At the Alamein Africa Forum held in Egypt, African leaders and business representatives emphasized the need for increased utilization of domestic capital to drive economic growth on the continent and reduce dependency on external funding sources. The forum gathered over 20 heads of state, government officials, business leaders, bankers, and representatives from development institutions.
Egyptian President Abdel Fattah Al-Sisi highlighted the significant role of Africa’s private sector in the continent’s economy, noting its current substantial ties to international markets. He called on businesses to seek more opportunities within Africa and to foster stronger cross-border partnerships. This sentiment underscores a broader initiative to strengthen intra-continental economic ties.
Mahmoud Ali Youssouf, Chairperson of the African Union Commission, reported that intra-African trade 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 over the year, suggesting positive trends in regional economic collaboration.
The forum, set to occur biennially, will continue to focus on key sectors such as infrastructure, trade, agriculture, healthcare, mining, technology, and renewable energy. This recurring event aims to provide a platform for discussing and implementing strategies that leverage Africa’s domestic resources for sustainable development.