African leaders and business representatives are advocating for increased utilization of the continent’s own capital resources to stimulate economic growth and lessen dependence on foreign funding. This initiative was a central theme at the Alamein Africa Forum in Egypt, which convened over 20 heads of state, government officials, business leaders, bankers, and representatives from development institutions.
At the forum, Egyptian President Abdel Fattah Al-Sisi emphasized the crucial role of Africa’s private sector in driving the continent’s economy. However, he noted that the sector remains largely linked to markets outside of Africa. President Al-Sisi encouraged businesses to seek out more opportunities within the continent and to foster stronger cross-border partnerships to bolster economic independence.
The potential for intra-African trade was highlighted by African Union Commission Chairperson Mahmoud Ali Youssouf, who reported that intra-African trade reached $220 billion in 2024, accounting for 14.4% of the continent’s total trade. This marked a 12.4% growth in intra-African trade over the year, demonstrating a positive trend towards increased economic collaboration within the continent.
The Alamein Africa Forum aims to be a biennial event, focusing on key areas such as infrastructure, trade, agriculture, healthcare, mining, technology, and renewable energy. By continuing to emphasize the importance of utilizing domestic capital and resources, African leaders hope to lay the groundwork for more sustainable and self-reliant economic development across the continent.