The Egyptian Ambassador to South Africa Mr Sherif Naguib has urged the South African and Egyptian business communities to take advantage of the cordial bilateral relations that exist between the two countries to consider working together, in order to increase trade and investment between Egypt and South Africa. Ambassador Naguib was speaking at the opening of the two-day seminar on trade and investment opportunities between South Africa and Egypt held at the Emperors Palace in Kempton Park yesterday “South Africa and Egypt have created a conducive political environment for business to operate in. The onus rests with businesspeople from our countries to explore the multiple business opportunities that exist by establishing joint ventures and investing in various sectors of our respective economies,” said Ambassador Naguib.

He added that Egyptian President Mohamed Morsi has accepted President Zuma’s invitation to the Brics Leaders of Africa Dialogue that will be taking place in South Africa next month. ‘“President Morsi hopes that the Brics Forum will serve as a springboard for more Egyptian and South African trade and investment missions,” said Ambassador Naguib. The Director responsible for North Africa in the International Trade and Economic Development Division of the Department of Trade and Industry (the dti), Ms Portia Poulsen, said that the volume of trade taking place between South Africa and Egypt was currently not reflective of the true potential that exists between the two countries.

“This seminar is a result of a number of events following the State Visit led by President Zuma to Egypt in 2010, which provided South African business people in various sectors with a platform to meet with their Egyptian counterparts. It is also an implementation process of the Memorandum of Understanding on Economic Cooperation signed with Egypt in 2009. She added that the seminar also formed part of efforts by the two countries to facilitate intra-Africa trade, by ensuring that business communities between the two partnering countries acquire insight into the other’s market. Breakaway sessions and one-on-one meetings on day two will centre on agriculture and agro-processing, building, construction, chemical and allied industries and investment, information communication technology, telecommunications and tourism.