At the Alamein Africa Forum in Egypt, leaders and business representatives from across the continent emphasized the need to leverage Africa’s domestic capital to drive economic growth and lessen dependence on external funding sources. The event gathered over 20 heads of state, government officials, business leaders, bankers, and representatives from development institutions to discuss the continent’s economic future.
Egyptian President Abdel Fattah Al-Sisi highlighted the pivotal role of Africa’s private sector in the continent’s economy. However, he noted its strong ties with markets outside Africa and urged businesses to seek opportunities within the continent, advocating for stronger cross-border partnerships. This approach, according to Al-Sisi, could lead to significant economic benefits and increased self-reliance.
Mahmoud Ali Youssouf, Chairperson of the African Union Commission, provided insights into intra-African trade, which reached $220 billion in 2024, accounting for 14.4% of the continent’s total trade. He also noted a 12.4% growth in intra-African trade during the year, underscoring the potential for further development within the continent.
The Alamein Africa Forum is set to become a biennial event, with future gatherings focusing on key areas such as infrastructure, trade, agriculture, healthcare, mining, technology, and renewable energy. This initiative aims to foster collaboration and innovation across various sectors, contributing to sustainable growth and development in Africa.