By Reportcircle Luanda, Angola
A seismic shift in Africa–Europe economic relations was unleashed in Luanda as business leaders from both continents signed a hard-edged Joint Business Declaration that could redefine global trade, investment flows and industrial competitiveness for decades to come.
Announced on 24 November 2025 at the AU–EU Business Forum (AEBF2025), the declaration lands just hours ahead of the 7th AU–EU Heads of State Summit, where leaders are marking 25 years of AU–EU partnership and Angola’s 50th year of independence.
With the summit themed “Promoting peace and prosperity through effective multilateralism,” the political backdrop could not be more charged.
The session was co-chaired by Angolan President João Lourenço and the President of the European Council António Costa, with the European Union represented by Commission President Ursula von der Leyen and the African Union represented by H.E. Mahmoud Ali Youssouf, Chair of the AU Commission.
At the centre of the declaration is a push for tighter, more predictable business environments, deeper cross-continental partnerships and a unified approach to value-chain integration.
Businesses on both sides insist that the only way to achieve sustainable prosperity is to align the EU’s Global Gateway with Africa’s Agenda 2063 and unlock investment at a scale not seen before.
Since 2021, nearly €80 billion has been mobilised under the Africa–Europe Investment Package toward renewable energy, health, transport, agribusiness, research, education and digital infrastructure.
But business groups argue that this is only the beginning and that real private sector participation must now follow.
Dr. Amany Asfour, President of the Africa Business Council and co-chair of the Joint Business Declaration Committee, did not mince words: “We need equal, win-win partnerships that empower African SMEs, women and youth investment that creates jobs, drives value addition and shares know-how.”
The declaration fires a clear warning: Global Gateway will fall short without concrete measures that allow African and European businesses from start-ups to multinational giants to jointly design, finance and execute flagship projects.
The document calls for structured, transparent and inclusive mechanisms that break down barriers to participation and anchor business at the centre of strategic trade and investment initiatives.
Companies want a unified, accessible and simplified mechanism for navigating EU financial instruments including blended finance, guarantees, venture capital and reimbursable grants especially for African and European SMEs that currently face steep administrative walls.
To make funding usable, the declaration urges the establishment of a streamlined “Global Gateway Investment Hub” capable of accelerating promising projects across priority sectors.
Africa’s long-delayed industrialisation particularly the local processing of raw materials sits at the heart of the Joint Declaration.
Benoît Chervalier, President of the Africa Committee of BusinessEurope and co-chair of the declaration, stressed the urgency:
“Local value addition must be pursued in a pragmatic, flexible and agile manner so that African and European businesses can integrate into regional and global value chains.”
From energy to minerals, the message is unambiguous: Africa must shift from exporter to industrial manufacturer and Europe must be a partner, not just a buyer.
Beyond finance and industrialisation, the declaration calls for:
Stronger human capital systems
Sustainable infrastructure and stronger digital connectivity
Co-designed trade and investment programmes
Enhanced political and financial risk-mitigation mechanisms
These, the business community argues, are the foundations for long-term prosperity that benefits citizens, not just investors.
Both continents agree: sustainable investment must trigger industrial growth, local value creation and decent jobs not dependency.
Members of the Joint Business Declaration Committee represent the most influential business blocs across both regions, including:
Africa Business Council
BusinessEurope
BusinessAfrica
Pan African Chamber of Commerce and Industry (PACCI)
Eurochambres
European Entrepreneurs CEA-PME
European Business Council for Africa and the Mediterranean (EBCAM)
Together, they speak for hundreds of thousands of African and European businesses and their united front sends a clear signal to policymakers: the private sector is ready for deeper integration and shared prosperity, but governments must unlock the path.
The AU–EU Business Forum (AEBF2025), convened in parallel with the Summit in Luanda, brings together global investors, CEOs, policymakers, innovators and development partners.
Supported by the EU Africa Business Forum Facility (EABF), it remains the premier platform for shaping Africa–Europe business cooperation.
The Bottom Line
With the Joint Business Declaration, African and European business leaders have drawn a bold line in the sand: If Global Gateway is to deliver, it must become faster, simpler and more inclusive and it must put real money behind Africa’s industrial future.
Luanda may now go down as the moment when both continents finally agreed to stop talking about partnership and start building it.
