IN ATTENDANCE: Rwandan President Paul Kagame will address The Global African Investment Summit
The continent’s leading heads of state will mix with movers and shakers worth billions of pounds to boost the region’s development.
Heads of state from ten African countries will next week join the continent’s most influential entrepreneurs to strike key deals with prospective investors at a game-changing business event in London.
Delegations from Ghana, Rwanda, Malawi, Democratic of Republic Congo, to name a few, will attend the annual Global African Investment Summit (TGAIS) at Central Hall, Westminster, to showcase the most bankable projects available in their home countries.
These include opportunities in agribusiness, natural resources, power and transport infrastructure.
Across two days, presidents, finance ministers and CEOs from state-owned enterprises will get the opportunity to build relationships with more than 1,000 global investors including pension funds, sovereign wealth funds, private equity and asset management firms.
Collectively, the investors represent more than £4.5 billion ($7b) of capital representing an increase of 25 per cent on last year’s inaugural event.
Billionaires Aliko Dangote, of the Dangote Group, and oil tycoon Folorunsho Alakija – the richest black woman in the world – will also be in attendance.
Paul Sinclair, director of TGAIS said: “Two key factors driving the increase in investor interest in the 2015 summit are, firstly, the opportunity to establish relationships, and directly engage with very senior government representatives and project developers in one joint forum.
DIRECTOR: Paul Sinclair
Secondly, economic factors – Africa registered five per cent GDP in 2014, beating the global average by 1.5 per cent, so the continent remains an attractive and important destination for investors.”
Foreign Secretary Philip Hammond MP, who will deliver a keynote address at the high net worth event, called the gathering “the largest and most prestigious African investment summits in the world”.
Hammond added: “The fact that it is taking place in the UK is testament to the deep links between the UK and the continent. Africa’s economic success is of global importance: a prosperous, safe and secure world must have Africa at its heart.”
He will be joined by UK Trade Minister Lord Frances and James Duddridge MP, minister for Africa.
According to the latest United Nations Conference on Trade and Development (UNCTAD) annual report on foreign direct investment (FDI), while investment globally, fell by 16 per cent in 2014, FDI flows in Africa remained stable at $54 billion and flows into Sub-Saharan Africa rose 5 per cent to $42 billion, riding out challenges such as falling commodity prices.
Dr Carlos Lopes, executive secretary of the United Nations Economic Commission for Africa, said: “The outcomes of the summit will present a chance for Africa to use trade as an entry point for industrialisation, and play a modern role in the world.”
Sinclair, a British Ghanaian who is passionate about the development of the continent, said the summit’s purpose was “focused squarely on transaction and the role of foreign direct investment in both the public and private sector across Africa”.
He told The Voice: “This will stimulate social and economic growth and that includes things like poverty reduction, creating middle income economies narrowing the gap between the GDP and human development industries – things that will directly benefit Africans themselves.” The summit is the brainchild of DMG Events, a wholly-owned subsidiary of the Daily Mail and General Trust plc, one of the UK’s largest media companies.
“The Daily Mail is naturally a commercially driven company it sees a lot of opportunities, like so many other investors across all sectors, in Africa and it wants to align itself closely with the continent for that very purpose,” explained Sinclair.
FOLLOW NEW AFRICA BUSINESS NEWS ON FACEBOOK @ New Africa Business News