European Comm. Pres: Africa and Europe "need each other more than ever"

BRUSSELS, Nov 24 (KUNA) -- European Commission President Ursula von der Leyen said Monday that "Africa and Europe need each other more than ever," stressing that this shared interest is what binds both sides together.
Her remarks came during her opening speech at the 7th European Union-African Union Summit held in the Angolan capital, Luanda.
Von der Leyen noted that the European Union is Africa's largest trading partner, accounting for one-third of its trade, while African exports to Europe exceed those to China by more than double.
She stressed that although most trade between the two sides has been tariff-free for decades, there is still "vast room" to further strengthen this cooperation.
She underlined that the summit will announce additional support for the African Continental Free Trade Area, emphasizing that the EU "believes in the power of trade even in times of global tension," as it brings tangible benefits to people and economies.
While criticizing certain foreign investment models that she said "dig, extract, take the profits, and leave behind debt" in Africa, she praised the European model, which she said invests in local value chains whether through processing raw materials, as in Namibia and Zambia, or strengthening pharmaceutical industries in Senegal and Rwanda, or expanding telecom networks across North and East Africa.
She added that these partnerships represent "a mutual win," as they create new jobs and skills for African youth while opening new markets and strengthening supply chains for Europe.
On clean energy, von der Leyen said investment in this sector has become "urgent," noting that Africa possesses 60 percent of the world's best solar potential yet receives only 2 percent of global clean-energy investment.
She praised the launch of the "Scaling Up Renewables in Africa" initiative with South African President Cyril Ramaphosa, which secured 15.5 billion euros in pledges during this week's G20 summit.
Von der Leyen concluded by recalling that the Africa-Europe partnership, founded 25 years ago, is rooted in a "shared destiny," stressing that the prosperity of both continents is now more interconnected than ever, and that both sides must "move forward together and build new pathways for cooperation." The 7th EU-AU Summit is being held in Luanda under the theme "Promoting peace and prosperity through effective multilateralism," co-chaired by Angolan President Joao Lourenأ§o and European Council President Antonio Costa, with the participation of EC Pres. Ursula von der Leyen and African Union Commission Chair Mahmoud Ali Youssouf.
The EU remains Africa's largest trading partner and main source of foreign direct investment, although China, the United States, and Russia have expanded their influence as several African states distance themselves from former colonial powers, particularly France. (end) arn.mb