Luanda - Egyptian companies have invested around four billion US dollars in the Angolan market, the Egyptian ambassador to Angola, Neveen El-Husseiny has said.
In an interview to the daily public newspaper Jornal de Angola, the diplomat said Egyptian companies have created job opportunities, training and are driving innovation in sectors such as energy, infrastructure and industry.
Ambassador Neveen El-Husseiny acknowledged the contribution of the Egyptian private sector to the diversification of the Angolan economy.
The diplomat explained that her country's companies in Angola mainly operate in the electricity and renewable energy sector, gas and agriculture, while others are starting businesses in the metal industry.
Neveen El-Husseiny said there is considerable interest from Egypt in expanding into new areas, especially in Information and Communication Technologies, public works, fisheries, mutual exemption on medicines’ registration, security, agriculture, education, biosecurity, tourism and cooperation between the Middle East News Agency and Agência Angola Press (ANGOP).
New agreements ahead
Neveen El-Husseiny said the two countries are currently working on new cooperation in the telecommunications sector, with high expectations that these agreements would be signed in the near future.
The diplomat recalled that both states have signed several instruments and memos, especially in agriculture, energy, diplomacy, sports and groundwater, where Egypt has vast experience.
As regards cooperation in the aviation sector, the ambassador said analysis is currently being made for the start of air routes between the two countries.
Pharmaceutical industry
The ambassador promised to focus on the Angolan government's priority areas, especially in the pharmaceutical industry, where her country has great experience potential and the capacity to export.
The diplomat pointed out that the prices of Egyptian pharmaceutical products are competitive and recognized worldwide.
Trade
The volume of trade between the two countries is around 30 million US dollars, a figure considered "very low" by the diplomat, taking into account the economic potential of Angola and the Arab nation, having promised to work to raise this figure through business meetings promotion.
The diplomat stressed that currently her country is working with the Angolan Private Investment and Export Promotion Agency (AIPEX) and the Ministry of Industry and Trade to identify the best time to hold business meetings between the partners.
To illustrate this interest, the diplomat highlighted the fact that Egyptian companies participated in this year's Luanda International Trade Fair (FILDA 2024), which enabled the businesspeople to learn more about the Angolan market.
Neveen El-Husseiny said that Egypt believes in "South-South" cooperation and hopes to unite all Africa's sub-regional economic communities in the African Free Trade Area, to boost intra-African trade, through the creation of an integrated market of 1.2 billion people and promote economic growth.
Conflict resolution
Neveen El-Husseiny stressed that Angola and Egypt have taken the same positions for conflict resolution on the African continent, focusing their pronouncements on peace, stability, development, combating terrorism and improving global governance in different areas.
Bilateral cooperation
Political and diplomatic cooperation between the two countries was formalized in March 1987, when the General Agreement on Economic, Scientific and Technical Cooperation was signed in Luanda.
Egyptian companies were the first to provide support for the Angolan government's program to combat Covid-19, supplying various pieces of biosafety equipment, hospital consumables and 200 million kwanzas. DC/ART/AMP
