Mr. Hossam Heiba: Incentive programs tailored to support young Sudanese entrepreneurs.
Mr. Hossam Heiba: The Free Zones in Southern Egypt provide a competitive advantage for Sudanese industries.
Lieutenant General Imad El-Din Adawi: I urge the Sudanese business community to capitalize on the momentum of the growing investment relations between the two countries.
Minister Plenipotentiary Yehia al Wathiq-billah: Sudanese investments in Egypt reach $240 Million, and the Forum is a key platform to strengthen investment and trade cooperation.
The General Authority for Investment and Free Zones (GAFI) hosted the Sudanese Businessmen Forum, attended by Mr. Hossam Heiba, GAFI CEO, Minister Plenipotentiary Yehia al Wathiq-billah, Head of the Egyptian Commercial Service (ECS), Lieutenant General Imad El-Din Mustafa Adawi, Ambassador of the Republic of Sudan to Cairo, along with representatives from a large number of Sudanese companies operating in Egypt.
The attendees discussed ways to deepen cooperation between the Egyptian government, the Sudanese Embassy, and the Association of Sudanese Chambers o Industries and Federation of Chambers of Commerce, in order to assess the real needs of Sudanese companies interested in establishing projects in Egypt.
Mr. Hossam Heiba called on the Sudanese business community to take advantage of the infrastructure boom achieved in Egypt and to invest in the free zones in southern Egypt, particularly the Qift Free Zone in Qena Governorate, which is only 170 km away from the export port of Safaga, and Aswan Free Zone, which is currently being supplied with utilities. These zones offer a competitive spatial advantage for Sudanese investments linked to the supply of raw materials and intermediate industries from Sudan, as they are granted additional investment incentives as part of Egypt's priority development areas.
GAFI CEO announced the preparation of specialized incentive programs to support young Sudanese entrepreneurs in coordination with all relevant Egyptian and Sudanese entities involved in the investment file. This is in addition to the current incentive packages provided to economic activities contributing to the development efforts of both countries.
Lieutenant General Emad El-Din Adawy, Ambassador of the Republic of Sudan, expressed his gratitude to GAFI and the Egyptian Commercial Service (ECS) for paving the way for investment and trade cooperation between the two brotherly countries. He emphasized the Sudanese business community's aspiration to make an effective contribution to the development of the Egyptian economy.
Lieutenant General Emad El-Din Adawy urged the Sudanese business community to leverage the momentum in investment relations between the two countries. The first Egyptian-Sudanese Business Forum was held last November, and the governments of both countries are preparing to hold the second forum next April in Sudan. These forums, along with the Sudanese Business Forum hosted by GAFI, form a fundamental pillar in deepening economic cooperation and connecting Sudanese investors with available investment opportunities in Egypt. Additionally, they aim to coordinate efforts for the reconstruction of Sudan by Egyptian companies, which enjoy the support of the leadership of both countries and have a commendable track record in Sudan.
Minister Plenipotentiary Yehia al Wathiq-billah emphasized the importance of leveraging the geographical and historical ties between Egypt and Sudan to deepen investment and trade cooperation. Sudanese investments in Egypt amount to $240 million, while Egyptian investments in Sudan have reached $1 billion. The volume of trade exchange between the two countries totaled approximately $1.4 billion in 2023.
The head of the ECS, Minister Plenipotentiary Yehia al Wathiq-billah, stated that Egypt's efforts to enhance its investment and trade environment have paved the way for a significant increase in economic cooperation. He highlighted Egypt's development of its ports to meet the latest international standards, the reduction of logistical costs for goods, the signing of numerous trade agreements, the simplification of investment procedures—particularly for small and medium-sized enterprises—and the introduction of various investment frameworks tailored to meet the diverse needs of investors.
Sudanese investors expressed their gratitude to the Egyptian government for hosting Sudanese nationals and for the preferential treatment extended to Sudanese investors. They noted that the new generation of Sudanese investors has, in recent years, recognized the importance of integrating with the Egyptian economy and creating value chains between the two countries in the textile and food industries to meet local demand and boost exports.
