Africa CEO Forum opens in Rwanda with calls for African economic integration

African political and business leaders gathered on Thursday in Rwanda's capital Kigali for the opening of the Africa CEO Forum, urging greater economic integration and cross-border cooperation to help the continent compete globally amid shifting trade and investment dynamics.

The two-day summit in Kigali brought together more than 2,800 participants from over 77 countries, including heads of state, investors and executives from major African and international companies, the organizers said in a statement.

Held under the theme Scale or Fail: Why Africa Must Embrace Shared Ownership, the forum focused on the need for African countries and businesses to pool capital, harmonize regulations and develop regional infrastructure projects to overcome fragmented markets.

"Africa has a lot that is not yet being put to good use," Rwandan President Paul Kagame said during the opening ceremony.

"It is up to us -- not people from anywhere else -- to raise ourselves to the level we want to reach. We have the responsibility, the talent, and the opportunity to contribute to one another and move the continent forward," he added.

The forum is organized by Jeune Afrique Media Group and co-hosted by International Finance Corporation (IFC), a member of the World Bank Group.

Amir Ben Yahmed, CEO of Jeune Afrique Media Group and president of the Africa CEO Forum, said that African companies needed stronger partnerships and shared financing models to expand across borders and achieve economies of scale.

IFC Managing Director Makhtar Diop said that the continent already has sufficient capital and investment opportunities, but greater trust and cross-border collaboration are needed to mobilize funds effectively and create jobs.

Discussions at the summit are centered on three priorities: expanding African institutional investment, developing regional infrastructure and aligning regulatory frameworks to improve the movement of capital, goods and labor across the continent.

Leaders attending the forum include Nigerian President Bola Ahmed Tinubu, Kenyan President William Ruto and Mauritanian President Mohamed Ould Ghazouani, alongside executives from companies including Schneider Electric, DP World and NBA Africa.