Egyptian President Opens First Session of the (Alamein-Africa Business Forum)

Cairo, Oct 3 (KUNA) -- Egyptian President Abdel Fattah al-Sisi opened today, Saturday, the first session of the Alamein-Africa Business Forum, which sees wide participation from African leaders and officials, alongside representatives of the African and international business communities and economic institutions.

In his speech during the forum's opening session, al-Sisi said, "We meet today at a critical moment when the world is witnessing successive crises and rapid transformations, where geopolitical tensions intertwine with developmental and economic challenges, and where maps of production, energy, and technology are being redrawn." He emphasized the need for countries to support their capacities to enhance resilience and build their own futures and the futures of their peoples.

Al-Sisi stressed that economic development cannot be built in unstable countries, and that stability is not a luxury but a fundamental pillar sought by investors, manufacturers, and farmers to operate in a safe environment that enables them to achieve their goals. He continued, "In our African continent, we are well aware that security begins with supporting the national state and its institutions, respecting its unity and sovereignty, prioritizing peaceful solutions to conflicts and crises, and upholding the principle of good neighborliness, thereby allowing the activation of joint cooperation mechanisms and economic integration to meet the legitimate aspirations of our peoples for development and prosperity."

In this context, he affirmed that Egypt has always been at the forefront of countries supporting this vision, driven by its pride in its firm African identity, noting that it has spared no effort in launching and supporting developmental and economic initiatives in Africa.

The Egyptian President stated that the Alamein-Africa Business Forum, whose first edition Egypt is hosting, aims to mobilize efforts to achieve the goals of Agenda 2063 and to translate the ambitions of joint African business into tangible reality. He clarified that the forum also aims to provide a unique space for the African business sector to interact with country leaders, discuss challenges facing the private sector, and build cross-border partnerships to drive economic integration and achieve continental development goals.

He added that statistics indicate that the African private sector is the most important and largest engine for the continent's economies, contributing more than 70 percent of Africa's GDP. Notably, about 85 percent of African private sector transactions are conducted with companies outside the continent. He pointed out that more than 50 percent of small and medium-sized enterprises lack sufficient information about opportunities available in neighboring African markets, pushing them to seek business opportunities in distant international markets rather than in nearby African countries.

He noted that despite the preferential trade agreements and arrangements linking African countries, intra-African trade accounted for only about 18 percent of the continent's total trade in recent years.

He continued, "From this came the idea of organizing this forum to serve as an institutional bridge to break the barrier of isolation and fill the information gap, as interaction between representatives of the private sector and investors in the continent's countries requires direct communication and the construction of effective platforms for convergence, enabling the African private sector to explore its latent opportunities and participate in activating the African Continental Free Trade Area, and contributing to achieving the continent's development goals within Agenda 2063."

He indicated that Africa is a young and vibrant continent, with youth comprising about 65 percent of its population, rich in vast natural and human resources, and home to countries that are actively and increasingly engaging with the world, now striving to become a key partner in shaping the international system.

He added that the continent looks forward to a world dominated by peace and stability, rather than being burdened with the consequences of global crises in which it was not a party and from which it suffers negative repercussions. He said, "Perhaps the current global energy crisis is evidence of this, as it affects and puts pressure on the continent's countries due to rising fuel and fertilizer prices, disruptions in supply and shipping chains, and other repercussions."

In this context, he stressed the necessity of building a modern economic environment capable of keeping pace with rapid global economic transformations and shaping a fairer and more sustainable future for the African continent.

For his part, Dr. George Ialombe, President of the African Export-Import Bank (Afreximbank), emphasized in his speech at the forum that the bank's current work has proven the feasibility of relying on African funds to confront crises, noting that there have been many crises that significantly affected the region despite not being originally African crises.

He added that previous experiences have proven the bank's ability to operate in difficult and challenging environments, affirming that past years have strengthened this vision and demonstrated the African financial institution's capacity to handle crises and support the continent's needs.

He revealed that the bank achieved profits of approximately $560 million between last year and the current year, adding, "We expect more positive results before the end of the year."

He clarified that these results support the bank's tangible ownership, noting that the bank has finalized the methodology through which it will operate, which has added value to further cooperation with capital-holding institutions. He pointed out that this methodology confirms that the path to increasing the credit extended by the African bank goes through enhancing cooperation between African countries and large financial institutions with high ratings.

He said the matter is not limited to a single country, explaining that the bank is always viewed as a large financial institution with a high rating, and its mission extends beyond the continent and region. He added, "The bank is one of the large development banks in the world, and its capital has seen significant increases since the 1980s, achieved thanks to amended legislation, noting that calls for capital increases are now finding clear responses."

He clarified that the African Export-Import Bank is working to respond to these needs by providing liquidity and credit to many sectors the continent needs to support its development process.

Following the conclusion of the opening session, the Egyptian President conducted a tour of the economic exhibition held on the sidelines of the forum, accompanied by African heads of state and delegation leaders, during which explanations were provided on the key programs and projects implemented by exhibitors to achieve continental integration.

The forum's convening is the result of an Egyptian initiative approved by the African Union, stipulating that it be held biennially in Alamein, jointly organized by the Egyptian government, the African Union Commission, and the African Union Agency for Development (AUDA-NEPAD), and the African Export-Import Bank.

It represents a strategic platform to enhance communication and partnership between African governments and representatives of the private sector and entrepreneurs from within and outside the continent, contributing to maximizing the role of the private sector in driving comprehensive and sustainable development efforts in Africa and accelerating the implementation of the African Union's Agenda 2063 goals.

The forum also aims to stimulate intra-African trade, enhance economic integration among the continent's countries, mobilize necessary partnerships to implement developmental projects, expand financing and investment horizons, and support promising and emerging economic sectors. (End) A.S.M. / T.M.A