On October 3, 2026, Egyptian President Abdel Fattah El-Sisi inaugurated the first edition of the "El Alamein - Africa" Business Forum in the New El Alamein City. This forum is a result of an Egyptian initiative approved by the African Union, which will be held every two years in El Alamein. The event is organized by the Egyptian government, the African Union Commission, the African Union Development Agency (AUDA-NEPAD), and the African Export-Import Bank.
The forum brings together a high-level participation of African heads of state, senior officials, and a selection of leaders and managers of international and regional financial institutions. The private sector from Africa and around the world is also represented. The event aims to promote dialogue and partnership between African governments and the private sector, enhancing the role of the private sector in driving comprehensive and sustainable development in Africa.
The forum's primary objectives include stimulating intra-African trade, promoting economic integration among African countries, and mobilizing partnerships to implement development projects. It also seeks to expand financing and investment opportunities and support promising and emerging economic sectors. The event features specialized sessions addressing key economic and development issues in Africa.
In his opening speech, President El-Sisi emphasized that economic development cannot be achieved in unstable countries. He stressed that stability is a fundamental requirement for investors, manufacturers, and farmers to operate in a secure environment. El-Sisi also highlighted the importance of supporting national institutions, respecting state sovereignty, and promoting peaceful solutions to conflicts.
The President noted that Africa is a young and vibrant continent, with a population of 65% youth. He emphasized the need for African countries to work together to achieve their development goals and become a major partner in shaping the international system. El-Sisi also called for increased cooperation and investment in Africa, citing the continent's vast natural and human resources.
The forum provides a strategic platform for the African private sector to interact with heads of state, discuss challenges, and build cross-border partnerships. It aims to translate the aspirations of African countries into tangible reality and achieve the goals of the African Union's Agenda 2063. The event also features a exhibition of major African companies and a dedicated area for start-ups.
Statistics indicate that the African private sector is the main driver of the continent's economies, contributing over 70% to Africa's GDP. However, most of the private sector's transactions are with companies outside the continent. The forum seeks to address these challenges and promote intra-African trade and investment.
Key points
- The African private sector contributes over 70% to Africa's GDP.
- The forum aims to stimulate intra-African trade and promote economic integration among African countries.
- President El-Sisi emphasized the importance of stability for economic development in Africa.
