Sisi: Intra-Africa Trade Stuck at 18 Percent as 1,500 Leaders Meet
Speaking at the opening of the Alamein Africa Forum in the northern Egyptian city of New Alamein, Sisi said: “Economic development cannot be built in unstable countries, and stability is not a luxury but a fundamental pillar sought by investors, manufacturers and farmers so they can operate in a safe environment," The forum opened on Friday.
He then laid out his vision for the continent's security. “Across our African continent, we fully understand that security begins with supporting the national state and its institutions, respecting its unity and sovereignty, prioritizing peaceful solutions to conflicts and crises, and upholding the principle of good neighborliness," he added.
The three-day gathering has drawn 1,500 officials, business leaders, investors and representatives of financial institutions from across Africa. Its sessions center on economic development and continental integration.
Sisi put Africa's private sector at the heart of the continent's economies, saying it generates more than 70% of gross domestic product. Yet about 85% of its transactions are with companies outside Africa, he said. Despite trade agreements and preferential arrangements among African states, trade within the continent has made up only about 18% of total trade in recent years, the Egyptian leader said.
Turning to global affairs, Sisi said Africa hopes for “a world characterized by peace and stability, rather than being made to bear the consequences of global crises in which it was not a party but whose negative repercussions it suffers.” He pointed to the current energy crisis as an example, citing the toll of rising fuel and fertilizer prices and of disrupted supply and shipping chains on African countries.
The African Union summit in Addis Ababa approved last February a plan to hold the forum every two years in New Alamein. Egypt is organizing the event with the African Export-Import Bank and the African Union Development Agency.
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