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Category: ECONOMY

  • With participation of 600 speakers in over 160 dialogue sessions

    With participation of 600 speakers in over 160 dialogue sessions

    Abu Dhabi hosts the world’s largest investment forum

     Abu Dhabi, United Arab Emirates, 21 March 2023: The capital of the United Arab Emirates, Abu Dhabi, will be hosting the 12th edition of the Annual Investment Meeting (AIM Global 2023) to be held on May 8 to 10 under the theme “The Investment Paradigm Shift: Future Investment Opportunities to Foster Sustainable Economic Growth, Diversity and Prosperity” with over 600 high-level speakers participating in more than 160 dialogue sessions.

    Abu Dhabi’s hosting of the AIM Global for the first time, which is supported by the Ministry of Industry and Advanced Technology in partnership with the Abu Dhabi Department of Economic Development, is aligned with the emirate’s efforts to further strengthen its economic position in the region and to promote foreign direct investments among the countries of the world by consolidating investment opportunities aimed at sustainable development and leveraging digital technology.

    Dawood Al Shezawi, Chairman of the Annual Investment Meeting, said: “The Annual Investment Meeting, the largest investment forum, has succeeded throughout its previous editions in solidifying the position of the United Arab Emirates on the global investment map, and in pushing forward its progress over the next 50 years.”

    He added that organizing the 12th edition of the Annual Investment Meeting in Abu Dhabi, which has established itself as a preferred and thriving business and investment destination, is a result of its proactive ability and flexibility in dealing with changes and developments to stimulate and support appropriate events and talents, and providing innovative solutions to face current and future challenges.”

    He also stressed that they are continuously working to establish the foundations of a business system that provides opportunities for growth and prosperity for investors to achieve sustainable economic and social development goals.

    “The event provides businessmen and investors with the opportunity to meet, establish strategic agreements and partnerships, expand their businesses, and introduce new channels of work that are offered by the available investment sectors that are abundant in the emirate of Abu Dhabi and the entire United Arab Emirates,” Al Shezawi added.

    The Annual Investment Meeting brings together a high-level group of leaders, government officials, decision-makers, businessmen, major regional and international investors, key global companies and organizations, as well as smart city solution and technology providers and a number of startups and institutions financing small and medium-sized projects, over the course of three days.

    Its main purpose is to discuss how to better utilize technological innovations to augment investments in companies, encourage technology transfer, and increase competitiveness for countries to achieve economic growth through sustainable investments, and exchange views with governments to create stronger economic structures for investors and unify opportunities for the sustainable growth of the economy.

    This year’s 12th edition seeks to expand the scope of work by launching a range of activities that will benefit all of its participants. It will focus on two main tracks, Investment and Innovation & Technology, and on 10 key sectors, which include Agriculture, Energy, Technology, Infrastructure, Manufacturing, Tourism & Hospitality, Transportation & Logistics, Finance, Healthcare, and Education.

    The event agenda

    The Annual Investment Meeting has in its agenda a series of activities and programs, such as a specialized exhibition, investments roundtables, investment awards, startup awards, investor’s hub, investment destinations, B2B,G2B, G2G meetings, regional focus forums as well as pre-conference workshops.

    In addition, several side conferences and events will be organized and hosted, including “Make it in the Emirates”; “Invest in Abu Dhabi”; “Road to the World Investment Forum” in collaboration with the United Nations Conference on Trade and Development; “Entrepreneurs Investment Forum” with the United Nations Industrial Development Organization (UNIDO); “Bloomberg New Energy Finance Forum”; “Future Finance Forum” with the Union of Arab Banks; “World Local Production Forum” with the World Health Organization; “Tourism Investment Forum” with the United Nations World Tourism Organization (UNWTO); “Agriculture Technology & Food Security Investment Forum” hosted by the Food and Agriculture Organization of the United Nations; “Least Developed Countries Forum” in partnership with the World Association of Investment Promotion Agencies; “Finoverse Forum”; “Distressed and Alternative Investment Forum” with the DDC Financial Group; and “Advanced Manufacturing Investment Forum” to be hosted by UNIDO.

