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Sisi Calls For Turning Africa Into ‘Global Industrialization Hub’

Sisi Calls For Turning Africa Into ‘Global Industrialization Hub’

Saturday, 23 November, 2019 - 11:00
Egypt's President Abdel Fattah al-Sisi speaks during a news conference in Cairo, Egypt December 11, 2017. REUTERS/Alexander Zemlianichenko/Pool

Egyptian President Abdel Fattah El-Sisi said that “development in Africa is not the responsibility of governments alone, but requires the participation of the private sector.”

He also pointed out that work to increase the rate of intra-trade and activate the free trade zone was ongoing.

Sisi’s remarks were made at the fourth edition of the Investment for Africa 2019 Forum which kicked off on Friday in Egypt's new administrative capital near Cairo.

The inauguration ceremony of the two-day event was attended by Sisi and a large number of African heads of state and government, along with high-profile business figures from around the world.

“Egypt has worked during the past period with its African partners to achieve development,” Sisi said. He added that better results were witnessed by African citizens as a result of cooperation and Joint work.

"The entry into force of the African Continental Free Trade Agreement (AfCFTA) on May 30 was a milestone on the road to continental integration, with Africa being one of largest trade regions in the world with 1.2 billion people and a GDP of 2.5 trillion US dollars," Sisi said.

"We have to find solutions based on regional integration to transform Africa into a global industrialization hub to provide job opportunities for African citizens and attract foreign investments," Sisi added.

Sisi called “Africa’s development partners” and investors to participate at meeting Africa’s aspiration “in accordance with our programs and with the best terms.”

“We call on multinational companies to invest in Africa with, the land of multiple opportunities and chances,” Sisi said.

The forum, which is organized by Egypt's Ministry of Investment and International Cooperation, is an opportunity for forging investment deals and making announcements of numerous megaprojects that will contribute to inclusive and sustainable growth in the African continent.

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