Speech by President von der Leyen at the EU-AU Business Forum

“Check against delivery”

President Lourenço,

Chairperson Youssouf,

Ladies and Gentlemen,

It is a pleasure to start this Summit between Africa and Europe with our Business Forum, because businesses are the lifeblood of our partnership. The work you do is not only about business, trade and investment flows between our continents. You give people a living. You share skills and technology across borders. You build the jobs of the future. And that is what today's Forum is about. Building stronger ties between our industries, our businesses and our people.

Since our last Summit in 2022, the global environment has become harsher, but the relationship between Africa and Europe has only grown closer. Europe is Africa's largest trading partner. One third of Africa's total trade is with Europe. And we are Africa's largest investor, with EUR 240 billion in 2023 alone. But we want to achieve much more, together. Because now is the moment to invest in Africa – and to partner with Africa. This continent has everything it takes to deliver prosperity at home and to shape the global economy of tomorrow. It holds 60% of the world's best solar resources – at a time when global demand for clean energy is soaring. It has 30% of the world's mineral reserves – resources that will fuel the industries of the future. So, the opportunities are clear. But realising them will require the right kind of investments. Investments that build value locally, rather than extracting it. That strengthen industrial capacity, rather than create a dependence on imports. That boost local jobs, rather than outsourcing them. This is the partnership that Europe is putting forward. Strong and mutually beneficial. One that helps communities and industries on both continents thrive.

At the heart of this investment agenda is Global Gateway. When we launched it, we committed to investing EUR 150 billion in Africa by 2027. And since then, we have mobilised investments of over EUR 120 billion. So we are well on track to meet our target. Global Gateway is not only about large-scale public investment. Its strength lies in governments, banks and businesses – from both continents pulling in the same direction. That is why we are doubling down on efforts to partner with the private sector. I see several of our European companies here today who are already engaged in this work. We have been listening to your ideas, and now we are taking steps to strengthen your involvement.

This October, for instance, we announced a new Global Gateway Investment Hub. This platform gives companies the opportunity to bring forward their own project ideas, mobilise support and engage in implementation. This is a major step forward and responds to a request many of you made. You have said: ‘Involve us from the very beginning'. We listened.

Ladies and Gentlemen,

Today, I want to highlight three additional ways how we are making it easier for businesses to invest and grow in Africa. First, on finance. Africa has all the resources for growth. Natural resources in abundance and a young, dynamic and talented population. What is needed now is capital for infrastructure, jobs and innovation. Through Global Gateway, we are working to de-risk, make finance affordable and offer guarantees. This is how we help investors to finance projects in more challenging markets. Take digital connectivity. High-speed internet only reaches 10% of Africans, and it is often unaffordable. But greater digital access starts a chain reaction. Businesses grow faster. New and better jobs are created. Governments collect more in taxes. And investors see stronger returns. This is why Global Gateway focuses on mobilising private investment in digital infrastructure. For instance, we are now expanding our data cables to East and West Africa, and deploying the MEDUSA cable that connects Europe and North Africa. With investments like these, the impact of every euro multiplies – and everyone benefits.

My second point is about entrepreneurs. Africa is a young, dynamic continent – with talent, creativity, and drive. It has some of the highest rates of entrepreneurship in the world. But most of these businesses fail within the first few years. As one female entrepreneur in South Africa put it: ‘It is the lack of access. Access to infrastructure. Access to global markets. And of course, the lack of funding.' Through Global Gateway, we are helping to fill those gaps. Our support includes seed funding. Training and mentorship. We connect young businesses to local value chains and regional markets. Because when entrepreneurs are given the tools to scale, they create better jobs, greater investment and more innovation.

Ladies and Gentlemen,

My third point is on regional integration. As a start-up becomes a scale-up, it needs room to grow. It needs supplies, investors and talent. And it needs customers – new markets for expansion. When companies cannot sell or scale to neighbouring countries, growth stops at the border. Costs rise and innovation stalls. But when companies can expand across the region, integration becomes an engine for growth. Local businesses get bigger. Value chains create new jobs. And ultimately, industries become strong enough to compete on the global stage. Europe knows this from our own experience. We see this with our Single Market. That is why our Union has supported the African Continental Free Trade Area since the beginning. And at this Summit, we are boosting our support. The African Development Bank says that a true Single Market could increase continental income by USD 450 billion. That means massive opportunities for Africa and for the world.

Distinguished guests,

These are a few of the steps we are taking together. But it is time to take our partnership even further and expand our business cooperation. We want to hear from you. The sectors you want to focus on, the barriers you face and the opportunities you see ahead. Let us turn ambition into action.

Thank you, and I wish you a successful Forum.