German private sector enticed to bring investments and skills to the African continent
FRANKFURT – Africa is a priority for the German government in 2017 as it holds the G20 presidency, stated the Germany Africa Business Forum this week when it announced that Germany will host the first ever private event dedicated to strengthen trade and investment ties between Germany and the African continent.
The Germany-Africa Business Forum (www.GermanyAfrica.com), which will take place on 23 March 2017 in Frankfurt. The event capitalizes on a wave of interest taken by the German government and private companies to increase their engagement with African countries.
When the German Chancellor visited Africa in October last year, he vowed that Africa would be a major focal point of its G20 presidency, which began in December 2016.
German trade with the continent is estimated at US$60 billion but 90% of this is with only three countries, South Africa, Nigeria and Algeria.
The Germany Africa Business Forum will assist German companies to familiarise themselves with Africa and diversify their investment base.
German parliamentarian, Charles Huber commented that there is consensus that Africa ripe for German medium-sized companies where their skills and technology can bring value. Huber is a member of the committee on Economic Cooperation and Development. He will also address the forum.
“Germany’s need to expand to new markets coincides with increasingly healthy economic indicators in many African countries, including a growing middle class, more political stability and an appetite to develop manufacturing. What Africa appreciates is in particular German work ethic, precision and reliability” he stated.
On average, German medium-sized companies project only 2% of their trade to Africa.
Confirmed forum speakers are Charles Huber, Okechukwu Enelamah, Minister of Industry, Trade & Investment of Nigeria; Gabriel Obiang Lima, Minister of Mines and Hydrocarbons of Equatorial Guinea; and Carole Kariuki, CEO of the Kenya Private Sector Alliance.