Egyptian President Abdel Fattah el-Sisi inaugurated the first "El Alamein - Africa Business Forum" in El Alamein, Egypt, on Saturday. The forum brings together high-level participants, including African heads of state, senior officials, and leaders from the private sector. El-Sisi emphasized that the forum takes place at a critical moment, with the world facing successive crises and rapid transformations. He stressed the need for countries to support their capabilities to enhance resilience and build their future.
El-Sisi highlighted that economic development cannot be achieved in unstable countries and that stability is a fundamental requirement for investors, manufacturers, and farmers. He also emphasized that in Africa, security begins with supporting national institutions, respecting sovereignty, and promoting peaceful solutions to conflicts. The Egyptian President asserted that Egypt has always been at the forefront of supporting these principles, launching and backing development initiatives in Africa.
The forum aims to provide a strategic platform for mobilizing efforts to achieve the goals of Agenda 2063 and translate African cooperation ambitions into tangible reality. El-Sisi noted that the private sector in Africa is the most significant driver of the continent's economies, contributing over 70% to Africa's GDP. However, he pointed out that despite trade agreements, intra-African trade has not exceeded 18% of the continent's total trade in recent years.
El-Sisi explained that the idea of organizing this forum is to bridge the gap of isolation and information asymmetry, enabling the African private sector to explore its potential and participate in implementing the African Continental Free Trade Area. He encouraged participants to engage actively in the forum's various tracks and turn it into a genuine opportunity to explore new cooperation prospects. The forum also aims to stimulate intra-African trade, promote economic integration, and mobilize partnerships to implement development projects.
The Egyptian President emphasized that Africa is a young and vibrant continent, with 65% of its population being youth, and rich in natural and human resources. He expressed Africa's aspiration for a world characterized by peace and stability, rather than being affected by global crises. El-Sisi also called for collective action to achieve the goal of building modern countries capable of keeping pace with global economic transformations and shaping a more just and sustainable future.
The forum features specialized sessions addressing priority economic and development issues for the African continent, as well as a exhibition for major African companies and a dedicated area for start-ups. El-Sisi concluded his speech by declaring the opening of the forum's official sessions and encouraging participants to engage in fruitful discussions and partnerships. The forum is a result of an Egyptian initiative approved by the African Union, to be held biennially in El Alamein.
The first edition of the forum is attended by a high-level delegation, including African heads of state, senior officials, and leaders from the private sector. The forum aims to strengthen communication and partnerships between African governments and the private sector, maximizing the role of the private sector in driving inclusive and sustainable development in Africa.
Key points
- The forum aims to promote economic integration and cooperation in Africa.
- The private sector in Africa contributes over 70% to the continent's GDP.
- The African Continental Free Trade Area aims to boost intra-African trade and economic growth.
