African Union Commission Chair Mahmoud Ali Yusuf has stressed the importance of collaboration between the public and private sectors to develop the economic capabilities of African markets. This partnership is crucial for enabling African companies and factories to grow and compete internationally. Yusuf made these remarks at the "El Alamein - Africa for Business" forum, which brings together political leaders, heads of state and government, financial and industrial sector representatives, and business communities.
The forum is a significant platform for Africa's economic transformation and development, and Yusuf praised Egypt for hosting the event. He expressed his appreciation to the Egyptian government and people for their warm hospitality. The forum provides an opportunity for direct dialogue between heads of state and government, industry leaders, and business executives. Yusuf emphasized that the private sector plays a vital role in the structural transformation of African economies.
The African Continental Free Trade Area has a GDP of over $3.4 trillion, and intra-African trade has shown growth in 2024. This growth is an encouraging indicator of the continent's ability to enhance economic integration. Yusuf noted that Africa can achieve more by simplifying border procedures, harmonizing policies and legislation, and improving market access. These efforts will increase trade among African countries.
To support the private sector and investments, Yusuf emphasized the need for systematic reforms to promote the use of local currencies in payments. He also highlighted the importance of developing the African capital market and providing necessary financing tools. The African Export-Import Bank (Afreximbank) approved $22 billion in financing in 2024, with over $18 billion disbursed. These efforts are part of the tools required to enhance Africa's economic capabilities.
Yusuf stressed that the African Union is working to achieve its goals within the framework of "Agenda 2063." The success of the "El Alamein - Africa for Business" forum will be measured by the ability of African countries and institutions to unlock the potential of the private sector. The forum's recommendations and mechanisms can significantly impact achieving common goals and building economic prosperity for the continent.
The African Union Commission is committed to playing its role and working with regional economic communities to support the business community and build a more prosperous Africa. Yusuf emphasized that the partnership between the public and private sectors is essential for creating jobs and increasing added value, particularly in the hydrocarbon and mineral sectors. The digital economy is also a key requirement for achieving continental integration.
The African Union Commission Chair concluded by highlighting the importance of implementing the agreed-upon mechanisms to support the private sector and achieve the goals outlined in "Agenda 2063." The commission will work closely with African countries and institutions to ensure the success of the forum and the implementation of its recommendations.
Key points
- The African Union Commission Chair emphasizes the need for public-private partnerships to build a competitive African economy.
- The African Continental Free Trade Area has a GDP of over $3.4 trillion, and intra-African trade has shown growth in 2024.
- The African Export-Import Bank approved $22 billion in financing in 2024 to support the private sector and investments.
