Africa leaders seek more internal trade at Egypt forum

African leaders and officials called for more use of the continent’s own capital at a business summit in Egypt on Saturday, arguing that Africa should reduce reliance on external funding and build more cross-border partnerships.

The three-day Alamein Africa Forum in the Mediterranean city of El-Alamein brought together more than 20 heads of state and government representatives, as well as business leaders, bankers and development institutions.

Egyptian President Abdel Fattah al-Sisi said Africa’s private sector was the continent’s main economic engine, accounting for more than 70 percent of gross domestic product. He said about 85 percent of African private-sector transactions are conducted with companies outside the continent.

Mahmoud Ali Youssouf, chairperson of the African Union Commission, said intra-African trade reached $220 billion in 2024, accounting for 14.4 percent of the continent’s trade. He said intra-African trade grew by 12.4 percent in 2024 after a 5.9 percent contraction the previous year, but added that Africa “can do much better”.

The forum will become a biennial event under an African Union mandate, focusing on infrastructure, trade, agriculture, healthcare, mining, technology and renewable energy.

Egypt is seeking to expand its influence in Africa, where China and Gulf powers, especially the United Arab Emirates, have increased their economic and political footprint. Officials estimate Egyptian investments in Africa at about $14 billion, including Tanzania’s $3 billion Julius Nyerere Hydropower Project.