Sunday, December 1African Digital Business Magazine

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African News, Startups

Hong Kong rolls out red carpet to African business

Hong Kong, Asia’s leading business destination and the gateway to Mainland China and Asia, is stepping up its efforts to attract African business, with the opening of an InvestHK representative office in Africa. InvestHK, the department of the Hong Kong Special Administrative Region (HKSAR) Government responsible for Foreign Direct Investment, has a presence in 33 markets and is now actively building mutually beneficial relationships with leading African and South African enterprises such as major banks, metro development organisations, and the JSE. Speaking at a briefing at the JSE in Johannesburg, InvestHK Director-General of Investment Promotion Stephen Phillips noted: “Africa is an important part of our strategy, therefore we are building relationships and representation in South A...
The Need for a Better France-Africa Partnership
African News, Main

The Need for a Better France-Africa Partnership

Authored by ONE in Africa Executive Director Serah Makka & ONE in France Director Najat Vallaud-Belkacem After the withdrawal of French forces from Mali and more recently from Burkina Faso and responding to the – rightly – growing demands of his Sahelian and sub-Saharan allies, President Macron has called for a new relationship with Africa. This partnership would be a more "balanced, reciprocal and responsible”. The image of France on the African continent is in decline, particularly among its youth who form more than 60% of the continent’s population. Beyond military issues on their continent, young Africans are right to be frustrated at the way France has recently raised the registration fees for foreign students or how differently the Hexagon has welcomed Ukrainian refugees compare...
Invest Africa: 6 Reasons To Choose Ghana
African News, Events, Ghana News

Invest Africa: 6 Reasons To Choose Ghana

As the world gradually emerges from the ruins of the recent economic recession, the search continues for the next hotspot for global commerce. Emerging markets in Africa, Latin America, and the Middle East are being viewed as possible new engines of economic growth. Amid the hot debates and ponderings, the case for Africa has grown stronger than ever, as it keeps exhibiting strong indications for a significant takeoff soon. Not only is Africa the second-largest continent in terms of area and population, but it also has a wealth of untapped natural resources, enormous potential for sustainable agriculture, and, as of recently, the Africa Continental Free Trade Area (AfCFTA), which has created the largest free market in the world. With the ongoing economic revival in Africa, Ghana has esta...
Nigeria: What next for West Africa’s powerhouse?
African News, Main, Nigeria News

Nigeria: What next for West Africa’s powerhouse?

Nigeria: What next for West Africa’s powerhouse? With elections approaching, change is afoot in Nigeria. Keen to pursue new opportunities and drive the country forward, what does the future hold for one of Africa’s largest economies? Following her recent visits to the country, Marie El-Hawat, Associate Director, Anglophone Africa at British Arab Commercial Bank (BACB) shares her thoughts on the forces at play in the region. Nigeria is one of Africa’s largest and most important economies: one in five Africans are Nigerian, and that proportion is only set to grow. As one of the powerhouse economies in West Africa, the economy offers huge opportunities, particularly in the county’s largest city, Lagos. Nigeria’s GDP is around USD 441bn, the highest in Africa, and only one of three economies...
M&A Resilience Predicted in 2023, Despite Economic Uncertainty – According to 2023 Global Trends Report from Lex Mundi
African News, Business

M&A Resilience Predicted in 2023, Despite Economic Uncertainty – According to 2023 Global Trends Report from Lex Mundi

Lex Mundi, the world’s leading global network of independent law firms, has gathered intelligence from member law firms across 71 jurisdictions to analyse recent and upcoming trends for its latest Global M&A Trends Report.  A majority of M&A practitioners worldwide remain optimistic about the prospects for mergers and acquisitions in 2023. Despite concerns about the global economic situation, many experts believe that the number of deals across public and private transactions will either remain steady or increase. The report, which highlights the key global trends for M&A, was released today by Lex Mundi. The economic environment is identified, across all regions (other than Latin America and the Caribbean), as the pressing concern for private company M&A practitioners (2...
MENA region is fastest growth area globally for arbitration as better way to solve business disputes
African News, Events, Interview

