“It is necessary for the world to become more African and for Africa to become more international!”
As Africa and Europe redefine the contours of an economic partnership challenged by geopolitical tensions and industrial reconfigurations, two major voices from the private sector share their vision. Baidy Agne, President of the Senegalese Employers’ Confederation and newly elected head of Business Africa, and Benoît Chervalier, investment banker, Vice-President Africa of MEDEF International and President of the Africa network of Business Europe, exchange their perspectives on the continent’s priorities: economic sovereignty, empowerment of local actors, value chain relocation, financing, and the structuring role of companies in the new Afro-European architecture. In Luanda, the two leaders call for a renewed, clear, and ambitious dialogue.
“You are in Luanda for the European Union/African Union Summit of Heads of State and Government, which is taking place in Angola on November 24-25, 2025, in a boiling geopolitical context. To paraphrase the title of Benoît Chervalier’s book, what can we really expect from this summit?”
Benoît Chervalier: EU/AU summits are held every three years, alternately on the European and African continents. The last one took place at the beginning of 2022 in Brussels, a few days before the outbreak of the war in Ukraine, which seems like an eternity given the evolution of the geopolitical clock. Shocks and emergencies are succeeding each other: climate shock, technological shock, geopolitical shock, to name a few. European countries, like African countries, often find themselves in the same situation: they suffer them more than they choose them.
In this context, the expectations for this summit are high to establish a diagnosis and find solutions. Among them, the private sector, the business world, is at the forefront. And I am convinced that solutions increasingly come from the field, from companies, from economic agents and operators. That is why all employers’ organizations, large and small and medium-sized enterprises, chambers of commerce, business councils, both European and African, come together to convey this message. It is up to institutions and states to provide the framework and rules in their decisions and flexibility and pragmatism in their implementation.
Baidy Agne: Indeed, it is widely known today that we are entering a new era where the world is dividing itself, reconstructing into new blocs, and inviting nations to face unprecedented challenges of economic sovereignty and national defense, but also of intolerance, discrimination, and obscurantism. So I would say that this Summit allows two continents (Africa-Europe) that share a history, as well as economic and commercial ties, to consider the future with serenity and share a forward-looking vision for the well-being of African citizens and European citizens.
Now, it is important that during the Summit, each continent listens to the other continent, the voice of its people and its private sector… Talking to each other, listening well to each other, and understanding each other will allow the achievement of the objectives of this Summit.
“Is it not time to open a new chapter, or even a new story between the two continents, and that companies have a particular role to play?”
Baidy Agne: We have no choice, and it cannot be otherwise… In terms of economic cooperation, Europe must take into account the new orientations and priorities of economic, financial, and social governance in Africa, including:
– a more inclusive local, regional, and continental content;
– a need for more assertive sovereignty in strategic and growth sectors;
– diversification of its partner countries by favoring the most economically advantageous offer and having a driving effect on its productive sector.
Benoît Chervalier: It is certain that our countries (African and European) share many common aspirations, especially those of being free. Free in their choices, their alliances, their partnerships. I would say – echoing my book – this is what Africa expects and what Europe expects. The private sector, from the largest company to the smallest, shares this concern and these challenges. It takes audacity and courage to face them. Risk-taking is precisely what characterizes the business world. Therefore, it must be given the freedom and latitude to exercise it fully.
“What can the African private sector and the European private sector do together?”
Benoît Chervalier: It starts with a constant and rich dialogue, both at the level of individuals and structures. Between President Agne and myself, it is a relationship of strong proximity, trust, and the search for mutually beneficial interests. This dynamic is driven by our members and the various national employers’ organizations among themselves. Delegation visits in both directions are dense and frequent, seeking to increase our respective levels of activity.
The European Union is the largest trading partner with over 400 billion euros last year and the largest investor in Africa. I would add that it is, of course, about increasing European trade and investment, but also African countries’ trade and investment in Europe. This is what some large companies like South African Naspers or the dedicated fund of Africinvest, one of the major players in private equity on the continent, are doing. I am convinced that the world must become more African and Africa must become more international.
