African leaders push for investments at Egypt summit

African leaders and bankers turned out at an economic summit in Egypt today, vowing to push for trade and investments on the continent despite growing security concerns in the region.
More than 1,200 delegates including some heads of state aim to sign business agreements during the next two days at the Red Sea resort of Sharm el-Sheikh, to attract private sector investments in Africa.
Organisers hope the "Africa 2016" conference can build on a 26-nation free trade pact signed last year to create a common market on half the continent.
Analysts say that despite the continent's economic growth rate of more than four per cent, Africa still accounts for about only two per cent of global trade.

The forum was aimed at "pushing forward trade and investment in our continent to strengthen Africa's place in the world economy," Egyptian President Abdel Fattah al-Sisi said in his opening remarks at the conference.
"It not only aims to present investment opportunities that Africa offers to the international business community... but aims to pave the way for active decisions, communication and cooperation."

Organisers are also seeking to turn the spotlight on Egypt as its economy remains sluggish after years of political turmoil following the ouster of longtime autocrat Hosni Mubarak in early 2011.
Heavily dependent on tourism, Egypt's economy was dealt a body blow when a Russian airliner broke up mid-air on October 31, minutes after taking off from Sharm el-Sheikh.

All 224 people on board, mostly Russian tourists, were killed when the plane blew up over the Sinai Peninsula. The jihadist Islamic State group said it brought down the jet with a bomb on board.
Egypt says it still has no evidence that a bomb downed the plane, although Moscow has acknowledged that a "terrorist attack" caused the disaster.
"Africa 2016 forum is expected to position Egypt as a gateway for foreign investments into African markets," Omar Ben Yedder, member of the organising committee, told AFP.
Those attending the summit organised by Egypt and the African Union include the presidents of Sudan, Nigeria, Togo, and Gabon, and dozens of ministers and senior officials from Africa involved in trade and investment.