The African Union (AU) has asked Arabian countries to revitalize their investment and trade commitments on the continent.
Chairperson of the African Union Commission, Mr. Moussa Faki, made the call at the 33rd session of the Arab Summit in Bahrain, which concluded on May 16, 2024.
The event drew stakeholders from the Arabian countries.
The AU tweeted Faki’s statement on Saturday.
The AU Chairperson said the continent expects its Arabian counterparts to contribute greatly to advancing the joint Arab action and the African-Arab partnership as well as realizing its legitimate priorities and ambitions.
Nairametrics reports that the Africa-Arab partnership was first ratified in 1977 as an instrument and guide for economic collaboration between the parties.
Nine African states, including Egypt, and Morocco, are part of the Arab league.
The call is apparently aimed at more economic opportunities for Africa.
Based on a World Bank report, the Middle East and North Africa (MENA) regions are two of the richest in the world in terms of natural resources, holding over 60 percent of the world’s proven oil reserves.
The report says that oil represents about 85 percent of the merchandise exports of the Arabian region.
Faki acknowledged the efforts of the Islamic Development Bank over the past 50 years, as well as the Arab African Development Bank and the Arab Finance and Development Funds in Africa.
He said these collaborations have contributed to advancing development across the African continent.
However, Faki stressed the Arab-Africa partnership is “still below the level that reflects the nature and dimensions of our relations.”
He called for an improvement in Arab’s economic investments in Africa.
He stated,
“I have repeatedly expressed Africa’s desire to revitalize this partnership for the good of the peoples and countries of the two regions. I have always unequivocally stated that our partnership, in its current state, does not rise to the level of those historical relations and various dimensions.
“We are all required to have better cohesion to avoid imbalance and advance our partnership around our shared priorities in investment, infrastructure, economic integration, trade, environment, food sufficiency, modern technologies, and to boost solidarity in international forums around our common issues and concerns.”
Calls for halt to Israel-Gaza conflict
Faki seized the moment to call for peace between Israel and Palestine.
He said the development places extremely dangerous and complex international circumstances for the Arab world and Africa.
“As we appeal to the world to exercise strong pressure to stop the war and amplify humanitarian support, we praise the efforts of all philanthropists to achieve this goal, particularly the State of Qatar and the Arab Republic of Egypt, and we wish them success in their endeavors in this regard,” he added.
Strategic relations at global level
Bahrain King, Hamad bin Isa Al Khalifa, who presided over the summit, read out the Bahrain Declaration approved by the League of Arab States at the summit.
The declaration showed that Arab states pledged to strategic economic relations with Africa at the global level.
“Recognising the strategic importance of the Arab nation at the global level, its economic potential and human resources, and the need to create conditions for enhanced cooperation, building economic partnerships and achieving comprehensive development based on common interests and mutual benefits, in order to meet the aspirations of our Arab peoples and achieve growth and prosperity,” the declaration partly reads.
More insight
- Over the years, a number of Middle-East countries have strengthened economic cooperation with the African region through the Arab Bank for Economic Development in Africa (BADEA).
- In 2011 and 2012, a total loan of US$384 million was deployed to 24 Sub-Saharan African countries.
