At the Alamein Africa Forum in Egypt, African leaders and business representatives advocated for leveraging the continent’s domestic capital to fuel economic growth and lessen dependency on external funding. The forum, which brought together over 20 heads of state, government representatives, business leaders, bankers, and development institutions, focused on strategies to strengthen Africa’s financial autonomy.
Egyptian President Abdel Fattah Al-Sisi emphasized the pivotal role of Africa’s private sector in driving the continent’s economic progress. However, he noted its significant ties to markets outside Africa and encouraged businesses to explore opportunities within the continent, fostering cross-border partnerships.
Highlighting the potential of internal trade, African Union Commission Chairperson Mahmoud Ali Youssouf reported that intra-African trade reached $220 billion in 2024, accounting for 14.4% of the continent’s total trade. This marked a 12.4% growth throughout the year, underscoring the significance of strengthening internal economic ties.
The forum, set to convene every two years, will concentrate on key sectors such as infrastructure, trade, agriculture, healthcare, mining, technology, and renewable energy. These areas are viewed as crucial for fostering sustainable development and economic resilience across the continent.