A significant step towards bolstering economic cooperation between Egypt and Tanzania was taken on Wednesday with the inauguration of the Egyptian Tanzanian joint business forum. The event was spearheaded by Egyptian Minister of Foreign Affairs and Emigration Badr Abdelatty and Tanzanian Minister for Foreign Affairs and East African Co-operation Mahmoud Thabit Kombo.

The forum brought together a high-level contingent of Egyptian business leaders and a senior delegation representing key sectors such as construction, building, chemical industries, agriculture, pharmaceutical, medical equipment, and maritime transport. Tanzanian counterparts, including business figures, Investment Ministry representatives, and parliamentarians, actively engaged in the discussions.

A particularly compelling aspect of the forum was the spotlight on the investment opportunities within the Suez Canal Economic Zone (SCZONE). Abdelatty underscored the SCZONE's strategic location and world-class infrastructure, making it an attractive destination for businesses seeking to expand their operations in the region. The SCZONE offers a wide range of incentives and benefits, positioning it as a key driver of economic growth and development.

Minister Abdelatty, in his opening address, reiterated Egypt's dedication to enhancing economic and trade ties with African nations. He emphasized the government's proactive approach in encouraging Egyptian companies to expand their operations across the continent, fostering development and genuine partnerships based on shared interests. This commitment, he stressed, is crucial for realizing the economic potential of the African continent.

A key focus of Abdelatty's presentation was showcasing Egypt's diverse manufacturing capabilities. He highlighted the nation's capacity to meet the diverse needs of African markets across various sectors, including food production, industrial and chemical goods, wood products, and construction materials. He also detailed the significant contributions of Egyptian companies in infrastructure development across Africa, particularly in Tanzania, through the construction of power grids.

Recognizing Tanzania's developmental priorities, Abdelatty pledged Egypt's full support for cooperation in the crucial area of dam construction and hydroelectric power generation. He affirmed the commitment of Egyptian institutions to providing technical expertise and resources to facilitate Tanzania's energy ambitions.

Furthermore, Minister Abdelatty emphasized the strategic advantages offered by Egypt's trade agreements, particularly within the Common Market for Eastern and Southern Africa (COMESA). He positioned Egypt as a vital hub for trade within the region, offering access to a vast market and facilitating seamless trade flows.

The Egyptian government, he stated, is actively seeking collaboration with foreign companies to disseminate information about investment opportunities in Egypt and to streamline the process for companies seeking to establish a presence in the Egyptian market. This initiative aims to stimulate private sector growth and attract foreign direct investment, fostering a dynamic and competitive business environment.