Egyptian President Abdel Fattah El-Sisi inaugurated the first Africa Business Forum in New El Alamein City. The forum is a result of an Egyptian initiative approved by the African Union. It aims to strengthen partnerships between African governments and the private sector. The forum will be held every two years in New El Alamein City. 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 high-level participants, including African heads of state, senior officials, and leaders from the private sector. The event aims to promote economic development and integration in Africa. It also seeks to enhance trade and investment opportunities. The forum features specialized sessions on key economic and development issues. A large exhibition of major African companies and a dedicated area for start-ups are also part of the event.
In his opening speech, President El-Sisi emphasized the importance of economic stability and security in achieving development goals. He highlighted the need for African countries to work together to address common challenges. The President also stressed the role of the private sector in driving economic growth. He encouraged participants to engage in meaningful discussions and build partnerships.
The forum aims to address the challenges faced by African countries, including low intra-African trade and limited access to finance. Statistics show that the African private sector contributes over 70% to the continent's GDP. However, most of these transactions are with companies outside Africa. The forum seeks to change this by promoting intra-African trade and investment.
President El-Sisi also highlighted the potential of the African continent, with its large youth population and abundant natural resources. He emphasized the need for African countries to work together to achieve their development goals. The President encouraged participants to take advantage of the forum to build partnerships and explore new opportunities.
After the opening session, President El-Sisi and other heads of state toured the economic exhibition on the sidelines of the forum. They were briefed on key programs and projects aimed at achieving continental integration. The exhibition features various African companies and organizations showcasing their initiatives and achievements.
The forum is taking place alongside the 8th African Union Mid-Year Coordinating Summit in New El Alamein City. The event reflects the connection between political and economic cooperation in African affairs. The President concluded his speech by declaring the opening of the forum's official sessions and encouraging participants to engage actively in the discussions.
Key points
- The forum aims to promote economic development and integration in Africa.
- The event brings together high-level participants from African governments and the private sector.
- The forum seeks to address the challenges faced by African countries, including low intra-African trade and limited access to finance.
