Egyptian President Abdel Fattah el-Sisi inaugurated the first Africa Business Forum in New El Alamein City, Egypt, on Saturday, October 3, 2026. The forum, approved by the African Union in February 2026, aims to promote economic cooperation and development in Africa. President Sisi welcomed attendees, highlighting the significance of the forum in promoting economic growth and cooperation among African nations.
The forum provides a platform for African business leaders to interact with state leaders, discuss challenges facing the private sector, and build cross-border partnerships to drive economic integration and achieve development goals. President Sisi emphasized that economic development cannot be achieved in unstable countries and that stability is essential for investors, manufacturers, and farmers to operate in a secure environment.
The African private sector is the largest driver of the continent's economies, contributing over 70% to Africa's gross domestic product. However, most African private sector transactions are conducted with companies outside the continent, and over 50% of small and medium-sized enterprises lack information about opportunities in neighboring African markets. President Sisi noted that despite preferential trade agreements, intra-African trade has not exceeded 18% of the continent's total trade in recent years.
The forum aims to bridge the gap in information and break down barriers to intra-African trade. President Sisi stated that the 21st century will be an African century if African nations work together effectively. He emphasized the need for African countries to support each other's national institutions, respect sovereignty, and prioritize peaceful solutions to conflicts and crises.
Africa is a young and vibrant continent, with a population of 65% youth, abundant natural resources, and human capital. The continent is seeking to play a significant role in shaping the international system and advocating for a more peaceful and stable world. President Sisi highlighted the current global energy crisis, which is affecting African countries due to rising fuel and fertilizer prices, disrupted supply chains, and other negative impacts.
The forum is being held in conjunction with the 8th African Union Mid-Year Coordination Summit in New El Alamein City, reflecting the interconnectedness of political and economic work in African affairs. President Sisi called on African nations to work together to build modern states capable of keeping pace with rapid global economic changes and creating a more just and sustainable future.
The African Union's Agenda 2063 aims to promote economic development, social progress, and cultural advancement in Africa. The forum provides an opportunity for African business leaders to explore opportunities, engage in dialogue, and build partnerships to drive economic growth and development across the continent. President Sisi expressed his confidence that with collective effort, Africa can achieve its development goals and become a major player in the global economy.
Key points
- The forum aims to promote economic cooperation and development in Africa.
- The African private sector contributes over 70% to the continent's gross domestic product.
- The 21st century will be an African century if African nations work together effectively.
