Egyptian Prime Minister Mostafa Madbouly held on Friday talks with senior South African officials on the sidelines of the G20 Summit in Johannesburg aimed at “strengthening the partnership between the two countries and coordination on African issues.”
Madbouly is attending the high-profile global event on behalf of President Abdel Fattah El-Sisi. The G20 Summit is scheduled to take place on Saturday and Sunday.
On Friday, the Egyptian PM held talks with representatives from around 40 major companies and leading research centers in South Africa to enhance economic partnership and fostering mutual investment between the two countries.
He said Egypt views cooperation with South Africa and other major countries on the continent, such as Nigeria, as a means to achieve continental integration, adding that his country also seeks cooperation and integration, not competition, with any other countries.
The PM also underlined Cairo’s interest in establishing a joint business council with South Africa and hosting its first meeting in Egypt, asserting the importance of greater connection and cooperation between Egyptian companies and their South African peers.
Egyptian economic expert, Dr. Rashad Abdo, said both Egypt and South Africa possess the necessary elements to forge an economic partnership.
He told Asharq Al-Awsat that such cooperation supports economic development in both countries, and enhances the opportunities for economic integration in African countries.
During his meeting with South African business representatives, the PM emphasized Egypt's desire to bolster economic, trade, and investment partnerships between Cairo and Cape Town.
He also underscored Egypt's readiness to overcome any existing challenges and provide necessary incentives that could contribute to increasing flow of investments from South Africa to Egypt.
Madbouly also reviewed investment opportunities in various sectors in Egypt, including the Suez Canal Economic Zone (SCZONE).
He stressed that the Zone represents one of the most promising opportunities for companies seeking a stable and cost-competitive business environment to enhance their access to regional and international markets.
Positioned at the intersection of three continents (Africa, Asia, and Europe), the Zone provides convenient logistics services, and duty-free access for goods to a number of markets, including the Middle East and Europe, the PM noted.
“Madbouly’s meetings in South Africa are of great political and economic importance,” said Ambassador Rakha Ahmed Hassan, a member of the Egyptian Council for Foreign Affairs.
He told Asharq Al-Awsat that in addition to their economic and trade relations, Egypt and South Africa hold discussions and coordinate on many regional and African issues.
“Egypt has promising investment and trade opportunities, and has good relations with most of the G20 countries,” Ahmed Hassan said. Therefore, he noted, “the development of trade and economic cooperation between Egypt and South Africa will have direct practical benefits through the BRICS and G20.”
On Friday, Egyptian Foreign Minister Badr Abdelatty affirmed Egypt’s keenness to strengthen cooperation, expand joint investments, and advance economic integration with South Africa.
He announced that he will lead a delegation of Egyptian business leaders on an official visit to South Africa next year.
