NABA Summit: Nordic Businesses Investing in Africa's Resilient Growth
On 26 October, 400 African and Nordic leaders, including more than 20 ambassadors from African countries, Vice President of Ghana H.E. Dr. Mahamudu Bawumia and the Minister of Investment of the Republic of Sudan H.E. Mubarak Al-Fadil, assembled to discuss how Nordic companies can invest in Africa’s resilient growth.
For the seventh consecutive year, the Norwegian-African Business Association (NABA) hosted the largest Nordic-African business summit in Oslo, Norway. Africa’s real GDP growth slowed to 2.2% in 2016, mainly due to the continued fall in commodity prices and weak global economic growth. With dynamic private sectors, entrepreneurial spirit and vast resources, Africa has the potential to grow at an expected growth rate of 3.2% in 2019. This year's summit focused on how to invest in Africa's transition and not why. In addition to the plenary sessions, various seminars focused on ‘The possibilities of investments’, ‘Finance’, ‘Energy’ and ‘Technology’.
“The Norwegian government is working to create a broad partnership with African countries,” said Ine Eriksen Søreide, Norwegian Minister of Foreign Affairs. “It is important to increase international investments to ensure jobs and development. The Nordic-African Business Summit has become a central meeting place for Nordic and African business. Africa has become increasingly more important for Norwegian business, and the Minister of Foreign Affairs is proud to co-host this year’s conference”.
“Building on the successes of the previous six summits, this year the summit mixed inspiring keynotes with smaller workshops that showed how you can invest in and take part in Africa’s resilient growth,” said Eivind Fjeldstad, Managing Director of NABA. “The Summit facilitates face to face conversations with business leaders, politicians and civil society that build trust, a key ingredient to building businesses across continents”.
Nigeria’s Minister of Industry, Trade and Investment H.E. Okechukwu Enelamah and ministers from Sudan and Uganda were also among the honored guests attending the all-day conference organized by NABA.
"In Yara, we strongly believe that modern agriculture is the key to a positive future for Africa,” said Svein Tore Holsæther, President and Chief Executive Officer of YARA. “We invest and dedicate resources in this market because we believe that the required changes will not only make the continent self-sufficient - it will enable it to export food to the rest of the world. One day, Africa will be the world's breadbasket”.
The Nordic-African Business Summit in 2017 is the seventh conference hosted by NABA and the largest Nordic business conference on Africa. 46 speakers and more than 400 African and Norwegian leaders, including 20 ambassadors from African countries, attended this year’s summit themed “Investing in Africa’s Transition: 'How?’, not ‘why?’”. The parallel sessions focused on case studies within chosen sectors: Finance, Energy and Technology.
The Norwegian-African Business Association (NABA) is the only Norwegian-African chamber of commerce. It seeks to promote business opportunities on the African continent, and serves as a bridge between Norwegian and African business communities. NABA analysis the current landscape, advocates for more efficient and less risky trade between Nordic and African business communities and hosts events for its 126 member companies. These events include investor trips, ambassador breakfasts, member luncheons, seminars and workshops as well as today’s annual summit. NABA was founded by the Confederation of Norwegian Enterprise (NHO), Virke - The Enterprise Federation of Norway, Norfund, Statoil, Yara International, Nortura, Jotun, The Norwegian Shipowners' Association and Innovation Norway.
Source: Naba