Egypt new strategy to sieze economic opportunities in Africa

Egypt is adopting a new strategy for enhancing economic and trade relations with the African countries, said Sherif Maged adviser to the Egyptian minister of foreign trade for African affairs.

Maged said that Egyptian exports to African markets were facing difficulties. African businessmen and investors are aware of the Egyptian products, he explained, noting that the Egyptian commodities enjoyed high quality and cheap prices.

The official, at a seminar organized by the Egyptian-French Business people Association, said that other impediments included poor transportation, lack of banks processing trade transactions and failure to provide a viable insurance system.

Egypt has now given due attention to means of tapping African markets, he said explaining that in this score there is a program for presence of Egyptian products to African markets, especially in west Africa.

Until the year 2001, the value of trade between Egypt and other African countries stood only at $ 560 million with Egyptian exports of $ 345 million, he pointed out.

Egyptian exports to African markets include engineering industries, chemicals, fertilizers, medicine, furnishings and foodstuffs.