Abou El-Enein from the African Summit:
- Africa needs a new economic vision to save the continent’s economy… education and industrialization are the key to the future.
- Africa needs a new industrialization strategy and an industrial financing initiative… and the expansion of specialized industrial zones to reduce costs and attract more investment.
- A unified African bloc for mineral resources must be established to negotiate as one power and maximize the benefit from Africa’s wealth.
- Education and technology are the key to Africa’s future.
- Debt is one of Africa’s most critical challenges… and we need an African economic bloc to strengthen our negotiating power on debt issues.
- I call for connecting the Nile Basin through river trade routes all the way to the Mediterranean to enhance economic integration.
MP Mohamed Abou El-Enein, President of the Parliamentary Assembly of the Union for the Mediterranean, took part in the High-Level African Private Sector Forum, held in the Ethiopian capital Addis Ababa, on the sidelines of the African Summit meetings and activities, with broad participation from African heads of state and government, senior officials, business leaders, and representatives of economic and financial institutions across the continent.
The forum is considered one of the most prominent continental economic events aimed at supporting the role of the private sector in achieving sustainable development, opening new horizons for cooperation and investment, and strengthening economic integration among African countries, in line with the objectives of Africa’s Agenda 2063, which seeks to build a strong African economy based on industrialization, trade, investment, and modern technology.
During his participation, MP Mohamed Abou El-Enein stressed the importance of formulating a new African vision for the continent’s economic future, emphasizing that Africa has become increasingly aware of the rapid political and economic transformations taking place globally—developments that require unconventional ideas and new approaches to development and investment.
In his speech, Abou El-Enein stated that Africa possesses enormous opportunities, but needs a clear vision and a real implementation plan, adding: “We want something different, and I will speak about this difference through my personal experience at the local and international levels, as well as within the African continent.”
He continued: “I belong to this continent, and I am proud to be African. When I began my work 40 years ago, Egypt’s economy depended almost entirely on the public sector, while the private sector was still in its early stages. The first challenge was to establish a real framework to encourage foreign direct investment.”
Abou El-Enein explained that the success of any economic experience begins with ensuring equality between local and foreign investors and creating a safe and attractive investment environment. He stressed that the real starting point has always been the development of a vision, asking: “What is Africa’s vision? Where do we want to go? What do we want Africa to become? And what is the role of governments, the private sector, and international financial institutions?”
He pointed out that Egypt began decades ago by adopting a clear industrial vision, one of its key pillars being the establishment of industrial zones aimed at localizing industry and transferring technology. He added: “We did not have the technology or technical expertise, so we began by importing, and then by encouraging foreign investors to enter into partnerships with Egyptian partners.”
Abou El-Enein: Project Financing in Africa Must Be Based on Clear Feasibility Studies and Risk-Reduction Strategies
MP Mohamed Abou El-Enein stressed that the issue of project financing in Africa is one of the most critical areas requiring comprehensive development, emphasizing the need to establish clear strategies that reduce risks and enhance investor confidence in injecting capital.
He explained that the success of any industrial or investment project depends on selecting the right location and preparing accurate feasibility studies, noting that a clear future vision for any project increases its attractiveness and facilitates financing decisions by banks, financial institutions, and investment funds.
He noted that one of the biggest challenges in many African countries is the inclusion of political risk in financing frameworks. He added that many international institutions are now more willing to provide financing, but this requires cooperation with global financing institutions and the launch of new financing initiatives specifically aimed at supporting the industrial sector, asking: How can specialized industrial zones be financed?
Abou El-Enein highlighted that China’s experience proved that establishing specialized industrial zones—such as cities dedicated to automobile manufacturing or technology—helps reduce investment and production costs and increases the ability to attract investors. He stressed the importance of having insurance companies to guarantee financing operations, thereby strengthening the confidence of investors and financing funds.
He emphasized that the most important element in achieving sustainable development in Africa is education and training, noting that the continent must prepare qualified cadres capable of leading industry and managing projects—especially small and medium enterprises—amid rapid technological and knowledge advancement.
Abou El-Enein: Education, Technology, and Natural Resources Are the Keys to Building a New Africa
MP Mohamed Abou El-Enein affirmed that Africa possesses enormous mineral wealth and natural resources, but real benefit from these assets requires a clear vision, the application of modern technology, and improving human capacity in order to reduce costs and enhance competitiveness.
He noted that Egypt has provided an important model in this regard, as the state places strong emphasis on education. He pointed out that Egypt now has 128 universities, and referred to President Abdel Fattah El-Sisi’s initiative to train more than 30,000 African youth free of charge in the field of artificial intelligence, stressing that this represents a strategic investment in building Africa’s human capital and shaping its technological future.
He added that semiconductors, energy, and artificial intelligence are the industries of the future worldwide, and that Africa must move quickly to become part of these sectors. He stressed that the true added value for Africa’s youth begins with education, training, and technological qualification.
Abou El-Enein: Debt Is One of Africa’s Biggest Challenges… We Need an Economic Bloc to Strengthen Our Negotiating Power
MP Mohamed Abou El-Enein stressed that Africa needs collective action to formulate goals that reflect its global position, noting that the continent has been discussing cooperation for nearly 50 years, yet implementation rates remain below expectations.
He explained that one of the most serious challenges facing Africa is the issue of African debt, proposing the adoption of a model similar to the “Paris Club,” but in an African format, enabling collective negotiations with creditors and maximizing the continent’s ability to reach fair and effective financing solutions.
He also called for establishing an African bloc for mineral resources, enabling African countries to negotiate as a single entity and highlight the continent’s vast economic capabilities—an approach that would strengthen Africa’s global competitiveness and expand opportunities for development and investment.
Abou El-Enein expressed, as an Egyptian, his aspiration to see ships sailing along the Nile River connecting the eleven Nile Basin countries all the way to the Mediterranean, carrying goods and trade, emphasizing that Africa needs initiatives that reflect the spirit of a “New Africa,” present a different image of the continent, and build a strong African brand worldwide.
He also called for an ambitious strategic project to connect Africa navigationally to the Mediterranean through the Nile River, considering it one of the most significant infrastructure projects capable of creating a qualitative shift in trade and transportation within the continent, opening new economic corridors, boosting investment opportunities, and strengthening African integration with regional and international markets.
