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AU eyes increased investments, trade between Africa, Arab nations

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.

Naijaonpoint 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,

Faki seized the moment to call for peace between Israel and Palestine.

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.

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.