     Entrepreneurs Investment Summit (UNIDO)

    Entrepreneurs Investment Summit 2023, organized by the Arab Bank for Economic Development in Africa, the Union of Arab Chambers, and the Investment and Technology Promotion Office of UNIDO in Bahrain, aims to create a platform for promoting bankable investment opportunities led by entrepreneurs/SMEs and macro investments from African and Arab region.

    It also seeks to share best practices and experiences from Africa and the Arab Region on the means of stimulating and unleashing entrepreneurship and joint investments, and deliberate on the challenges, opportunities, threats, and the road forward towards achieving the Arab-African economic integration.

    The Future Finance Forum

    The Future Finance Forum, organized in collaboration with the Union of Arab Banks, will provide a platform for stakeholders from government, industry, civil society, and academia to engage in a comprehensive examination of the trends and challenges shaping the future of finance.

    The theme of the forum “Leveraging Innovative Technologies for Financial Inclusion and Sustainability” reflects the recognition of the critical role that financial innovation plays in promoting inclusive and sustainable development.

     Tourism Investment Forum(UNWTO)

    The UNWTO is organizing the Tourism Investment Forum following the unprecedented and extensive disruption caused by the COVID-19 pandemic in the tourism sector, which requires a quantum leap in tourism investments to better support and accelerate the implementation of the 2030 Agenda and the Sustainable Development Goals.

    There is growing consensus among tourism stakeholders as to how the future resilience of tourism will depend on the sector’s ability to balance the needs of People, Planet and Prosperity.

    In line with these goals, the Tourism Investment Forum provides an opportunity for governments, private sector investors, multilateral financial institutions, and development banks to enhance their coordination and combine their capacities and resources to turn priorities into investable projects by unlocking the potential of a new and redefined tourism investment approach.

     Bloomberg New Energy Finance UAE Forum

    The Bloomberg New Energy Finance UAE Forum discusses the dynamic shift in demand for traditional commodities such as oil, gas, and metals in light of the transition to a low-carbon economy, as newer commodities such as power, carbon, hydrogen, and even sustainable aviation fuels will see their landscape change. Participants will also address several questions, such as the role of “clean energy molecules” and what energy producers in the Middle East should expect.

    The forum will also present the results of the New Energy Outlook report and the various net-zero pathways that can emerge for countries and sectors, with the Middle East playing a role in supporting the pathways of other countries.

    Distressed and Alternative Investment Forum

    The DDC Financial Group’s Distressed and Alternative Investment Forum features two dialogue panels. The first, “The Role of Distressed & Alternatives in a Diversified Portfolio,” discusses the available opportunities for investors in the field, the current economic environment and how rising interest rates are creating a unique set of opportunities for distressed debt investors that has not been seen for over a decade.

    The second session sheds light on the Global Distressed and NPL Investing, providing insights into strategies and opportunities available in this field. It involves a discussion on the different asset classes in this sector of the market, including real estate, corporate, and consumer debt, the secondary market, as well as the panelists’ sharing of their experiences and analysis of investing in distressed and NPL assets across different geographies, including emerging markets and developed economies.

    It also covers the challenges and opportunities of investing in these markets, taking into account macroeconomic conditions, industry-specific trends and the unique regulatory and legal frameworks that govern these transactions.

    The Finoverse Arabia Forum

    The Finoverse Arabia Forum discusses the role of FinTechs and the adoption of technology in shaping the future of financial and banking institutions, as well as maximizing their efficiency and profits. It also explores the lessons learned from founding and developing startups, and sharing best practices through several panel discussions that address the intersection of FinTech, artificial intelligence, and Web3.

    This includes transforming business models and strategies across sectors, while addressing the infrastructure gaps and regulatory challenges. The advantages of investing in building a trusted Internet network across regions are also reviewed, along with strategies for securing and attracting the best talent to fuel Web3’s continued growth.

