06 August 2020 12:07 AM

Sisi: Attracting investments into Africa necessary for development

Tuesday، 19 November 2019 - 03:42 PM

President Abdel Fattah El Sisi said on Tuesday 19/11/2019 that attracting investments into Africa is necessary for achieving comprehensive development.

Addressing the unofficial summit on investment in Africa, he added that investment is very important for stability as it leads to increasing job opportunities and helps in the transfer of technology.

The event is held on the sidelines of the G-20 Compact with Africa summit held.

He added that the development of African countries will have its positive effect not only on Africa but also on other parts of the world; for it will extend to reach the neighboring European countries as well.

President Abdel Fattah El Sisi underlined in his speech at the unofficial summit dedicated to investment Africa the challenges facing the African countries.

He said that international trade tensions are increasing while fears are also growing from the continuation of the slowness of the global economy.

Developing countries will be the most affected due to these negative developments especially if debt burdens and fighting poverty are taken into consideration, said president Sisi.

This requires the international community to provide all forms of support to the African countries so that they would be able to confront these challenges, the President pointed out.

He added that the African countries, at the same time, enjoy many and diversified resources and potentials together with an excellent geographic location.

President Sisi pointed out that Egyptian-German relations are an example to follow when it comes to political coordination and economic partnerships.

He added that these relations are based on mutual benefit and interests.

The Egyptian side provides great investment opportunities due to the economic reform measures that are adopted by the government, said the president, noting that Egypt constitutes a gateway for German investments into other areas and continents. He pointed out that as a trusted strategic partner, the German side has been helping Egypt with its funding, experience and advanced technology.

The President expressed hope that the summit would contribute to upgrading relations between the European and African countries.

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