Egypt’s Investments in Africa increases to $10.2bn

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The Minister of Trade and Industry, Ahmed Samir revealed that Egypt’s investments in Africa have increased to $10.2 billion.

According to Samir, the trade volume for Ivory Coast rose to $149 million compared to $53.5 million in 2020, an increase of 178.5 percent.

This was stated during the celebrations of the 62nd National Day of Côte d’Ivoire, where he represented Prime Minister Moustafa Madbouly.

The minister pointed out great opportunities for cooperation between Egypt and Cote d’Ivoire, especially in food industries, agriculture, mining, engineering, energy, construction, textiles and information technology.

Meanwhile, the most important items of trade exchange between Egypt and Côte d’Ivoire include machinery, equipment, electrical appliances, plastics, paper, glass, iron, steel, cocoa, wood and fruits.

There are efforts to benefit from the start of the African Continental Free Trade Agreement’s implementation (AFCFTA) in doubling the volume of trade exchange between Egypt and Cote d’Ivoire during the next few years, Samir remarked.

The African Union disclosed that AFCFTA had signed in March 2018 in Rwanda with a GDP of $3 trillion and is expected to double by 2050,