Latest news with #AhmedEl-Wakil
Libya Review
3 days ago
- Business
- Libya Review
Egyptian Investments in Libya Surpass $2.5 Billion
Egyptian companies are currently executing infrastructure and development projects in Libya worth over $5 billion, according to Ahmed El-Wakil, President of the Federation of Egyptian Chambers of Commerce. Speaking at the 4th Egypt-Libya Business Forum held in Alexandria under the slogan 'Egypt and Libya Towards Integrated Sustainable Development,' El-Wakil noted that these ventures span key sectors such as road construction, including the ring road, power stations, and housing developments. Egyptian Investment in Libya Surges El-Wakil revealed that Egypt's direct investments in Libya have surpassed $2.5 billion for the first time, now exceeding Libyan investments in Egypt—signaling a significant shift in the bilateral economic landscape. However, he also noted a 25% decline in the number of Libyan companies operating in Egypt, with the figure falling to 511 firms. These companies have a declared capital of $4 billion and effective contributions of $2.4 billion. El-Wakil urged the reactivation of the Shidda Libya Investment Authority, citing its past pivotal role in supporting economic cooperation. New Joint Ventures Targeting Africa Calling for a move beyond traditional bilateral ties, El-Wakil advocated for a new phase of joint economic action aimed at penetrating African markets, aligning with the mutual interests of both nations. He emphasized the strategic benefits of the African Continental Free Trade Area (AfCFTA), which opens access to a market bloc valued at over $1.4 trillion. Logistics Hub at Salloum Border and Regional Infrastructure Plans On the logistics front, Egypt has completed technical studies to establish a global logistics hub near the Salloum border crossing, which would boost trade with Libya and improve access to West African markets. He also highlighted the strategic importance of the Mediterranean coastal highway stretching from Port Said to Casablanca, and proposed accelerating the construction of a transcontinental trade route connecting southern Egypt, southern Libya, Chad, and Dakar, enhancing links between the Mediterranean Sea and Atlantic Ocean. Private Sector Role in Libya's Reconstruction El-Wakil called for aligning Egyptian technical capabilities with Libyan capital to take advantage of business opportunities across the African continent, especially for young entrepreneurs. He affirmed that the private sector—supported by both governments—is well-positioned to lead Libya's post-conflict reconstruction, especially in transportation, logistics, ports, infrastructure, and energy. Highlighting Egypt's success in national power development and regional interconnection, El-Wakil stressed its potential as a foundation for future cooperation. He also pointed to promising joint ventures in manufacturing, particularly in building materials, metallurgy, and food industries—where Egypt holds strong technological and industrial advantages. The forum reflects ongoing efforts to expand economic cooperation between Cairo and Tripoli, with the private sector playing a key role in driving sustainable development and rebuilding efforts. Tags: AfCFTAEgyptlibyaNorth AfricaTrade
Daily News Egypt
17-06-2025
- Business
- Daily News Egypt
Reforms make Egypt ‘land of opportunity,' business leader tells Serbia
The head of the Federation of Egyptian Chambers of Commerce has urged Serbian businesses to use Egypt as a joint manufacturing and logistics centre for exporting to Africa, Europe, and the Middle East, citing recent economic reforms and extensive free trade agreements. Speaking at the Egyptian-Serbian Business Forum on Tuesday, Ahmed El-Wakil said that recent reforms, coordinated in 'a successful partnership between the government and the private sector,' have transformed Egypt. 'Thanks to these reforms, Egypt has once again become a land of promising opportunities,' he said. El-Wakil called on Serbian companies to leverage Egypt's domestic market of over 100 million consumers, which he said expands to more than 3 billion through tariff-free trade agreements with the Arab world, Africa, the European Union, EFTA, Mercosur, Turkey, and the United States. 'We must use Egypt as a centre for joint manufacturing and a logistics centre in order to export to all these markets, without customs and with low shipping costs,' he said. He identified several key sectors for cooperation where Serbia has advanced technology, including phosphate purification, the manufacturing of phosphoric acid and fertilisers, and the metal industries, particularly iron and steel. He added that negotiations on some of these areas began during a previous presidential visit to Serbia. Other potential areas for partnership include component manufacturing for the automotive and home appliance sectors, software development and localisation, river transport linked to multimodal logistics, and tourism. To facilitate this, El-Wakil announced that the Egyptian and Serbian chambers of commerce would appoint contact points to develop bilateral trade and investment and connect their members. The business leader also addressed Serbia's hosting of the Belgrade Expo in 2027. 'We have supported Egypt in various Expo exhibitions, from Milan to Dubai, and we affirm that we will spare no effort in ensuring full support for the Belgrade Expo in 2027,' he said, highlighting the experience of Egyptian construction and infrastructure firms that have executed major projects globally. 'The time for talk is over, and the time has come to move forward with concrete measures,' El-Wakil concluded. The forum was held in Egypt's New Administrative Capital and was chaired by Egyptian Prime Minister Mostafa Madbouly and Serbian Prime Minister Guro Macut. In his opening remarks, El-Wakil noted that it was the third such high-level business meeting in two years, extending greetings on behalf of the Federation's more than 6 million members.
