African leaders will gather on Friday in the city of El Alamein, Egypt, to participate in a three-day business summit aimed at strengthening Egypt's influence on the African continent. This summit, known as the first Africa Summit, is part of Egypt's efforts to rebuild its position in a continent where China and Gulf countries, especially the United Arab Emirates, are recognized as key players.
Purpose of the Summit and Topics of Discussion
Egypt is working to restore its influence in Africa, especially after years of focusing on the Middle East and the Mediterranean Sea. This summit is an opportunity for Egypt to garner the necessary support in its long-standing dispute with Ethiopia over the Grand Ethiopian Renaissance Dam (GERD), which it considers a threat to its vital share of Nile waters.
The summit is expected to bring together more than 20 leaders of countries and government representatives along with business leaders, bankers, and development organizations in El Alamein.
African Cooperation Platform
Mohamed Aboubakr Saleh, Egypt's Deputy Foreign Minister for African Affairs, stated in a media interview: "This is an African platform." He added: "A country in East Africa should be able to sign an agreement with a country in West, North, or South Africa through this platform."
Saleh also announced that this summit will become a biennial event under the supervision of the African Union and will focus on topics such as infrastructure, trade, agriculture, health, mining, technology, and renewable energy.
According to officials, Egypt's investments across Africa amount to about $14 billion. One of Egypt's major projects is the Julius Nyerere Hydropower Project in Tanzania, valued at $3 billion, which is being built by a consortium of Egyptian companies.
However, intra-African trade remains limited, with only $192 billion recorded in 2023, accounting for just about 15% of the continent's total trade. In contrast, this figure exceeds 55% in Asia and over 70% in Europe.
South Africa is also expected to attract about $70 billion in foreign direct investment by 2025, which is a negligible percentage of around $1.6 trillion in global investment.
Saleh, referring to Africa's vast resources, said: "Africa has abundant resources, but it has not yet reached the level we expect for exploitation."
This gathering also takes place amid an unresolved dispute between Egypt and Ethiopia over the Grand Ethiopian Renaissance Dam, which is considered Africa's largest hydropower project. Ethiopia claims that this dam is vital for its economic growth, while Egypt believes that without a binding operational agreement, it could threaten its water supply from the Nile.
More than a decade of negotiations has failed to reach an agreement.
Saleh emphasized in this regard: "Our position on Egypt's water security has not changed and will not change. This is an existential issue for Egypt."
