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African issues: Egypt calling for economic cooperation among Nile-basin countries

Thursday, 15 July 2010 15:37

Egyptian Investment Minister Mahmoud Mohielddin called for more economic and investment cooperation among all Nile-basin countries.

Despite the growing economic cooperation among the African countries, more efforts are still needed so that economic and investment integration among those countries would rise up to the level of strategic and historical relations binding them, Mohielddin said at a forum grouping the heads of Nile-basin trade unions federations.

General Authority for Investment and Free Zones Chairman Osama Saleh read out Mohielddin's word on his behalf.

Mohielddin said that we need to develop communication mechanisms among the African states' business community to set up joint projects and provide more investment opportunities.

He referred to the positive role played by the Egyptian government to bolster cooperation among all African countries. Egypt is always seeking to develop relations with African states to serve mutual economic interests and accelerate economic development, Mohielddin said.

Investment Ministry has adopted a new strategy to double cooperation among Nile-Basin states, Mohielddin said. The strategy aims at activating the institutional framework of investment cooperation among Nile-basin countries, trading senior officials' visits and signing investment protection agreements, he added.

Trade between Egypt and the Nile-basin countries rose from 238.4 million dollars in 2003 to 372.7 million dollars in 2007, he said.

The ministry has been also organizing training courses to improve investment climate and exchange expertise between Egypt and the rest of the Nile-basin countries, Mohielddin said.

Representatives of Nile-basin trade unions and the Egyptian and African business community attended the forum.(SIS)

Global Arab Network

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Last Updated on Thursday, 15 July 2010 15:40

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