Mohamed Abou El-Enein, Egypt’s Deputy Speaker, and honorary president of the Mediterranean Parliament affirmed that the world is witnessing economic crises and unprecedented geopolitical changes, which may reshape the economic and political map, and the international system.
This came during his speech before the meeting of the high-level committee on increasing cooperation between the African and U.S. private sectors to promote investment and trade in Africa on the sidelines of the Business Forum in Washington.
Abou El-Enein Pointed out that President Abdel Fattah El-Sisi is keen on the development of the African continent by creating several development projects, such as the project the Cairo-South Africa road as well as the establishment of other logistical projects and industrial complexes to serve this road.
“President Sisi believes in setting specific visions in achieving development. We are witnessing a renaissance in Egypt, which had not happened before in light of difficult global circumstances,” the deputy speaker added.
Abou El-Enein said: “Africa has been one of the continents that has suffered the most from recent crises as a result of the rise in food and energy prices, the increase in debt, the rise in interest rates and the effects of climate change.”
Abou El-Enein described Africa as the continent of the future through the possibility of it being the world’s food basket and the new home for renewable energy, stressing to the rising competition for investing in Africa among international powers. “The competition should not be a zero-sum game, as the gains of one party should not at the expense of another because Africa today is not Africa Yesterday.”
He called for defining a single investment map for Africa, adopting attractive policies for the private sector, and establishing an African agency to encourage investment, noting that in Egypt now provides investors with gold licences.
He stressed that Africa has huge opportunities in many sectors, whether in renewable energy or the field of green hydrogen, oil and gas, and others.
Aboul Enein called on the U.S. to have a strong will and permanent vision toward Africa, and to think big about its relations with the continent, providing tools and resources to build true partnership with Africa.
“What we need from the U.S. is to change perceptions about Africa and highlight the continent as a safe, profitable and reliable destination for investment, and to launch campaigns to help U.S. firms, including small ones, to know the enormous opportunities and potentials that Africa possesses.”
He also called on providing incentives and guarantees to encourage investments in Africa, and to think about concluding an American-African free trade agreement.