    The AIM Global 2023 is preceded by a series of professional interactive training sessions, led by experienced industry experts from all over the world. There will also be a range of workshops sessions aimed at enriching the participants’ experience and informing them about profitable investment opportunities.

    These workshops will be held one day prior to the event, where governments, smart city solution providers, startups, small and medium-sized companies, and investment opportunity providers touch base to achieve economic growth for their respective countries and regions.

    For more information, please visit the AIM website at www.aimcongress.com.

    -Ends-

     

  • Seychelles calls for the adoption of the MVI

    Seychelles calls for the adoption of the MVI

    Tuesday 07th March, Doha, Qatar: The President of the Republic of Seychelles, Mr Wavel Ramkalawan has called for the adoption of a Multidimensional Vulnerability Index (MVI) for Small Island Developing States (SIDS) and vulnerable countries to be accepted within the United Nations framework and beyond, as well as by international financial institutions.
    The President was speaking this afternoon at the High-level side event under the theme “Achieving a fair and complete measurement of vulnerability: perspectives from the Small Islands Developing States (SIDS) and Least Developed Countries (LDCs) on the vulnerability index”, convened by the Organisation Internationale de la Francophonie (OIF) and the Commonwealth in the margin of the 5th United Nations Conference on the Least Developed Countries (LDC5).President Ramkalawan spoke about the vulnerabilities of the Small Island Developing States, and underscored the acute challenges affecting SIDS.

    “In such a volatile and unpredictable climate, what future lies ahead for our islands without the recognition of its vulnerabilities? It is imperative, therefore, that we usher in a new assessment architecture. One which can truly address the needs of SIDS and LDCS in a comprehensive manner. To go beyond GDP per capita as a measurement of development and access to concessionary financing for development needs. We need an index that takes into consideration the intrinsic complexities that data on income, on its own, cannot fully reveal. This demands that we identify a fairer way to measure a country’s susceptibility to external shocks. It demands a more pragmatic methodology of assessment” said the President.

    “The argument we are pushing forward is that the MVI should be universally applicable within the United Nations system and beyond, including international financial institutions. What we are saying is: no country should be penalised for making progress in its development journey. The opportunities extended, or considerations given, to some developing countries should be available to all developing countries, irrespective of income status.”

    The Head of State thanked the OIF and the Commonwealth for their continued support and commitment, one that he described as important in the advocacy and implementation of the MVI.

    “We are here to make a case for due and appropriate consideration to be given to SIDS. Both the Organisation Internationale de la Francophonie and the Commonwealth are sensitive to and supportive of our arguments. Their support and commitment are vital to own efforts towards securing the universal adoption of a MVI. Thank you to the OIF and Commonwealth for organising this event, and a special thanks to Madame Mushikiwabo and The Rt Honourable Baroness Scotland for your continued support and advocacy!”

    “Let us all continue to advocate for enduring solutions towards greater resilience for SIDS, and other developing countries,” he concluded.

    Members of the High-level panel included:
    Moderator: Mr. Patrick GUILLAUMONT, Foundation for Studies and Research on International Development (FERDI) Keynote speakers:
    • H.E. Mrs. Louise MUSHIKIWABO, Secretary-General of La Francophonie
    • The Rt. Hon. Patricia SCOTLAND, Secretary-General of the Commonwealth
    • H.E. Mr. Wavel RAMKALAWAN, President of the Republic Seychelles
    • H.E. Mrs. Chrysoula ZACHAROPOULOU, Secretary of State to the Minister for Europe and Foreign Affairs of France, in charge of Development, La Francophonie and International Partnerships
    • Hon. Mr. Lejone MPOTJOANE, Minister of Foreign Affairs and International Relations of the Kingdom of Lesotho
    • H.E. Mr. Dhoihir DHOULKAMAL, Minister of Foreign Affairs and International Cooperation, in charge of the Diaspora and Francophonie
    Source:(State House News, Seychelles)
  • African Development Bank issues AUD 50 million 15-year Kangaroo Green Bond due March 2038

