Tue, 20 Oct 2020 - 02:05 GMT
Brazilian Flag – Wikimedia Commons
CAIRO – 20 October 2020: The African-Brazilian Chamber of Commerce was launched on Tuesday by Brazilian President Jair Bolsonaro.
The agreement was signed by Chair of the Union of African Chambers of Commerce, Industry, Agriculture, and Professions (UACCIAP) Ibrahim Mahmoud al-Araby and Chairperson of the Arab Brazilian Chamber of Commerce (ABCC) Rubens Hannun in a ceremony held in the Brazilian capital.
Araby noted that the new chamber will benefit from the African Continental Free Trade Area (AfCFTA) whose purchasing power is $1.4 trillion, and Egypt-Mercosur Preferential Free Trade Agreement.
Araby called for joint manufacturing on Egyptian soil for foreign companies to benefit from the free trade agreements Egypt is part of, and that include 2.7 billion consumers.
Hannun highlighted that investors can take advantage of the various opportunities offered by Egypt in the SCzone, new cities, 1.5 Million Feddans Project for Land Reclamation, manufacturing, trade, and logistics.
Hannun added that new chamber will make room for boosting relations between Egypt and Brazil, and between Mercosur countries and Africa.