Egyptian Prime Minister Dr. Mostafa Madbouly recently delivered a keynote address at the Africa-Scientia Business Forum, held in New El Alamein City. The forum, which is being held for the first time, brings together ministers, officials, business leaders, and private sector representatives from Egypt and various African countries. The event aims to promote economic growth, development, and cooperation between governments, the private sector, and international financial institutions.
In his address, Dr. Madbouly emphasized the significance of the forum, which is being held in collaboration with the African Union Commission, the African Union Development Agency (NEPAD), and the African Export-Import Bank. He highlighted the importance of creating a sustainable platform for dialogue and interaction between governments, the private sector, and development finance institutions to drive economic growth and development in Africa.
The Prime Minister stressed that Africa is at a critical juncture, with vast natural resources, a large market, and one of the most youthful populations in the world. He noted that the continent has significant opportunities in areas such as manufacturing, energy, agriculture, technology, services, and digital economy. However, Dr. Madbouly also acknowledged the challenges facing Africa, including limited access to finance, inadequate infrastructure, and high capital costs.
Dr. Madbouly emphasized the need for Africa to translate its potential into tangible economic and developmental value. He called for the creation of more platforms that bring together policymakers, investors, financial institutions, and companies to discuss ways to overcome obstacles and mobilize financing for projects. The Prime Minister also highlighted the importance of enhancing partnerships between the public and private sectors to drive economic growth and development.
The Prime Minister noted that Egypt is committed to supporting African integration and economic development, particularly in its capacity as the current chair of the NEPAD Steering Committee. He emphasized that Egypt's participation in the forum reflects its commitment to promoting economic cooperation and development in Africa. Dr. Madbouly also expressed his hope that the forum would provide a platform for African business leaders and international investors to discuss opportunities and challenges in Africa.
In his address, Dr. Madbouly also touched on the importance of cities in Africa, noting that they will play a critical role in shaping the continent's economic future. He highlighted Egypt's efforts to develop its cities, including the new capital city, which is being built on the outskirts of Cairo. The Prime Minister also emphasized the need for Africa to develop its infrastructure, including transportation networks, energy systems, and telecommunications.
The forum is expected to provide a platform for participants to discuss ways to promote economic growth and development in Africa, including through the implementation of the African Continental Free Trade Area (AfCFTA) agreement. The agreement aims to create a single, unified market for African countries, increasing economic cooperation and reducing trade barriers. Dr. Madbouly's address set the tone for the forum, which is expected to attract significant attention from investors, policymakers, and business leaders from across Africa and beyond.
Key points
- The Africa-Scientia Business Forum aims to promote economic growth and development in Africa by enhancing cooperation between governments, the private sector, and international financial institutions.
- Egyptian Prime Minister Dr. Mostafa Madbouly emphasized the importance of creating a sustainable platform for dialogue and interaction between governments, the private sector, and development finance institutions to drive economic growth and development in Africa.
- The forum is being held in collaboration with the African Union Commission, the African Union Development Agency (NEPAD), and the African Export-Import Bank.
