1st Vice-Chairman, Fédération of Egyptian Chambers

By Mahmood Elaraby From Economic Gate

Welcome Address of
H.E. Hany Mahmoud

 Excellencies, partners, Friends
 Ladies and Gentlemen

On behalf of the Federation of Egyptian Chambers, and its 5 million members, it gives me great pleasure to welcome His Excellency the senior advisor of the Somalian presidency, and my counterpart, the Chairman of the Somalia Chamber of Commerce and Industry, and all their escorting delegation, where I am proud to say that Egypt is again The Land of Opportunities.

And Please Allow me to speak strategically.

Today, Egyptian political and economic stability is a fact not a dream.

Egypt is working on a fast track creating an attractive business climate, based on modernization of its business laws, regulations and infrastructure, major economic reforms, and offering Specific business opportunities.

Reforms including golden license, the government ownership policy, and public-private- partnerships, … all supported by a stimulus package through mega projects, including Suez Canal corridor and new ports, reclamation of 1.5 million acres, new capital, modern infrastructure, all in a few years where Egypt can provide this experience for Somalia, especially in agriculture, manufacturing, and infrastructure with emphasis on transport, and electricity.

With a population of over 100 million and an increasing per capita income, Egypt has the largest domestic market in the region.

But more important is Egypt’s position as the crossroad of trade

• Located in the Middle of all Trade Routes, thanks to the Suez Canal
• Free Trade Areas of over 3 billion consumers (for manufacturing & Sub-contracting with 100% custom exemption, and only 35% – 45% local content requirement) including the EU, UK, EFTA, the Arab World, COMESA, Mercosur, USA and Turkey and ALL of Africa.

Egypt today is The Land of Opportunities, in trade, logistics, industry, infrastructure, agriculture, mega-projects, tourism, and more.

Now it’s time to walk-the-talk, and join forces:
• We should work on raising our bilateral trade from the modest 58 million dollars to reach 300 million in three years, through diversification of our present trade mix from both sides and increasing the existing trade items.
• Egyptian businesses must relocate sourcing of livestock, sesame, gum arabica, and oil seeds to come from Somalia to adjust our trade balance.
• We should mobilize our businesses to invest in Somalia, especially in slaughterhouses, electricity, food processing and ports.
• We must benefit from the new direct airline, and the opening of Misr Bank in Somalia to support our trade and investment.

We invite you to do business with, and through Egypt, the land of opportunities.