    African Development Bank issues AUD 50 million 15-year Kangaroo Green Bond due March 2038

    The transaction is the Bank’s 2nd green bond issued in 2023 across all currencies
    ABIDJAN, Ivory Coast, March 8, 2023/ — The African Development Bank (http://www.AfDB.org), rated Aaa/AAA/AAA/AAA (Moody’s/S&P/Fitch/Japan Credit Rating, all stable) has successfully launched an AUD 50 million 15-year Kangaroo Green Bond due March 2038. The new issuance was arranged by RBC Capital Markets and sold to a single Japanese investor, Taiju Life Insurance Company.

    This is the African Development Bank’s sophomore green bond in the Australian dollar market since the inaugural 15-year Kangaroo green bond was issued in 2016, and marks an extension of the Bank’s existing Kangaroo curve.

    The funds raised through this green bond transaction will support the Bank’s efforts in the areas of climate change mitigation and adaptation. The bond proceeds will finance eligible green projects, including forestry conservation projects, aimed at supporting the transition to green growth in Africa in accordance with the AfDB Green Bond Framework.

    Despite renewed global efforts toward climate change evidenced by the new and ambitious climate targets established at the 27th Conference of the Parties (COP27) through the United Nations Framework Convention on Climate Change (UNFCCC), Africa requires particular attention and a more targeted response.

    Africa, with its unique biodiversity and ecosystems, including savannas, mountains, plateaus, deserts, and its variety of organisms and plants, is threatened by climate change unlike any other region. As a result, the transition to green growth in Africa has become even more important and urgent.

    Japan’s announcement of the “Africa Green Growth Initiative” to promote and attract investments into sustainable green growth in Africa, is ample evidence of its recognition of the need for this transition. The announcement was made at the 8th Tokyo International Conference on African Development (TICAD8) in August 2022.

    In order to promote sustainable development in Africa, the Bank’s Ten-Year Strategy focuses on two overarching objectives: to promote inclusive growth and to support African countries transition to green growth. The Bank has contributed to improving the lives in Africa by providing better access to water, energy and food, enabling sustainable use of natural resources, and promoting innovations, employment and economic growth.

    The transaction is the Bank’s 2nd green bond issued in 2023 across all currencies, following on from a successful SEK 1.5 billion 5-year Green Bond issued in the Swedish krone market in January.

    Bond Terms Summary:

    Issuer African Development Bank
    Rating Aaa/AAA/AAA/AAA (All Stable)
    Issue Amount AUD 50 million
    Trade Date 22 February 2023
    Settlement Date 8 March 2023
    Maturity Date 8 March 2038
    Coupon 5.000%
    ISIN AU3CB0297273
    Arranger RBC Capital Markets

    Distributed by APO Group on behalf of African Development Bank Group (AfDB).

     

  • Seychelles and Slovenia set to strengthen bilateral cooperation

    Seychelles and Slovenia set to strengthen bilateral cooperation

    Monday 6th March Doha, Qatar: On the margins of the 5th United Nations Conference on the Least Developed Countries being held in Doha, Qatar  President Wavel Ramkalawan held bilateral talks with the President of the Republic of Slovenia Mrs. Nataša Pirc Musar.

    Since the establishment of Diplomatic relations between Seychelles and Slovenia on 21st October 1992, collaboration between the two countries has been limited. During discussions the Heads of State agreed that there is greater scope to enhance and diversify this relationship. Both expressed the wish to strengthen the friendly ties between Slovenia and Seychelles for the mutual benefit of both nations.The two Heads of State, discussed matters of common interest such as the continuous advocacy in addressing climate change issues, education and training, exchange of expertise and capacity building as well as strengthening cooperation in the domain of tourism.

