SA, Egypt to launch business council for closer economic ties

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South Africa and Egypt are set to launch a business council. Pretoria wants closer economic ties with Cairo, and International Relations Minister Naledi Pandor says the two nations will both benefit greatly from their economic cooperation.

“I believe that our two countries greatly need to increase trade and investment. In this regard, I hope we can encourage partnerships between our private sector and our state-owned companies. We need to formally establish and launch a business council.”

Her Egyptian counterpart, Sameh Hassan Shoukry shares similar views.

“Our two leaders, his Excellency President Ramaphosa and S.E. President Sisi have established a strong working relationship that has provided impetus to transform our relationship to the strategic level that we aspire to. “

Minister Naledi Pandor hosted her Egyptian counterpart, Sameh Hassan Shoukry last week:  

This comes after Nigeria’s economy, which was ranked Africa’s largest in 2022, is expected to drop to fourth place this year, with South Africa taking the top spot. Egypt, which ranked first in 2023, will drop to second place behind South Africa.

President Cyril Ramaphosa further elaborates, “It now becomes the largest economy on the African continent. Nigeria and Egypt having been having their own challenges and South Africa is now the largest economy on the continent and that position in itself  attracts more investors.”

South Africa will have to improve its infrastructure to remain at the top. The country must also ensure a stable energy supply to power its economy.