African leaders and business figures have emphasized the need to harness the continent’s domestic capital to fuel economic growth and reduce dependency on foreign funding. This key message emerged from the Alamein Africa Forum held in Egypt, which gathered over 20 heads of state, government representatives, business leaders, bankers, and development institutions.
During the forum, Egyptian President Abdel Fattah Al-Sisi highlighted the significant role of Africa’s private sector in driving the continent’s economic progress. Despite this potential, he noted that the sector remains largely tied to external markets, urging businesses to explore and capitalize on opportunities within Africa and to build stronger cross-border partnerships.
The African Union Commission Chairperson, Mahmoud Ali Youssouf, underscored the progress in intra-African trade, which reached $220 billion in 2024, accounting for 14.4% of the continent’s total trade. This represents a 12.4% increase in intra-African trade during the year, signaling a positive trend towards economic integration within the continent.
The Alamein Africa Forum, which will convene every two years, aims to focus on key areas such as infrastructure, trade, agriculture, healthcare, mining, technology, and renewable energy. This recurring event is expected to serve as a platform for ongoing dialogue and collaboration among African nations and enterprises, fostering sustainable development across the region.