Dr. Amani Efsour, head of the African Business Council, emphasized that the main axes of development in Africa, as outlined in President Abdel Fattah El-Sisi's recent speech, include infrastructure, technology, and manufacturing. These areas are crucial for achieving the continent's development goals by 2063. The private sector's role is vital in driving this growth, and the current forum in Alexandria brings together various sectors and business leaders from across Africa.
The African Business Council aims to promote innovation and investment competitiveness on the continent. Dr. Efsour noted that Africa's current reality is characterized by the export of raw materials, with manufactured exports making up only 2% of the total. To change this, the continent needs to invest in infrastructure development, energy production, and local manufacturing. The council's efforts are aligned with the African Union's Agenda 2063, which seeks to transform the continent's economy.
The recent forum in Alexandria resulted in the signing of agreements between Egyptian and Ugandan companies in areas such as food processing, agriculture, and mining. Dr. Efsour highlighted that Africa has an abundance of natural resources, including 30% of the world's mineral wealth, but most of it is exported as raw materials without generating significant value. The continent also has 60% of the world's arable land but imports food worth over $100 billion annually.
Dr. Efsour stressed that Africa has the potential to produce over 49% of the world's renewable energy but currently lacks access to basic electricity and energy supplies for over 600 million people. She emphasized the need to transform raw materials into high-quality products and invest in infrastructure and local manufacturing to achieve the goals of Agenda 2063.
The private sector's participation in the forum reflects its commitment to driving development in Africa. Dr. Efsour noted that the sector is well-represented, with various industries and business leaders from across the continent in attendance. The forum provides a platform for dialogue and collaboration between governments, businesses, and stakeholders to promote economic growth and development.
Egypt plays a significant role in promoting African integration and cooperation. The country has been actively involved in various initiatives aimed at boosting economic ties between African nations. Dr. Efsour's comments reflect the growing recognition of the need for African countries to work together to achieve common goals.
The African Business Council's efforts are part of a broader push to promote economic development and cooperation across the continent. With the right investments and policies in place, Africa can unlock its vast potential and achieve sustainable growth and development. The council's work will continue to play a crucial role in shaping the continent's economic future.
Key points
- Infrastructure, technology, and manufacturing are key areas for Africa's development.
- The private sector must play a significant role in driving growth and development in Africa.
- Africa has vast natural resources, but most are exported as raw materials without generating significant value.
