Egypt Launches Alamein Africa Forum to Mobilise Investment and Expand Intra-African Trade

Egypt has launched the inaugural Alamein Africa Forum, bringing together African political leaders, investors and financial institutions to discuss ways to mobilise capital, expand industrial production and create jobs across the continent.

President Abdel Fattah El-Sisi officially opened the two-day forum, organised by Egypt in partnership with the African Union, the African Union Development Agency–NEPAD and the African Export-Import Bank (Afreximbank).

Discussions focused on increasing African investment in domestic industries, expanding regional value chains and improving access to finance for businesses, particularly small and medium-sized enterprises. Participants also called for stronger economic diplomacy and regional cooperation to help African companies operate across national borders.

Aliko Dangote, president and chief executive of Dangote Industries, said African economies should assess growth in terms of productive employment, industrial capacity and economic resilience, rather than output alone.

He argued that processing natural resources locally and producing higher-value goods could reduce dependence on imported fuel, medicines and technology. He also pointed to fragmented regulations, standards and border procedures as obstacles to businesses seeking to expand across African markets.

George Elombi, president and chairman of Afreximbank, called for greater recognition of African financial institutions' ownership structures and development roles, citing the bank's support for African economies during periods of disruption.

Nardos Bekele-Thomas, chief executive of AUDA-NEPAD, said African investors and businesses needed to play a greater role in financing the continent's development and expanding regional value chains.

"We need more Africans investing in Africa. We need more African businesses able to go beyond national markets, build regional value chains and compete globally," she said.

Abdullah Almusaibeeh, president of the Arab Bank for Economic Development in Africa, said coordination among development finance institutions could increase the funding available for major projects.

"When we coordinate with other institutions, we can bring substantially more financing to a project than any one institution could provide alone," he said.

The forum also examined infrastructure, trade facilitation and public-private partnerships as ways to connect markets and improve the movement of goods across borders.

Mahmoud Ali Youssouf, chairperson of the African Union Commission, highlighted the role of domestic production in creating jobs and generating wealth. He also called for small and medium-sized enterprises to benefit from regional cooperation, including through local-currency payments and financing guarantees.

Burundian President Évariste Ndayishimiye, who chairs the African Union, called on international partners to view the continent as a production and investment destination, rather than primarily as a consumer market.

Infrastructure corridors featured prominently in discussions. Téte António, Angola's minister of external relations, highlighted the Lobito Corridor, which links Angola with Zambia and the Democratic Republic of Congo, as an example of infrastructure designed to connect economies and support cross-border trade.

Wamkele Mene, secretary-general of the African Continental Free Trade Area Secretariat, said the forum's success should be measured by the commercial transactions and partnerships it generates.

Sessions covered agriculture, food systems, energy, logistics, digital innovation and healthcare. A dedicated Startup Arena and an African youth artificial intelligence competition also featured in the programme.

The forum brought together business leaders including Hichem Elloumi, chairman and chief executive of COFICAB Group; Mohamed El Kettani, chief executive of Attijariwafa Bank; Corneille Karekezi, group managing director and chief executive of Africa Re; Selim Basak, co-founder and head of origination at GemCorp; Agostinho Kapaia, chairman and chief executive of Opaia Group; and Ahmed Ezz, chairman of Ezz Steel.

The discussions centred on translating investment commitments into productive capacity, stronger regional supply chains and employment, although the announcement did not specify financial commitments or transactions concluded during the inaugural gathering.

Source: FSX Business News