Elsewedy Electric has built power plants in Angola and has been contemplating the possibility of launching manufacturing units there to make benefit from its location on the Atlantic Ocean,” according to its CEO Ahmed El Sewedy.
He made these comments during the first forum of the heads of African investment promotion agencies held in Sharm El Sheikh accorfing to Egypt Today.
Regarding the group’s other projects on the continent, Sewedy said, “We founded four factories in Tanzania as we want the country to be a base for us benefiting of its location on the Indian Ocean and to do inland transportation through Dar Es Salam.”
It is noteworthy to mention that the Tanzanian city is a logistics hub for goods circulation.
Speaking of challenges facing investment on the continent, “energy in Africa is expensive and transportation in not easy,” the businessman said highlighting that circumventing power shortage often requires resorting to generators.
Raising some suggestions pertinent to intra-African trade, El Sewedy proposes that “Egypt’s big insurance companies provide insurance for exports to fellow African states.”
He added that international and African agencies should simultaneously finance intra-African infrastructure.
Africa IPAs Forum 1 kicked off in Egypt’s Sharm El Sheikh having as slogan “Growth for Integration.” The forum is the first of its kind and is taking place on June 11-14 with the participation of ministers and chairpersons of investment promotion authorities at 34 African countries.
