President Abdel Fattah El-Sisi’s Statement at “Investment For Africa” Conference
Saturday، 23 November 2019 - 12:00 AM
New Administrative Capital
Your Excellencies and Highnesses Heads of Delegations,
Representatives of International and Regional Institutions and Investors,
Ladies and Gentlemen,
I welcome you again in the Egyptian New Capital. This place that confirms possibility of bringing the dream to a reality and fact, when the political desire and will are present to channel the development efforts to the benefit of the continent’s peoples.
Today, we meet in “Africa 2019-Investment for Africa” conference to discuss together what we had started some years ago to achieve the aspired- for development that overcomes the challenges we all know well in a world full of hardships and challenges to create a new reality.
Ladies and Gentlemen; Egypt’s Honorable Guests,
During its chairmanship of the African Union, Egypt is working to overcome these challenges through the constructive, cooperative and coordinative investment with our brotherly Africans to fulfill our ambitions for the African integration. Bringing the Continental Free African Trade Agreement to force on May 30, 2019 is a landmark on the way of the continental integration. It includes about 1.2 billion population and its Gross Domestic Product is valued at $2.5 trillion. The agreement provides a genuine opportunity to liberate more than 90% of the customs tariffs in a way that contributes to realize a higher rate of growth and better income for the African citizen, meanwhile the inter-trade exchange doesn’t exceed 15% at the present.
Enforcement of the free African zone will contribute to increasing the trade and investment among the continent’s countries and assisting them to overcome the world economy’s hardships. These circumstances and expectations make it incumbent upon us to find solutions in a bid to turn the continent to an international industrialization centre due to provide millions of new jobs, attract more foreign direct investments and raise rates of growth.
Ladies and Gentlemen,
Africa’s success to achieve targets of sustainable development necessitates acceleration of our work to build modern infrastructure through the trans-border projects which are enlisted as priorities of the African Union, like Cairo-Cape Town highway, North-South power linkage and Mediterranean-Lake Victoria Linkage.
I call on the international and regional institutions, investment banks and Africa's partners to participate with us through providing finance for the necessary needs of infrastructure. We hope that this finance will be available at the best conditions and keep pace with our local programs and priorities.
I also call the private sector and multi-national companies to invest in Africa which is rich in opportunities, huge markets and varied resources.
I reiterate that development in Africa is not the responsibility of governments only; rather it requires participation of the private sector, provided that the government goes on providing a proper investment climate through the legal and administrative reforms.
Egypt's economic reforms coincide with other reform programs in African countries. So, it is inevitable to make more coordination and cooperation to get these reforms fruitful for all African citizens.
I hope that our dialogue shall be constructive and this conference sessions successful, and reach together recommendations that build on what we had achieved, especially that the main discussions will focus on investment in infrastructure, digitalization, new and renewable energy and human capital.
I tell our partners in Africa development, decision-makers, investors, international institutions and investment funds that development is on inevitable option for our peoples and energetic youth, which is our genuine wealth.
We have come here to complete our reforms that seek the aspired-for development. We have to exert more efforts to present all our promising investment opportunities to turn Africa to the land of mega projects.
In Egypt, we have started the construction process. This place, where we meet, stands as a major testimony of a ceaseless work for a bright future for the coming generations in Egypt and Africa.
Long Live Egypt…Long Live Africa.