Egyptian President Abdel Fattah el-Sisi inaugurated the first El Alamein-African Business Forum in El Alamein city. The forum is co-organized by the Egyptian government, the African Union Commission, the African Union Development Agency (AUDA-NEPAD), and the African Export-Import Bank. It aims to promote economic integration and stimulate intra-African trade.
The forum brings together African heads of state, senior officials, and representatives of international financial institutions and the private sector. It features specialized sessions on key economic and development issues, an exhibition of major African companies, and a dedicated area for start-ups. The event seeks to foster partnerships for development projects and expand financing and investment opportunities.
In his opening speech, President Sisi emphasized that economic development cannot be achieved in unstable countries. He stressed that stability is essential for investors, manufacturers, and farmers, providing a secure environment for development goals. Sisi also highlighted the importance of supporting national institutions, respecting state sovereignty, and resolving conflicts peacefully.
President Sisi noted that Africa is a young continent, with 65% of its population being youth. He expressed confidence that the 21st century can be an African century if countries work together. The president also mentioned the challenges faced by African countries due to global crises, including energy shortages and rising fuel and fertilizer prices.
The forum aims to bridge the information gap and promote direct communication between the private sector and investors in African countries. It seeks to support the implementation of the African Union's Agenda 2063 and the African Continental Free Trade Area (AfCFTA) agreement. President Sisi announced the launch of the forum's official sessions, which will explore new cooperation opportunities and partnerships.
The event is taking place alongside the 8th African Union Mid-Year Coordination Summit. President Sisi toured the economic exhibition on the forum's sidelines, accompanied by African heads of state and delegation leaders. They visited pavilions of the African Export-Import Bank, AUDA-NEPAD, and the Egyptian Republic.
Key outcomes of the forum are expected to include strengthened partnerships, increased investment, and enhanced economic cooperation among African countries. The forum will also provide a platform for start-ups and small and medium-sized enterprises to network and explore opportunities.
Key points
- The forum aims to increase intra-African trade, which currently stands at around 18% of the continent's total trade.
- The African private sector contributes over 70% to the continent's GDP, with most of its transactions taking place with companies outside Africa.
- The forum is part of Egypt's efforts to support African development, as emphasized by President Sisi.
