Some private sector investors from Asia, the United Arab Emirate (UAE) and their African counterparts have shown interest in channelling their investments into various sectors of the African economy for job and wealth creation.
The pledge was made by the management of Foreign Investment Network (FIN) in Nigeria and MahaBiz in India during a collaborative meeting with investors from Asia, United Arab Emirate (UAE) and other African countries aimed at exploring business opportunities in Africa.
The business experts noted that the allure of growing economies lies in their ability to offer new horizons for growth and diversification, share insights and build bridges that will shape the future of business in Africa, Asia, and the Middle East.
In her opening remarks at a pre-event virtual conference on Monday, chairman of FIN, Mrs Olayinka Fayomi said the meeting marked a significant moment to discuss the way forward for Africa. She said the meeting was designed to bring diverse and dynamic business landscapes of Africa, Asia, and the Middle East under one roof to foster connections, exchange ideas, and explore opportunities that transcend borders.
Mrs Fayomi said FIN will be collaborating with local partners and the government to aid in driving investments into emerging markets. She said MahaBiz 2024 is a platform for innovation, investment, and dialogue, creating pathways for a prosperous future.
Also speaking during the virtual conference, CEO of Sanbook Quality Consultancy Dr. Sunil Manjarekar, said in today’s ever-changing and competitive global economy, private equity funds have emerged as powerful catalysts for driving economic growth.
“These investment vehicles play a crucial role in fueling innovation, fostering entrepreneurial ventures, and creating opportunities for job creation.
“With their ability to infuse much-needed capital into businesses across various sectors, private equity funds have become key players in shaping the trajectory of economic growth worldwide.”
Dr Manjarekar urged investors to take advantage of the investment opportunities in mining, water resources, recycling, agriculture, real estate amongst others.
Fayomi also said investors who take the time to understand the unique characteristics of African economies, assess the associated risks, and implement effective strategies stand to reap the rewards of being early movers in the current realm of global investment.
The theme of the forum, titled: “Catalyst In Business, Investment & Economic Growth,” will feature discussions around the vast potential businesses within emerging markets, roles of investors in the global investment arena, pathways to economic growth, development and the inherent opportunities across the globe.
Some of the investors who participated in the virtual parley include chairman of Nichem Group in India, Mr Rajan Raje; chairman, RKG International, Dubai, Mr Rajesh Agrawal; chairman of Builders’ Association of India, Mr. Rajeev Lingras; CEO of Sanbook Quality Consultancy, Dr. Sunil Manjarekar; director, HSB Homes, Mr John Laniyi; commissioner of trade, industry, and investment, Niger State, Aminu Suleiman Takuma; and director business relations, FIN, Mr Ajala Abdulrasaq.
The main event will be held physically on 24th and 25th February 2024 at the Metropolitan Hotel, Dubai and Atlantis the Palm, Dubai, where investment opportunities and agreements will be discussed and agreements signed.
Data released recently by UAE’s Ministry of Foreign Trade showed that UAE’s overall trade with six non-Arab African countries alone (Angola, Kenya, Nigeria, Ethiopia, South Africa and Tanzania) reached $8 billion in 2020.
Dubai’s non-oil trade with Africa also surged by over 71 per cent to exceed $50 billion in 2020. Dubai’s trade with Africa is projected to see an annual increase of up to 10 per cent over the next five years following the implementation of AfCFTA, according to recent analysis from Dubai Chamber, she added.
In 2022, trade between Asia and Africa reached $267 billion, with the UAE acting as a significant trade hub, and Dubai’s trade with Africa is worth $45 billion yearly.
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