May 1, 2013 was the kick-off of the two-day Africa Global Business Forum in Dubai. Africa, a continent on the move, has been showing promising signs of economic growth and development. The Africa Global Business Forum is just one more step in the right direction for a continent on the move.
The Africa Global Business Forum, as announced by the UAE Prime Minister, is set to become an annual event. The forum brings together leaders from Africa and the UAE to promote business investment, development, and collaboration between the nations of Africa and Dubai. More than 3,500 delegates are in attendance. The Prime Minister of Uganda gave the keynote address and stressed the importance of the forum as a signal of the interest in African business and investment opportunities. He also discussed the importance of the private and public sectors working together as has been done in Dubai.
Dubai serves as a center of 150 different shipping lines and could be a very key logistics hub for Africa to export goods. The young population and growing middle class in Africa are indicators of the potential for increased growth within Africa. Consumer spending is set to hit US $1.4 trillion by 2020. The forum will seek to strengthen alliances between Africa and outside investors with the goal of reducing poverty in Africa and increasing economic growth and self-sufficiency.
Other topics of note at the forum are looking at boosting Africa’s trade through the role of free trade areas and private equity. Already major telecom companies are looking to invest in Africa and the prospects for future growth and development are exciting.
– Amanda Kloeppel
Source: CPI Financial