Dr. Mohamed Farid Saleh, Executive Chairman of The Egyptian Exchange, participated in a virtual conference organized by the African Union Commission (AUC) and The African Securities Exchanges Association (ASEA) entitled; “Financial institutions, Capital Markets and Private Sector: Rethinking a more endogenous and resilient economy to ensure African Autonomy” with the participation of Professor Victor Harison, Commissioner for Economic Affairs (AUC), Dr. Edoh Amenounve, president of the ASEA, Dr. Tarek Amer, Governor of The Central Bank of Egypt and eminent financial leaders of the African continent.
During his participation in a session entitled “Recovery and Structural Transformation Policies for a resilient Economy”, Dr. Farid said that the developing of African stock markets is essential due to its impact in mobilizing domestic savings to finance investments and accordingly creating jobs opportunities and improving standards of living of African citizens.
He stressed the need to position African economies on a stable development path based on partnership and integration, through the formulation of policies and plans to facilitate the movement of African investments in various sectors and economic activities, in a way that contributes to the promotion of economic growth of the continent.
Farid said that the evolving Corona virus reaffirms the need to increase investments in manpower, research, technology and the health system, describing this as the most important lessons learn from this pandemic.
EGX’s Executive Chairman, explained that the Corona pandemic has unprecedented repercussions on global and local economies, where its negative effects have affected the entire value chain of the African markets. Adding that remedying these consequences will require analyzing, developing and repairing of all value chain elements.
The African Securities Exchanges Association is the Premier Association of the 25 securities exchanges in Africa who have come together with the aim of developing Member Exchanges and providing a platform for networking. ASEA was established in 1993 and works closely with its Members to unlock the potential of the African Capital Markets.