Egyptian-Zambian Economic Forum to Kickoff on Monday

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Friday - 18 November 2022

Cairo will host on Monday the largest economic forum between Egypt and Zambia, jointly organized by the Egyptian African Businessmen Association and the Zambia Development Agency (ZDA); with the participation of Egyptian commercial representation, and in cooperation with both countries embassies, as well as the representative office of the Association in Zambia. 

This comes to complement the active role played by the Egyptian-African Businessmen Association to support economic cooperation between the Egyptian financial and business community with their counterparts in African countries.

Yousry El-Sharkawy, head of the Egyptian-African Businessmen Association said "After the great success achieved by the economic forum between Egypt and Nigeria last month in Cairo, I encouraged the association to start a series of economic forums and meetings between Egypt and African countries to discuss ways to confront Challenges and increase economic opportunities at the level of the private sector, in addition to exploring emerging opportunities to achieve industrial integration and increase the volume of trade exchange."

El-Sharkawy explained that the economic forum between Egypt and Zambia, which is scheduled to be held on November 21, will witness a number of meetings that will focus mainly on discussing issues related to economic, commercial and investment cooperation, in the presence of the Agency for Development in Zambia, representatives of the COMESA, as well as members of the Zambian Capital Market Authority, a high-level participation from the Egyptian Stock Exchange, Zambian private sector companies, and a number of unions, associations and export councils." 

The meetings will mainly focus on ways to boost trade and investment exchange between Egypt and Zambia; through bilateral meetings between Egyptian and Zambian businessmen.

The head of the businessmen association pointed out that the volume of trade exchange between Egypt and Zambia in 2020 amounted to about $15.1 million, of which $14.6 million were Egyptian exports and $500,000 imports from Zambia. 

He said, "There are real opportunities for Egyptian exports to enter the Zambian market, in the Agricultural sector, engineering, textile industries, chemicals, fertilizers, construction materials, medical and pharmaceutical industries.

He pointed out that there is keenness on the part of the Egyptian state to encourage Egyptian companies to enter the Zambian market and to discuss opportunities for joint cooperation with Zambian companies to achieve mutual benefit for both countries.

He said, "There is a possibility of cooperation between Egyptian and Zambian businessmen in developing the Zambian agricultural sector and growing strategic crops such as wheat, rice and corn in Zambia, especially in light of the severe grain crisis the world is currently witnessing as a result of the repercussions of the Russian-Ukrainian war."

He considered that increasing the volume of trade exchange between Egypt and Zambia constitutes an important entry point for increasing Egyptian exports to COMESA countries, "which includes 21 African countries in its membership, especially since the Zambian capital, Lusaka, is the headquarters of the assembly's secretariat."

He said, "The COMESA countries are one of Egypt's most important trade partners within the African continent, as the volume of trade exchange in 2020 recorded about $3 billion, which is equivalent to about 60% of the total value of trade exchange between Egypt and the countries of the African continent, which recorded about $5 billions in the same year."

On his part, Director General Albert Halwampa of ZDA stressed his country's keenness to encourage Zambian companies to visit the Egyptian market to discuss opportunities for joint cooperation with Egyptian companies, stressing that the businessmen Association has unveiled many success stories for distinguished Egyptian companies, hoping for them to enter the Zambian market.

Halwampa praised the Egyptian-African Businessmen Association for hosting the Zambian forum, pointing out that it provides a platform for in-depth thinking and fruitful discussion on enhancing economic cooperation between the two African countries.