President Abdel Fattah El-Sisi hosted on Sunday a luncheon in honour of African heads of state and delegations participating in the eighth Mid-Year Co-ordination Meeting of the African Union, as well as a number of leaders of financing organisations and business representatives who took part in the Alamein-Africa Forum.
The Presidency Spokesman said Sisi delivered a welcoming address, stressing the importance of unprecedented African solidarity in confronting the challenges facing the continent and the world, and noting that Africa’s strength lies in its unity and the integration of its economies.
Addressing the international companies participating in the luncheon alongside African business leaders, Sisi said Africa was no longer merely a consumer market but a promising manufacturing and technology partner, particularly given its young population, which represents the majority of the continent’s population.
He called on international companies to step up efforts to transfer technology and localise industries in African markets, as well as contribute to major projects across the continent, particularly infrastructure, development corridors and renewable energy projects.
Meanwhile, the president stressed that African countries should move quickly from simply exporting raw materials towards building value-added chains and localising industries within the continent. This, he said, would help create an African market capable of withstanding crises and shocks, while serving the interests of its peoples and future generations.
He also called for accelerating the implementation of the African Continental Free Trade Area (AfCFTA), noting that Egypt had played a leading role in promoting its conclusion and entry into force. He urged participants to work together to overcome customs and non-customs barriers and facilitate the movement of goods, services and capital among African countries.
In addition, Sisi stressed that growth could not be achieved independently of a fair international financial system. He noted that African countries were bearing multiple burdens as a result of a climate crisis they had not caused, while also facing unfavourable financing conditions and unprecedented increases in borrowing and debt-servicing costs.
Against this backdrop, he renewed the call for reform of the international financing architecture, the provision of innovative and affordable financing mechanisms, and exemptions related to the carbon tax.
Sisi concluded by expressing his appreciation to the participants for accepting the invitation and said he looked forward to continuing the dialogue with them.
