FILE - Egypt's Minister of Trade and Industry Amr Nassar
CAIRO- 13 January 2019: Egypt seeks to increase its trade exchange with Africa to 1.5-2 percent, said Trade and Industry Minister Amr Nassar, who also told a parliamentary committee during a meeting in Cairo on a plan for boosting trade movement with nations across the continent.
The current one percent volume of trade does not match capabilities of the largest industrial country in Africa, Nassar said.
He estimated the volume of trade with African countries at $3.4 billion in 2017 and $4.2 billion in 2018, warning of strong rivals including China, India and Turkey.
Nassar said the African Union has contacted Egypt on ways to promote exports to Africa, adding that several African countries seek Egypt's assistance in transformative industries especially as many of them are in the process of upgrading and promoting the development of higher-productivity sectors, including manufacturing and high-end services.
In 2018, Cairo hosted several economic events including Africa Investment Forum in December in Sharm El Sheikh as part of efforts to promote trade exchange, he said.
An African exhibition was also organized with the participation of over 1,000 exhibitors, he added.
The ministry strives to open markets in Africa for Egyptian products, he said.