Egypt summit calls for tapping Africa’s capital

African leaders convened for a business summit in Egypt's El-Alamein on Saturday, advocating for the continent to unlock its economic potential by leveraging its capital. The three-day gathering, the inaugural Alamein Africa Forum, attracted over 20 heads of state, government representatives, business leaders, bankers, and development institutions.

Egyptian President Abdel Fattah Al-Sisi delivered the keynote address, emphasizing the crucial role of Africa's private sector in driving the continent's economic growth. He noted that private sector activities accounted for more than 70 percent of the continent's gross domestic product. However, President Al-Sisi highlighted the need for greater intra-African business connections, stating that 85 percent of private-sector transactions occurred with companies outside the continent.

Addressing the forum, Mahmoud Ali Youssouf, chairperson of the African Union Commission, acknowledged the strides made in recent years, but emphasized that significant untapped potential remained. In 2024, intra-African trade totaled $220 billion, representing 14.4 percent of the continent's overall trade. This figure marked a 12.4 percent growth from the previous year, following a 5.9 percent decrease in 2023.

The forum, set to become a biennial event under the African Union mandate, will focus on infrastructure, trade, agriculture, healthcare, mining, technology, and renewable energy.