Sisi calls Russian companies to invest in Africa



Wed, 23 Oct 2019 - 01:24 GMT


Wed, 23 Oct 2019 - 01:24 GMT

President Abdel Fatah al-Sisi with his Russian counterpart Vladimier Putin

President Abdel Fatah al-Sisi with his Russian counterpart Vladimier Putin

CAIRO – 23 October 2019: President Abdel Fatah al-Sisi called on the Russian companies to invest in Africa, especially in the fields of industry, infrastructure development and digital communication.

On the sidelines of the Russia-Africa Summit, Sisi added that the inauguration of this summit contributes to the development of the continent in accordance with the 2063 Agenda.The president pointed out that the continent has come a long way from economic reform to promoting progress.

Sisi explained that one of the most important economic reforms that have been implemented is the entry of the Free Trade Agreement among African countries into force, which will contribute to the activation of the intra-trade movement.

President Sisi explained that the African continent should benefit from the Russian economic experience, calling on the international financial institutions to cooperate with Africa to achieve the dreams of the continent's people.

"We have decided to give the utmost importance to investing in the human element, especially since 65 percent of the continent's youth are under 25 years of age," the president stated.

The Russia-Africa Summit and Economic Forum is held onOctober 23-24, 2019 at the Sochi Olympic Park Main Media Centre and is co-chaired by Russian President Vladimir Putin, and Egyptian President and African Union Chairman Abdel-Fatah al-Sisi.

The African Free Trade Agreement (FTA) came into force on May 30, 2019, after member states met the ratifications required for implementation, and completed the technical issues for practical application, which is expected to begin by January 2020.

The AfCFTA agreement aims to ease the trade exchange between the countries that signed it according to a scheduled timeline and not through an immediate activation of the agreement. It is considered to be the biggest deal ever signed since the World Trade Organization (WTO) was established as it was signed by 43 countries.

Eyes on Africa's Continental Free Trade Area

CAIRO - 21 January 2019: Egypt is leading the African Union next year, seeking to support a full-scale trade agreement that expected to boost intra-African trade by an estimated 52% by the year 2022. Last week, the government approved an agreement signed in Kigali, Rwanda on March 21, 2018 constituting the legal basis of the African Continental Free trade Area (AfCFTA) and its relevant protocols.



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