Egyptian delegation seek investment opportunities in Zambia

A delegation of Egyptian investors is in the country to explore investment opportunities in various sectors of the economy.

The 35 member delegation led by Chairman of the African Cooperation Committee of the Federation of Egyptian Industries Sherif El Gabaly has met President Edgar Lungu at State House to express their interest to invest in the Zambian economy.

President Lungu said Zambia is open for investment from stakeholders within the African continent and beyond.

President Lungu said it was impressive that Zambia has continued to receive potential investors from fellow Africans, saying this should encourage more investors from within the continent.

He noted that it was important for countries that are not yet industrialized to look to countries whose economies are doing well, such as Egypt.

The President added that Zambia is ready to accommodate investments from anyone willing to invest in any sector, as the country has abundant land resources and plenty of water to enable investment.

The Head of State stressed that as the country positions itself to become the food basket for the continent, Zambia will welcome investments in the agricultural sector, where he noted Egypt was doing well.

The President further expressed gratitude that his trip to Egypt last year has started paying dividends following the arrival of the Egyptian investors who are willing to invest in the country.

And Egyptian Ambassador to Zambia Ahmed Mustafa said the business delegation is in Zambia to seek economic cooperation with their fellow businessmen and women.

Mr Mustafa said his country has brought the biggest business delegation to Zambia because of the investment potential that country is endowed with.

He said Zambia attracts a lot of business investment for both Africans and other investors beyond the continent, hence his government’s decision to send a delegation to the country.

And Delegation leader Sherif El Gabaly notes that the delegation which is under the Federation of Egyptian Industries has 19 chambers specialized in different sectors of the industries.

Dr Gabaly said the delegation has representation from sectors such as food processing, food packaging, pharmaceuticals, engineering and chemical industries, among others.

He said the delegation has put Zambia as a priority country for investment hence the decision to embark on this trip.

He revealed that Egypt has a big industrial base but has not been well introduced in African, stating that the delegation is also working on bringing good quality Egyptian products besides investment.

He said the Zambian and Egyptian business persons will have a chance to interact and share knowledge during the business forum which he said will also help them know more about Zambia.