africa's comprehensive development process and improving living conditions for all Africans through modernizing roads, airports, ports and power networks and energy, water and drainage systems in African countries.

The African reform programs should meet requirements of the information technology revolution and should run in line with current efforts to lower harmful emissions, he said.

To carry out these reforms, we need huge investments, Sisi said, urging investors inside and outside the continent to make the best user of available investment opportunities to push forward the development process and allow Africa to be an influential partner at the world level.

Within this context, Egypt was keen to increase its investments in Africa by 1.2 billion dollars to become 10.2 billion dollar in 2018, he said.

Sisi underlined the importance of optimizing African youths' energy through providing funds for projects that create more job opportunities to young people and empowering African women economically in addition to eliminating all forms of violence and discrimination exercised against them to enable them to assume their role as key partners in the development process.

At the end, the President expressed confidence that the forum will help boost inter-African action, buttress the continent's competitive capabilities and materialize aspirations for better future.

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