African leaders and business representatives have emphasized the need to utilize the continent’s domestic capital to spur economic growth and lessen dependency on external funding. This call was made at the Alamein Africa Forum in Egypt, which convened more than 20 heads of state, government representatives, business leaders, bankers, and development institutions.
Egyptian President Abdel Fattah Al-Sisi highlighted the significant role of Africa’s private sector in the continent’s economy, noting its existing strong connections to markets outside Africa. He urged businesses to seek more opportunities within the continent and foster cross-border partnerships to strengthen economic ties.
The African Union Commission Chairperson, Mahmoud Ali Youssouf, provided insights into the growing intra-African trade, which reached $220 billion in 2024, accounting for 14.4% of the continent’s total trade. Youssouf noted a 12.4% growth in intra-African trade during the year, underscoring the potential for further development in this area.
The Alamein Africa Forum, which will be held biennially, aims to focus on key sectors such as infrastructure, trade, agriculture, healthcare, mining, technology, and renewable energy. This initiative seeks to harness the continent’s resources and bolster economic resilience through enhanced cooperation and investment in these vital areas.