MENA region is fastest growth area globally for arbitration as better way to solve business disputes

As the International Chamber of Commerce's Court of Arbitration celebrates its 100th anniversary, President Claudia Salomon tells Africa Business how this global organisation has seen its highest growth in recent years in the MENA region.  In the last 10 years, the number of parties coming to the ICC Court has tripled, with parties from the Middle East being the most frequently listed, notably from the UAE, Qatar and Saudi Arabia. The nature of these cases mirrors the profile of the regional economy with some 70% relating to disputes arising from infrastructure and/or energy projects.  And looking to the future, the Court is looking to its Abu Dhabi branch to handle the increased flow of work expected from Saudi Arabi's 'Vision 2030' development plans. Since 1923 the ICC Court has played ...
African News, Business, Tanzania News

The impact of the African Continental Free Trade Area on the continent’s mining sector

By Virusha Subban, Partner specialising in Customs and Trade, and Head of Tax, Baker McKenzie, Johannesburg Africa is the world's top producer of numerous critical mineral commodities. With the rapid increase in the rate of global energy transition, the continent's mining industry has a role to play in sourcing and supplying these critical minerals for use in clean energy projects, manufacturing capacity, electric vehicles and other sustainable solutions. The continent is a large supplier of bauxite, chromium, cobalt, copper, diamond, gold, iron ore, platinum group metals, lithium, rare earth metals and zinc, for example, with most of them being exported as ores, concentrates or metals. Exporting these critical minerals as raw materials, however, reduces Africa's trading position to one ...
It’s time to demystify Intellectual Property in Kenyan innovation
African News, Kenya News, Startups

It’s time to demystify Intellectual Property in Kenyan innovation

by Sheilah Birgen, Country Lead for Kenya at Innovate UK KTN Global Alliance Africa. With a relatively stable macroeconomic environment, sustained investor confidence, and a fast-expanding services sector, Kenya has emerged as one of the fastest-growing economies in Africa and the largest in the East African region by way of Gross Domestic Product (GDP)[1]. To maintain its lead, the Kenyan government is looking to technology and innovation as a strategic driver of new business development, job creation, and socio-economic growth. Considered one of Africa’s ‘Big Four’ innovation ecosystems, Kenya has made good progress in this regard, registering 250% growth year-on-year between 2020 - 2021 in terms of startup funding raised[2]. However, to maximise the impact potential of startups and in...
United States and Africa: increased engagement regarding trade creating opportunities in the African free trade area
African News, Main

United States and Africa: increased engagement regarding trade creating opportunities in the African free trade area

By Virusha Subban, Partner Specialising in Customs and Trade, and Head of the Tax Practice, Baker McKenzie Johannesburg There was more good news for the successful implementation of the African Continental Free Trade Area (AfCFTA) agreement in December 2022, when a Memorandum of Understanding (MoU) was signed between the United States (US) Trade Representative and the AfCFTA Secretariat at the US-Africa Leaders' Summit (Summit) in Washington DC. The MoU covers expanded engagement between the two regions and intends to "promote equitable, sustainable, and inclusive trade; boost competitiveness; and attract investment to the continent." It was also announced at the Summit that US intended to invest USD 55 billion in Africa over the next three years, and that USD 15 billion would be deploye...
Africa’s economic growth to outpace global forecast in 2023-2024 – African Development Bank Biannual Report
African News, Main

Africa’s economic growth to outpace global forecast in 2023-2024 – African Development Bank Biannual Report

Africa is set to outperform the rest of the world in economic growth over the next two years, with real gross domestic product (GDP) averaging around 4% in 2023 and 2024. This is higher than projected global averages of 2.7% and 3.2%, the African Development Bank Group said in Africa’s Macroeconomic Performance and Outlook (http://bit.ly/3iLJF4C) report for the region, released in Abidjan on Thursday. With a comprehensive regional growth analysis, the report shows that all the continent’s five regions remain resilient with a steady outlook for the medium-term, despite facing significant headwinds due to global socio-economic shocks. It also identified potential risks and called for robust monetary and fiscal measures, backed by structural policies, to address them. The Macroeconomic Per...