The Secretary-General of the Union of Arab Chambers, Dr. Khaled Hanafi, confirmed during the Economic Conference of the Arab-African Chambers, which was held in the city of Dakhla in the Kingdom of Morocco during the period 20-21 December 2023, under the auspices of the King of Morocco, Mohammed VI. In the presence of the Moroccan Minister of Industry and Trade, Riad Mazouwar, the President of the Union of African and Euro-Mediterranean Chambers, the President of the Federation of Egyptian Chambers of Commerce, Ahmed Al-Wakil, the President of the League of Moroccan Chambers, Hussein Aliwi, and the Head of the Investment and Technology Promotion Office, United Nations Industrial Development Organization, Dr. Hashim Hussein, in addition to remarkable participation from the private sector Arab and African, “Holding the conference in Morocco and in the city of Dakhla in particular has great and strategic significance. Firstly, because of the great economic, social, and development progress Morocco has achieved. Secondly, due to the importance of the city of Dakhla in particular, which constitutes a link between the Atlantic Ocean, Europe, and South America, in addition to the fact that the city of Dakhla is located in the heart of the Moroccan Sahara, which is an integral part of Morocco.”
He said: The importance of the Economic Conference of the Arab-African Chambers comes because of the important position that Africa occupies for the Arab countries. They are linked by historical, cultural, and social relations and common risks, and the beginning of Arab-African cooperation was to frame this by creating links of partnership and cooperation with African countries, especially since the African continent possesses great diversity and offers qualitative investment and economic opportunities. In the eyes of many major powers, it constitutes a target for their investment projects, but the Arab countries, due to geographical proximity, proximity, and similarity of issues, have an advantage over other governments and international blocs.
He believed that strengthening cooperation with the African continent economically and politically in a strong manner and with a mindset that differs from the traditional global powers that dominate the African continent, will have great benefits for all parties, especially regarding the increase in the current steps of several Arab countries that have had positive roles in helping in political settlements and solutions to complex crises. Some Arab countries have also developed important projects not only in the natural resources and precious metals sectors, but also in the construction, industry, and services sectors throughout the continent.
The Secretary-General stressed the importance of strengthening the principle of equal partnership and benefiting from trade and economic cooperation and investment opportunities. These are things that can help the African continent achieve its own goals related to unemployment and economic efficiency, help Arab countries in the promising opportunities in this continent, and secure the necessary financing sources to implement joint projects in various fields.
He stressed the importance of overcoming obstacles to customs restrictions that limit raising the volume of trade exchange, while at the same time searching for compensatory measures for the effects that such a reduction would have on some potentially affected parties.
He continued: Many entrepreneurial opportunities are awaiting Arab entrepreneurs in Africa, and this can be clearly seen in the Global Startup Ecosystem Report for 2023 (GSER 2023), which showed the brilliance of the Kenyan capital, Nairobi, as a leading center for technological innovation in sub-Saharan Africa, the city's fintech ecosystem represents about 41 percent of total technology venture capital deals during the period from 2018 to 2022 in Sub-Saharan Africa. The value of Nairobi's startup ecosystem increased by about 281 percent during the period from July 2019 to December 2022, strengthening its position as the best destination on the continent for entrepreneurs. The African continent also possesses enormous human wealth, and there is a trend to keep pace with modernity and its leadership in some fields, as some countries of the continent have become pioneers in the use of financial technology to a greater extent than Western countries, and this is an indicator of the possibility of absorbing technology very quickly and translating it into lucrative returns for investors. While the middle class on the African continent is evolving, bringing with it new expectations and a shift in spending patterns, by 2025, 475 million people in sub-Saharan Africa will be using mobile Internet, according to the GSMA (Global System for Mobile Communications) forecast, and thus the continent The African Union offers a wonderful opportunity for Arab countries to develop their business and increase the volume of their investments.
He noted that agriculture is among the fastest growing sectors in Africa, and this sector contributes more than 15 percent of the continent's gross domestic product and has achieved good growth rates thanks to government policies that give it top priority. The financial sector also represents one of the most important sectors in Africa, as the financial sector has a significant impact on a wide range of sectors such as health care, agriculture, housing, and education, providing promising investment opportunities.
He concluded by saying that the world is going through a phase of profound economic transformations. As it witnesses the acceleration of the emergence of innovative technologies and the transformation into new economic sectors, reimagining global supply chains, this opens new horizons for economic cooperation and joint development between Arab countries and the countries of the African continent. Especially with the presence of capabilities on both sides, including natural resources, a distinctive geographical location, and young manpower.
Source (Union of Arab Chambers)
