The
two ministers discussed ways to enhance trade and industrial cooperation between
Egypt and South Africa, on the sidelines of IATF.
Durban- Nov 16,
2021
Minister
of Trade and Industry Nevine Gamea has visited the Egypt pavilion at the Second
African Intra-Trade Fair (IATF), held in Durban, South Africa, on November 15
to 21, with the participation of 24 African countries.
“Egyptian products have ample opportunity to
access African markets, especially with its wide popularity among consumers
there, thanks to their competitive quality and price,” Gamea said, pointing to
the preferential treatment given to Egypt through trade agreements such as COMESA
and the African Continental Free Trade Agreement (AFCFTA).
She
also met with South African Minister of Trade, Industry and Competition Ebrahim
Patel to discuss ways to enhance trade and industrial cooperation between the
two countries, on the sidelines of IATF.
“Egypt
is looking forward to developing trade relations with South Africa,” Gamea
noted stressing the importance of building a strategic partnership between the
two countries, which would contribute to achieving economic integration across
the continent.
The
talks dealt with holding the Egyptian-South African Trade Committee soon, last hosted
in Cairo in 2016, and forming a joint business council, in addition to cooperation
in the field of small and medium enterprises.
The
two sides also discussed completion of the Cairo-Cape Town highway, which would
increase bilateral trade and investment, rendering Egypt and South Africa among
the top 10 trading partners on the Dark Continent within 5 years.
Furthermore, Gamea invited her South
African counterpart to visit Egypt to explore potential investment opportunities
in the local market.
According
to official data, trade between the two countries amounted to $139.5 million and
Egyptian exports to South Africa about $68.3 million in 2020. There are some 73
South African companies operating in Egypt with South Africa ranking 64th on the
list of countries investing in the domestic market.