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Egypt In-Focus: Investments in Africa hit $13bn in 2021; official says no food shortage
RIYADH: Egyptian investments in Africa recorded a significant amount in 2021. Moreover, no shortage of goods in the Egyptian market is anticipated this year. Also, Egyptalum, the country’s largest aluminum producer, announced that it plans to raise annual production capacity to boost exports. Meanwhile, the Division of Vegetables and Fruits reveals a significant drop in the prices of fruits and vegetables in the country.
· Egyptian investments in Africa hit $13 billion in 2021, local newspaper Egypt Today reported, citing Minister Plenipotentiary Trade, Yahya Al Wathiq Billa. Foreign direct investments in countries within the continent in general reached $46 billion during the same year. Intra-African trade rates stand at 18 percent of the total volume of trade in the continent, according to Billah.
· Egyptalum, the largest aluminum producer in Egypt, has announced that it plans to raise its annual production capacity to 570,000 tons, up from 320,000 tons, local newspaper Youm 7 reported. The firm is seeking an increase in production volumes of aluminum, as well as an increase in exports in line with the state’s vision to boost exports, according to head of the firm’s trade union committee Yaser Al-Jales.
· The Egyptian government is able to manage amid the global food crisis, and there will be no shortage of goods in the Egyptian market, CNBC reported, citing the former head of the importers division of the Federation of Egyptian Chambers of Commerce.
· Egypt’s Division of Vegetables and Fruits revealed drops in the prices associated with fruits and vegetables in the country over the past two weeks ranging between 30 percent and 50 percent, local newspaper Youm 7 reported, citing deputy of the head of division Hatem Al-Najeeb. This drop in prices is mainly attributed to the abundance in supply and the approach of the summer season respectively.
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