Mohamed Farid, chairperson of the Egyptian Exchange (EGX), said during the opening session for the 21st ASEA Annual and Flagship Conference (ASEA Conference 2017) that African capital markets need to be more elaborate, noting that the most important target is to believe that we can do it.
Farid stressed that Africa has to embrace technology with all of its aspects, so that we can achieve the development potential and economic prosperity of Africa.
Moreover, Farid discussed many points that should shape work targets in the future, like highlighting the role of stock markets to make them much more dynamic, adopting financial technology to develop stock markets, to push our countries to cope with the new age of technology, in addition to working to eliminate financial illiteracy, combat poverty, and spread a financially educated culture among the continent’s people instead.
“We have to believe that it is gong to happen”, he asserted.
Oscar Onyema, ASEA president and managing director at the Nigerian Stock Exchange, declared that African capital market’s growth should be relative to economic reforms, stating that Africa is undergoing many challenges nowadays.
Explaining that Africa is witnessing a revolution in technology, Onyema said that it is necessary to take steps in this regard to take advantage of technology.
“Access and communication between the continent’s countries can now be achieved through technology,” he added, noting that “new technology will create new business norms.”
Sahar Nasr, minister of investment and international cooperation, declared that financial development is the key block in the Egyptian economic reform program.
“We need more cooperation with the private sector to achieve prosperity,” she added, confirming that better financial services must be deepened, in addition to achieving more cooperation with African countries.
ASEA Conference 2017 is being held in Cairo, under the title of “Africa, Mapping the Future”, from 19 to 21 November 2017.
In this respect, Minister of Investment and International Cooperation Sahar Nasr, a large number of African ministers, and delegations from regional and international financial institutions are among the most prominent attendees in the conference.