Finally, nothing is possible without a stable, solid, and transparent business climate. This is the first responsibility of public actors for the private sector to fully play its role: create wealth to generate tax revenues allowing the State to fully fulfill its missions; innovate to build a better future and believe in the future; recruit to create jobs and offer prospects to youth.
Baidy Agne: If I address the African private sector, I would say that the great challenge for Africa is the valorization of our underutilized resources. Let’s look at our natural capital. Africa holds 30% of the world’s mineral reserves and could capture more than 10% of the projected $16 trillion in revenue with key green minerals by 2030.
Look at our human capital… The median age of 19 on the continent represents a demographic dividend that could add $47 billion to Africa’s GDP.
Look at our financial capital… Our pension fund assets reached $1.1 trillion, while our official remittances could reach $500 billion by 2035 if transfer costs are reduced. And I fully agree with what Benoît Chervalier says in his book about the role and use of these African institutional funds and European savings in the growth of our economies.
And finally, look at our commercial capital… The full implementation of the African Continental Free Trade Area (AfCFTA) could increase exports by $560 billion and the continent’s revenue by $450 billion by 2035.
The demand for investments is there… As President of Business Africa, I invite our African private sector to develop co-investments between African private businesses, but also to establish strategic alliances with our European private sector counterparts.
Now, if I address our European private partners, I would say that in terms of business partnership between the European Union and Africa, the future lies in the participation of European companies:
– in increasing Africa’s production capacity;
– in valorizing its agricultural, energy, and mining potential;
– in developing state-of-the-art infrastructure;
– in developing its digital and fintech ecosystem;
– in interconnecting the intra-African market in the fields of land, maritime, and air transport;
– in technology transfer, skills development, and youth training.
But Europe will also need to consider more facilitations for business travel and training for African companies’ personnel. We are now in an increasingly competitive business environment focused on geographical mobility. This is essential if we want more strategic business partnership alliances.
“Young Africa and old Europe must face simultaneous challenges of unprecedented magnitude, whether demographic, educational, or climatic, to name a few? Recent movements of Gen Z have illustrated this. What message in this context to address to the youth?”
Baidy Agne: I would say that we all must understand that “Fear, Uncertainties about the future, jobs, purchasing power, and decent incomes” animate both African and European youth. And yet, we have an incredible, innovative, and responsible youth. Our Youth asks us for one thing: Help us better integrate, trust us more…. So to our Youth, I would say: our commitment, that of the Company, you have it.
It is the responsibility of the Citizen Company to provide our Youth with qualifying training, to contribute to making our system of integrating young people into the professional environment more efficient, and to support entrepreneurial potential. We have an obligation to listen to our youth and protect them from any precariousness and social exclusion. Yes, having a “Job” is not just about having a work contract and a salary… It is much more than that… It is finding one’s place in society… This human dignity that cannot leave any Citizen Company indifferent.
Business Africa is alongside our youth to provide sustainable answers to economic, financial, and social fractures on a global scale.
So I would say to our youth “Nothing will be the same as before” in our modes of production and consumption for your “well-being” and your “good living.” The reforms that are needed will be shared in the context of a constructive public/private dialogue at this Summit.
Benoît Chervalier: I fully agree with what Baidy Agne says. Behind the demographic asymmetry lies a common reality: that of ensuring an intergenerational link and a major challenge: providing young people with future prospects and hope; otherwise, the reasons for discontent, even conflicts, will only increase.
Furthermore, there is not one youth but many youths: wealthy or deprived, mobile or sedentary; educated or marginalized. Our generation has a major responsibility, in my opinion, on these subjects. The answer is complex and plural: it consists of massively developing technical and technological training to develop know-how and know-how in a world where adaptation will be constant; to rethink deeply our way of teaching and learning in the light of artificial intelligence; to put the business world at the heart of any societal project. It is no longer possible for young people to reach a level of BAC+5 in several fields without ever having set foot in a company and faced reality. Similarly, our societies need all youth and cannot reason only in terms of access to higher education. This applies both in Europe and Africa. Once again, we must start, even start again from the field to develop a comprehensive, pragmatic, and coherent vision. Companies are ready to fully play their role in this framework.
