Egypt Aims To Kickstart African Trade As It Takes AU ChairSource: www.export-egypt.com 12/9/2018, Location: Africa |
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Egypt is promoting itself as a linchpin for intra-African trade and a model of economic reform as it prepares to chair the African Union in 2019.
The country hosted a high-level business forum and Sunday in the Red Sea resort of Sharm el-Sheikh that will be followed by an intra-African trade fair in the coming week in the capital, Cairo. In a speech to the forum, President Abdel Fattah al-Sisi encouraged investors from inside and outside Africa to take advantage of opportunities on the continent as countries including his own pursued economic reform. As cair of the African Union, “we will seek with sincere effort to build on what has been achieved over the past years and to complete our continent’s development agenda,” Sisi told the forum, which was attended by heads of state from countries including Rwanda, Sierra Leone, Niger and Madagascar. Egypt has been praised by international lenders for moving swiftly to implement structural reforms agreed with the IMF in late 2016, though austerity measures and inflation have left many Egyptians struggling to get by. Egypt’s economy grew by 5.3 percent in the 2017-18 fiscal year, the highest rate in a decade, and growth is forecast to surpass 5 percent again in 2018-19. In off-the-cuff remarks, Sisi - who is known to demand ambitiously rapid execution of projects from his ministers - questioned whether African governments could enact change fast enough, recalling that he had insisted on completing an expansion of the Suez Canal in a single year when others had suggested three years or five. |
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