Davos: Minister of Planning, Economic Development and International Cooperation Rania Al-Mashat stated that the global trend towards protectionist policies is creating significant opportunities for African countries by encouraging companies to relocate their activities within the continent. She emphasized Africa's demographic advantages, including its young population, the availability of skills, and the potential for advancing industrialization through technology.
According to State Information Service Egypt, Mashat made these remarks during a session organized by the Brookings Institution, which launched its report titled 'The Future of Africa.' The session, discussing trade, financing, and the future of the continent's economy, was held on the sidelines of the World Economic Forum in Davos. It was attended by Wamkele Mene, Secretary-General of the African Continental Free Trade Area (AfCFTA), alongside other officials.
Mashat highlighted Egypt's transition toward a development model leveraging the advanced infrastructure built over the past decade to create a competitive economy. She noted that intra-African trade currently stands between 14% and 17%, a figure she described as low compared to the European Union. Mashat pointed out the crucial role of payment systems in successful intra-African trade.
She commended regional financial institutions like the African Development Bank and the African Export-Import Bank for their role in providing financing and facilities to stimulate trade. Mashat emphasized that member states must prioritize trade as a central driver for job creation, and that thinkers and policymakers have a major role to play in advancing this agenda by maintaining focus on the progress already made.
Mashat also praised the Egyptian Ministry of Investment and Foreign Trade for building consensus among African trade ministers within the AfCFTA framework, particularly on rules of origin in the textiles, garments, and automotive sectors. These efforts, she said, enhance intra-African trade and reflect Egypt's commitment to supporting development across the continent.
She underscored Egypt's accession to the Pan-African Payment and Settlement System (PAPSS), which boosts economic and trade cooperation within Africa. Additionally, she highlighted the Suez Canal Economic Zone (SCZone) as a cornerstone of Egypt's strategy under the AfCFTA, integrating industrial production with logistics services to facilitate trade with African markets.