Egyptian business team heads to Zim



A delegation of Egyptian business executives will visit Zimbabwe in March to scout for investment opportunities as companies from the North African powerhouse seek to spread their tentacles on the continent.

The delegation will come under the banner of Federation of Egyptian Industries (FEI), an all-inclusive grouping of sector associations.

Sherif El Gabaly, chairman African Cooperation Committee in FEI, told the Zimbabwean delegation on Wednesday at a dinner organised by the Zimbabwe National Chamber of Commerce that his team was serious and committed about investing in Zimbabwe.

“We are very serious, are committed. When we organise the visit we need a focal point. We want to organise the visit so that it will be done in a professional manner,” he said.

“We expect quick responses. We were thinking of going to Zambia, Mozambique and Zimbabwe but because of such a delegation, I think it is logical that we will go to Zimbabwe.”

The businessman, who also chairs the Chamber of Chemicals Industries in FEI, has been to Zimbabwe twice seeking investment opportunities with no success.

FIE was established in 1922 and has 20 chambers specialising in different sectors. It is and is one of Egypt’s largest employers’ associations and has supported Egyptian industries to achieve industry-led growth.

Industry, Commerce and Enterprise Development minister Mangaliso Ndlovu said Zimbabwe was on a path to attract foreign investors as evidenced by the high number of exhibitors at the inaugural Intra-African Trade Fair.  Twenty-five companies from Zimbabwe are exhibiting at the fair.

“We are revisiting investment laws and want to make sure that there is ease of doing business and minimise as much as possible the cost of doing business,” he said.

Ndlovu said the economic blueprint, the Transitional Stabilisation Programme, was meant to chart a new path for Zimbabwe.

“We are on a pedestal to position our country for huge growth which will be industry-led,” he said.

In his pitch to Egyptian business executives, ZimTrade chief executive Allan Majuru said Zimbabwe was endowed with over 55 exploitable minerals which the North Africans could invest in.

He said Zimbabwe was implementing pro-market policies imploring the Egyptians to enjoy incentives under the Special Economic Zones.