Economic integration

Executive framework of the African Economic Integration Initiative finalized: FEDCOC

The executive framework of the African Economic Integration Initiative has been finalized, according to Ibrahim Al-Arabi, president of the Federation of Egyptian Chambers of Commerce (FEDCOC).

Al-Arabi added that the first phase will start with the launch of a new website that offers investment opportunities and joint projects.

This is part of the optimal exploitation of Africa’s natural resources and will also present opportunities for the development of intra-African trade in an integrated framework.

He said that Africa’s import volume was $ 564 billion from 231 countries, while Africa’s export volume is estimated at $ 452 billion to 223 countries. The value of intracontinental trade is approximately $ 70 billion per year, which is 15% of the value of African trade.

Al-Arabi noted that the optimal use of its resources would give Africa sovereignty in international markets, as reports indicate that the continent has 30% of the world’s mineral wealth.

It also has: 12% of the world’s oil reserves; 43% of the world’s gold resources; 50% of diamond resources; and 67% of undeveloped agricultural land.

He stressed that the opportunities for cooperation and growth are not limited to the most developed countries, but there are promising opportunities in the areas of complementary trade, added value and joint investment development.

There is also the contribution to the development of infrastructure in many countries, which represents promising opportunities for many companies.

“We have developed a realistic strategy of multilateral regional cooperation in light of the needs of African countries, their resources and opportunities to create integrated activities for joint industrialization on the one hand, and to replace African imports from the outside the continent by alternatives available in Africa. “Al-Arabi said.

He added: “We are seeking to find funding mechanisms for partnerships between African and Arab entities, given the great importance of funding for the achievement of cooperation on the ground.

Al-Arabi said that the provision of financing mechanisms also helps achieve independence of political and economic decision-making for African countries, without being bound by the policies of those countries financing economic growth.