Egypt has launched a biennial African business forum intended to bring governments, investors and development institutions together to help turn the continent’s economic potential into projects, Prime Minister Mostafa Madbouly said on Friday.
Speaking at the first Alamein Africa Forum, which runs through October 4 in the Mediterranean city of New Alamein, Madbouly said the gathering was designed as a lasting platform for dialogue and co-operation rather than a one-off event.
Africa has vast natural resources, a large market and a young population, with opportunities in manufacturing, energy, agriculture, technology, services and the digital economy, he said.
But the continent faces obstacles including limited financing, underdeveloped infrastructure, high capital costs and barriers to trade and investment between African markets, Madbouly added.
“The most important question is how we turn these capabilities into real economic and developmental value,” he said, calling for a focus on moving from identifying opportunities to developing projects, securing finance and implementing them.
The forum aims to bring together policymakers, investors, financial institutions, companies and development organisations to address barriers to projects, reduce risk and mobilise funding, he said.
Madbouly said the private sector must be a genuine partner in African economic integration, alongside governments and financial institutions. He cited the African Union’s Agenda 2063 and the African Continental Free Trade Area as frameworks for boosting trade and shared infrastructure.
The forum is being organised with the Egyptian government, the African Union Commission, the African Union Development Agency-NEPAD and the African Export-Import Bank.
Madbouly said hosting the inaugural meeting in New Alamein reflected Egypt’s ambition to promote discussion on African cities, infrastructure and economic development. He also pointed to the city’s location on the Mediterranean as a reminder of Africa’s links to global trade and investment.
He said Egypt hoped the forum’s discussions and business meetings would lead to partnerships that continue beyond the event.
