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Business News of Thursday, 14 May 2015

Source: GNA

Africa must take advantage of the Suez Canal - MENA

Khaled Ghobashy, Director in charge of International Relations at the Middle East News Agency (MENA), on Tuesday, challenged African countries to take advantage of the prospects of the Suez Canal to transform their local economies.

He said the Canal would be the main source of income for the continent in the next 50 years, and urged countries on the continent not to miss out on the opportunity.

Mr Ghobashy was speaking to journalists at the ongoing 45th Young African Journalists Training course in Cairo, Egypt, under the auspices of the Union of African Journalists, with support from the Egyptian Government.

The Suez Canal is an artificial sea-level waterway in Egypt which connects the Mediterranean Sea and the Red Sea.

It separates the African Continent from Asia, and provides the shortest maritime route between Europe and the lands lying around the Indian and the Western Pacific Oceans. It is said to be one of the world's most heavily used shipping lanes.

Mr Ghobashy said indications were that trade within and outside Africa was going to be exciting after August this year and urged the African Continent to take advantage of it.

“This is an easy access to international market and we must not wait for others. This will surely transform the continent’s economy and we must grab it,” he said.

He said there would be opportunities in import and export businesses, transport and manufacturing among others, and encouraged players in the private sector to explore those opportunities.