Pretoria - South Africa and Egypt have signed a Memorandum of Understanding (MoU) that will boost investment between the two countries, said the Department of Trade and Industry (dti).
The MoU was signed between Investment South Africa and its Egyptian counterpart General Authority of Investment and Free Zones (GAFI).
“The MoU is designed to conduct an effective and efficient programme geared towards the promotion and facilitation of cooperation of investment activity within high valued added sectors,” said the dti on Sunday.
The memorandum was signed by Ambassador Sadick Jaffer on behalf of Investment SA and Chief Executive officer of GAFI Mohamed Khodeir.
Ambassador Jaffer said the objective of the MoU is to provide support and facilitate access to respective investment projects and opportunities.
“The MoU symbolises that the economic relationship especially investment between South Africa and Egypt be taken to the next level which will be a more targeted approach, which I believe will lead to greater investment focus between the two countries,” said Ambassador Jaffer.
Jaffer added that a work plan for the next financial year has been drafted which will include missions and conferences between the respective countries.
“The two economic powerhouses on the African continent are keen to encourage two way investment and the two agencies, Investment South Africa and General Authority of Investment and Free Zones (Egypt), will be focal points for business interaction on investment,” added the Ambassador.
The signing ceremony was preceded by an Investment Business Seminar hosted by the Egyptian Business Association as an initial outcome of the second Joint Working Group on Investment held in March 2015. – SAnews.gov.za
