Egyptian President Abdel Fattah el-Sisi inaugurated the first Africa Business Forum in New El Alamein, a city that has transformed from a historical site into a symbol of development and prosperity. The forum, approved by the African Union, brings together high-level participants, including African heads of state, senior officials, and leaders from the private sector. The event aims to promote economic integration, stimulate intra-African trade, and mobilize partnerships for development projects.
The forum is a result of an Egyptian initiative approved by the African Union, to be held biennially in New El Alamein. The event is organized in collaboration with the Egyptian government, the African Union Commission, the African Union Development Agency (NEPAD), and the African Export-Import Bank. The forum provides a strategic platform for governments, private sector representatives, and entrepreneurs to enhance cooperation and drive sustainable development in Africa.
President Sisi emphasized that economic development cannot be achieved in unstable countries and that stability is a prerequisite for investment and growth. He highlighted Egypt's commitment to supporting African development initiatives, believing that the continent's renaissance and independence are a legitimate right that must be preserved. The president called for strengthening state institutions, respecting national sovereignty, and promoting peaceful solutions to conflicts.
The forum features specialized sessions addressing key economic and development issues in Africa, as well as a showcase for major African companies and a dedicated area for start-ups. The event also includes bilateral and multilateral meetings between government officials and business leaders, aiming to foster partnerships and investments. President Sisi's speech emphasized the importance of the private sector in driving Africa's economy, contributing over 70% to the continent's GDP.
Despite the existence of preferential trade agreements, intra-African trade remains limited, accounting for only about 18% of the continent's total trade. President Sisi noted that over 50% of small and medium-sized enterprises lack information about opportunities in neighboring African markets, leading them to seek opportunities in international markets rather than within the continent.
The forum aims to bridge this gap by providing a platform for African businesses to interact with government leaders, discuss challenges, and build cross-border partnerships. The event coincides with Egypt hosting the 8th African Union Mid-Year Coordination Summit, highlighting the connection between political and economic cooperation within the African Union.
President Sisi concluded his speech by calling on participants to engage actively in the forum's discussions and to convert the event into a genuine opportunity for exploring new cooperation prospects. He expressed his confidence that the 21st century will be an African century, provided that African nations work together effectively to achieve their goals.
Key points
- The forum aims to promote economic integration and partnerships across Africa.
- President Sisi emphasized the importance of stability and strong state institutions for economic development.
- The event provides a platform for African businesses to interact with government leaders and build cross-border partnerships.
