Egyptian President Abdel Fattah El-Sisi delivered a speech at a luncheon honoring African heads of state and delegations participating in the 8th Mid-Year Coordination Meeting of the African Union. He emphasized the need for African countries to transition from exporting raw materials to building value-added chains and localizing industries within the continent. This, he believes, will create a resilient African market capable of withstanding crises and shocks.
President El-Sisi highlighted the importance of cooperation between African countries and international companies in driving economic growth and development. He invited these companies to contribute to large-scale projects in Africa, particularly in infrastructure development, renewable energy, and other strategic initiatives that offer promising investment opportunities. By doing so, El-Sisi aims to create a win-win situation for all parties involved.
The Egyptian President also stressed the need for African countries to work together to activate the African Continental Free Trade Area (AfCFTA) agreement. He encouraged countries to overcome customs and non-customs barriers to facilitate the movement of goods, services, and capital between African nations. El-Sisi believes that this will help create a more integrated and prosperous African economy.
El-Sisi acknowledged that achieving growth is closely tied to a fair global financial system. He pointed out that African countries face significant challenges due to the climate crisis, despite not being the primary cause of it. These countries are burdened with high debt servicing costs and stringent financing conditions. In light of this, El-Sisi called for reforms to the international financing structure and the introduction of innovative and accessible financing mechanisms.
The President emphasized the importance of addressing the challenges posed by climate change and the need for international cooperation to mitigate its effects. He also highlighted the potential of Africa's youth, who make up a significant proportion of the continent's population, and encouraged international companies to invest in their future. By doing so, El-Sisi believes that Africa can unlock its full potential and create a brighter future for its citizens.
During the luncheon, President El-Sisi expressed his appreciation to the guests for accepting the invitation to attend the meeting. He looked forward to continuing the dialogue and exploring ways to strengthen partnerships between Egypt, Africa, and international companies. The meeting provided a platform for leaders to discuss pressing issues affecting the continent and identify opportunities for collaboration and growth.
The African Union's 8th Mid-Year Coordination Meeting brought together heads of state, business leaders, and representatives from international organizations to discuss key issues affecting the continent. The meeting provided a unique opportunity for stakeholders to engage in constructive dialogue and identify solutions to the challenges facing Africa. President El-Sisi's call for technology transfer and industrial localization in African markets resonated with the attendees, who recognize the importance of sustainable and inclusive economic growth.
Key points
- Egyptian President Abdel Fattah El-Sisi called for increased efforts to transfer technology and localize industry in African markets.
- El-Sisi invited international companies to contribute to large-scale projects in Africa, particularly in infrastructure development and renewable energy.
- The President emphasized the need for African countries to work together to activate the African Continental Free Trade Area (AfCFTA) agreement.
