Egypt finalizes plans to launch African Economic Integration Initiative

CAIRO: Ibrahim Al-Arabi, president of the General Federation of Chambers of Commerce and president of the Federation of African Chambers of Commerce and Industry, announced the completion of the executive framework for launching the African Economic Integration Initiative.

In an official statement, Al-Arabi said that the first phase of implementing the initiative will begin by launching a new website for the union, which will display investment opportunities.

Al-Arabi explained that the volume of global African imports amounted to $564 billion from 231 countries, while the volume of African exports to 223 countries is estimated at $452 billion. He said the value of intra-continental trade is about $70 billion annually.

He stressed that the optimal utilization of African resources will give the continent sovereignty over international markets, as reports indicate that it possesses 30 percent of the world’s mineral wealth, 12 percent of oil reserves, 43 percent of gold sources, 50 percent of diamond resources and 67 percent of untapped agricultural land.

“We have developed a realistic strategy for multilateral regional cooperation in light of the needs of African countries, their resources and opportunities to create integrated activities for joint industrialization and to replace African imports from outside the continent with alternatives available in Africa,” Al-Arabi said, adding that he was also looking at opportunities with Arab partners.