COMESA’s BizNet to connect Egyptian businesses and exporters with African countries - Courtesy of Bitcoin Exchange Guide official website COMESA’s BizNet to connect Egyptian businesses and exporters with African countries - Courtesy of Bitcoin Exchange Guide official website

COMESA’s BizNet to connect Egyptian businesses, exporters with Africa

Wed, Mar. 7, 2018
CAIRO – 7 March 2018: The Common Market for Eastern and Southern Africa (COMESA) held its third COMESA-Egypt Business Dialogue conference on Tuesday, during which they introduced to the Federation of Egyptian Industries and Egyptian businesses their local sourcing for a partnership project.

The project is carried out through their online platform BizNet. Chairman of the COMESA, Amany Asfour, as well as important diplomats from African countries attended the event. The event aimed at connecting the Federation of Egyptian Industries with the COMESA Business Council.

During the opening, Sandra Uwera, chief executive officer of the COMESA Business Council (CBC) introduced the CBC to attendees. Uwera reiterated the importance of the COMESA block and the CBC due to the fact that it is “the only formally recognized business organization in the region.”

Uwera also made sure to point out to Egyptian businessmen and businesswomen at the event that “the CBC is the only business council who are mandated to sit, discuss and influence the business decisions of the private sector.” The CBC organization does not merely observe, it also acts and influences positive change, she explained.

The COMESA conference focused, most importantly, on the online platform that it had previously launched in six other African countries. The platform is part of the local sourcing for partnership project, which launched two years ago in nine countries, including Egypt.

The project, according to several speakers in the COMESA conference, is to increase local sourcing from growth sources. In doing so, the project aims to increase the income of small and medium sized enterprises (SMEs), increase the number of local sourcing by the buyers and to increase access to market and increase the number of contracts signed.

The project’s expected outputs have already started to materialize. SMEs have been trained, and continue to be trained, on HACCP, towards certification level, connect companies and SMEs, ensuring that companies are standing behind SMEs to ensure their growth and build more connected networks and higher output for gross domestic product (GDP).

So far, the project has had great success in all the countries that it has been implemented. It is expected, as per the COMESA and CBC, that the project, especially the BizNet platform, will increase economic development in Egypt significantly and connect it more to the continent.

A look at BizNet

According to Sandra Uwera, Chief Executive Officer of COMESA, “Egypt is expanding into the COMESA.” This is because, as Tasara Mazoroni put it, “the COMESA provides African countries with the opportunity for cheaper products and more profit as the products are not subject to duty upon import. Therefore, the free trade agreement between COMESA countries should make originating products cheaper, due to them having less cost.”

Mazorini also points out another two important consequences that will come as a result of BizNet. First, BizNet will provide an “Incentive for foreign direct incentives [FDIs].” Second, it will “increase intra-regional investments and increase small-scale cross border imports and exports,” both of which are expected to reflect positively on Egyptian GDP.

The BizNet platform is an online platform that is currently home to 2,000 buyers and sellers. The aim of the platform, according to Gallina Tembo from the CBC, is to connect companies, businesses and actors in different industries in Africa.

The platform aims to ensure an exchange of expertise occurs and that more ideas are thought of. The platform also serves as a portal for businesses and business personnel to seek information about the industry within which they work in different countries. Through increasing information potential, the platform creates business linkages and connects information-seekers with others who know market specifics and company specifics.

As Sherif Al-Gabaly, Chairman of the Federation of Egyptian Industries pointed out, “It would be very useful for the federation to register to BizNet. It would greatly benefit business personnel and companies to connect with their counterparts in different African countries.”

Similarly Amany Asfour, the Chairman of the COMESA pointed out that Egyptian presence in Africa will push the development of Africa forward and would also forward Egypt’s development.

CBC is the recognized Business Member Organization (BMO) of the COMESA. It represents the private sector interests at the highest levels of the decision-making process and continuously pushes for positive change.
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