Axel Wabenhorst, the Australian ambassador to Cairo, said that Egypt has strong opportunities to attract a portion of Australian investments in the mining sector, which is estimated at about $40 billion distributed among African countries, benefiting from the reforms implemented by the government to develop the sector, in addition to the development of infrastructure and stability that the country is witnessing.
He added to Al Borsa that the Egyptian government recently proposed a number of new concession areas for mining exploration, and the door to progress is still open to companies, expecting Australian mining companies to show interest in participating in these opportunities during the coming period.
He explained that Australian companies are among the largest investors in mining activities on the African continent, which opens the way for increasing their investments in the Egyptian market in the coming years.
The ambassador revealed preparations to organize an Egyptian trade mission to Australia before the end of this year, with the aim of strengthening trade and investment relations between the two countries, and discussing opportunities for cooperation in a number of sectors, most notably building materials and meat, while allowing companies from other sectors to participate.
He pointed out that the relations between the two countries in the mining sector are not new, as the Sukari gold mine was originally established by an Australian company during the 1990s, and although its ownership was later transferred, Australian companies specialized in mining and drilling services are still operating within the Egyptian market.
He pointed out that a number of Australian companies recently visited Egypt to explore investment opportunities, and Minister of Petroleum and Mineral Resources Karim Badawi made two visits to Australia last year to support cooperation between the two sides.
He added that Egypt has promising opportunities in a number of industrial sectors, including wool manufacturing and its re-export to European markets, in addition to building materials, especially cement, and the ready-made clothing industry, which are sectors that can contribute to increasing Egyptian exports to Australia.
Ebenhorst called on Egyptian investors to expand in the Australian market, stressing that his country provides an attractive environment for foreign investments, especially in the mining, clean energy and agricultural sectors, as well as projects to transition to a low-carbon economy, which are witnessing growing investments and provide broad opportunities for international partnerships.
Regarding trade exchange, the ambassador explained that trade between the two countries recorded remarkable growth during the period of the Corona pandemic, before declining after that, affected by the economic challenges that Egypt witnessed during the year 2023, expecting that the improved performance of the Egyptian economy will contribute to supporting the growth of bilateral trade and investments during the next stage.
