Prime Highlights-
- Egypt hosts inaugural Alamein Africa Forum, bringing over 20 African leaders together to strengthen its business influence across the continent.
- Forum set to become biennial event under African Union mandate, covering infrastructure, trade, agriculture, healthcare, mining, technology and renewable energy.
Key Facts-
- Egyptian investments across Africa total about $14 billion, including Tanzania’s $3 billion Julius Nyerere Hydropower Project.
- Africa attracted about $70 billion in foreign direct investment, while intra-African trade reached $192 billion.
Background-
Egypt will host African leaders at the inaugural three-day Alamein Africa Forum, a business summit meant to strengthen its influence across the continent.
The forum in the Mediterranean city of Alamein is expected to draw more than 20 heads of state and government representatives, along with business leaders, bankers and development institutions. It forms part of Egypt’s push to rebuild its role in Africa, where China and Gulf states, particularly the UAE, have become major players.
Mohamed Abu Bakr Saleh, Egypt’s deputy foreign minister for African affairs, told AFP the platform belongs to Africa and should let any two African countries sign agreements directly. He said the forum will become a biennial event under an African Union mandate, covering infrastructure, trade, agriculture, healthcare, mining, technology and renewable energy.
Egyptian investments across Africa total about $14 billion, including Tanzania’s $3 billion Julius Nyerere Hydropower Project, built by a consortium led by Egyptian companies.
Intra-African trade totals $192 billion, about 15 percent of the continent’s trade, which leaves room to grow compared with over 55 percent in Asia and more than 70 percent in Europe. Africa attracts about $70 billion in foreign direct investment, according to the UN, against roughly $1.6 trillion globally.
Egypt also continues to seek a binding operating agreement on the $5 billion Grand Ethiopian Renaissance Dam to protect its share of Nile water. Saleh said Egypt’s position on water security stays firm.
