Egyptian President Abdel Fattah El-Sisi hosted a lunch on Sunday, October 4, 2026, to honor heads of state and African delegations participating in the 8th African Union Mid-Year Coordinating Meeting. The meeting is being held in El Alamein, Egypt. The lunch was also attended by leaders of international financing organizations and the business sector who participated in the "El Alamein - Africa for Business" forum.
According to Presidential Spokesperson Ambassador Mohamed El-Shinawy, President El-Sisi delivered a welcoming speech during the lunch. In his speech, the President welcomed the guests, saying, "I welcome you once again in your second country, Egypt." He praised the format of the meeting, which brings together heads of state and a select group of delegations, as well as prominent African businessmen and representatives of major international companies operating in Africa.
President El-Sisi stated that the current moment is characterized by complex and massive challenges facing the world and the African continent, requiring unprecedented African solidarity between countries and organizations. He emphasized that the strength of the continent lies in its unity and the integration of its economies. The President also highlighted the importance of African youth, who make up the majority of the continent's population, and their potential as a driving force for development.
During his speech, President El-Sisi called on international companies to make more efforts to transfer technology and localize industry in African markets. He also invited them to contribute to major projects in Africa, including infrastructure, development corridors, and renewable energy. These projects, he said, offer promising investment opportunities. The President emphasized the need for African countries to move quickly from exporting raw materials to building value-added chains and localizing industries within the continent.
President El-Sisi stressed that Egypt has been a pioneer in promoting and ratifying the African Continental Free Trade Area (AfCFTA) agreement. He urged participants to work together to accelerate the implementation of the agreement and address customs and non-customs barriers to facilitate the movement of goods, services, and capital between African countries. The President also pointed out that achieving growth is not possible without a fair global financial system.
The President noted that African countries face significant burdens due to the climate crisis, which they did not cause, and are subject to unfair financing conditions and high borrowing costs. He called for reforming the international financing structure, providing innovative and accessible financing mechanisms, and exempting African countries from carbon taxes. President El-Sisi expressed his appreciation to the participants for accepting the invitation and looked forward to continuing the dialogue with them.
The 8th African Union Mid-Year Coordinating Meeting is being held in El Alamein, Egypt, and brings together heads of state and government, as well as representatives of international organizations and the business sector. The meeting aims to discuss the challenges facing the African continent and ways to promote economic growth and development. President El-Sisi's speech reflected Egypt's commitment to African solidarity and cooperation.
Key points
- President El-Sisi calls for African countries to move quickly from exporting raw materials to building value-added chains and localizing industries within the continent.
