Trade and Industry on signing of MOU on investment by South Africa and Egypt

South Africa and Egypt signed an MOU on investment

South Africa and Egypt have committed to boost investment and trade between the two countries. The commitment was made in Egypt during the signing of a Memorandum of Understanding (MOU) on Investment Cooperation between Investment South Africa (ISA) and its counterpart, General Authority of Investment and Free Zones (Egypt) � (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.

The Memorandum of Understanding was signed by Ambassador Sadick Jaffer on behalf of Investment SA and Chief Executive officer of GAFI, Mr Mohamed Khodeir.

Ambassador Jaffer said the objective of the MOU is to provide support and facilitate access to respective investment projects and opportunities. This will be done to improve and expand economic cooperation between two countries.

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 and, 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 conference to 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, stated Jaffer.

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.

Source: Government of South Africa