Africa remains the world’s next trade frontier – Adesina

Economic news for Friday 22 January 2021

Source: afdb.org

01/22/2021

Dr Akinwumi Adesina said Africa remains a good breeding ground for investment, but largely depends on how it can boost its health sector.

Africa as a continent has remained fertile ground for investment, but relies heavily on its ability to boost its health sector.

Dr Akinwumi Adesina, President of the African Development Bank (AfDB), revealed this during the investment in Africa organized by the UK Department for International Trade on the theme: ‘Building back better – using strengths and values UK private sector, and business-to-business opportunities. with the UK government and others in the future.

According to Dr Adesina, “Africa still has the same fundamental principles which have driven the phenomenal growth of the continent over the past decade”

Ms Wade-Smith, Her Majesty’s UK Trade Commissioner for Africa, was visibly delighted to see that 10 of the fastest growing economies were still in Africa, although not much is known about them. technological innovations occurring in the region.

According to Boris Johnson, British Prime Minister, “a lot has changed since last year, there is one thing I can tell you that has not changed: it is my ambition for the UK to be Africa’s investment partner. “

The conference brought together UK and African business leaders and governments to discuss investment and partnership opportunities. This year’s conference was a follow-up to the success of last year’s UK-Africa Investment Summit, hosted in London by the Prime Minister, where 27 trade and investment agreements worth £ 5bn and pledges worth £ 8.9bn have been announced.

Four critical areas were highlighted. These include sustainable infrastructure, renewable energy, financial and professional services, as well as agriculture and agro-technology.

With the impetus and full benefits of AfCFTA for African countries, the continent is expected to attract more investment and grow larger.

The African economy expects to grow 3.4% in 2021, although it will shrink 2.1% in 2020, as the global economy is expected to recover from the impact of the COVID-19 pandemic.

Africa has only 365 pharmaceutical companies, compared to 7,000 in China and 11,000 in India.

Other participants included British Prime Minister Boris Johnson, Minister of

Africa James Duddridge, Minister of Investment Gerry Grimstone, as well as business leaders from Standard Bank, pharmaceutical company AstraZeneca and mobile operator Vodacom.