    Source:(State House News,Seychelles)

     

  • President Ramkalawan addresses the 5th United Nations Conference on the Least Developed Countries (LDC5) Plenary Session

    President Ramkalawan addresses the 5th United Nations Conference on the Least Developed Countries (LDC5) Plenary Session

    Sunday 5th March Doha, Qatar: The President of the Republic of Seychelles, Mr. Wavel Ramkalawan earlier this afternoon delivered his general debate statement before the 5th United Nations Conference on the Least Developed Countries (LDC5 presently being held in Doha, Qatar.

    With the participation of over 40 Heads of State and Government and several high-level officials, the LDC5 which is set to identify actions and partnerships at the highest possible level, including Heads of State and Government, to deliver on the LDC5 proposed agenda.

    During his statement, the President laid emphasis on the importance of collective approach required to attain set goals and targets. He stated that although Seychelles does not form part of the least developing countries, being present at the Conference shows that Seychelles stands united with other fellow SIDS and African countries in advocating and understanding their needs.

    “Our world has changed drastically since the 4th United Nations Conference on the Least Developed Countries and the adoption of the Istanbul Political Declaration and Programme of Action for the Least Developed Countries for the Decade 2011-2020. Since then, only three countries have graduated from LDC status. In an age where our economies, priorities and challenges are interlinked, no country should be left behind. All Governments and partners must respond decisively to address the challenges that we collectively face. Twenty per cent of LDCs are Small Island Developing States. And two-thirds of LDCs are African,” said President Ramkalawan.

    He continued, “Seychelles is not an LDC. We have graduated to the High-Income Status.  However, our presence here is a sign of solidarity, regional and global support for our fellow SIDS and Africans and a strong expression of seeking greater understanding and cooperation. No state should be punished for progress. Let not the so called “graduation” be another hurdle in meeting the needs of people and its communities”

    The President underlined the fact that LCDs and the Small Island Developing States do face similar challenges and are vulnerable to similar factors. He noted that they do have potential for rapid growth and development which can only be realised through, “equal access to resources and opportunities that lead to economic growth and stability and improve the lives of citizens”. Furthermore, President Ramkalawan explained the impact of climate change and the difficulties for the LDCs to achieve its Sustainable Development Goals.

    “Such inequality has resulted in a development imbalance, worsened by the unprecedented levels of greenhouse gas emissions, leaving our climate and ecosystems in peril. Developing countries stand to be disproportionately affected by the effects of climate change and must now face the challenges of global warming for which we share minimal responsibility. The goal of graduating from the LDC category and achieving the Sustainable Development Goals has never been more difficult in the face of such existential crises. A different set of challenges manifests itself in trying to maintain the status of “graduation” and in pursuing an upwards trajectory. Support needs to be extended in order for such countries to sustain their progress and thus ensure that traditional donor-recipient relationships are transformed into mutual partnerships,” said the Head of State.

    In advancing the support for finance, President Ramkalawan called for the support of the adoption of a Multidimensional Vulnerability Index to benefit vulnerable countries. Furthermore, he placed emphasis on the South-South cooperation to strengthen and sustain long term partnerships.

    “That is why, at every opportunity, I advocate for the global adoption of a Multidimensional Vulnerability Index. This offers a targeted approach that will not only complement but improve the efficacy of development cooperation, permitting countries in vulnerable situations to access concessional financing and address our needs. I also wish to emphasise the importance of South-South cooperation. Solidarity and unity between countries of the South will provide for stronger and enduring partnerships. And collective advocacy of our shared interests will contribute to mobilising resources, and ensure they are distributed equitably to serve our developmental needs,” he said.

    To conclude, President Ramkalawan, from the SIDS and LDC’s perspectives, expressed his hope that the Doha Programme of Action is used to its full advantage and that every country embraces progress and sustainable development so that they could all gather in the future stronger and more resilient.

    “SIDS and LDCs share similar concerns but from different perspectives. And it is imperative that we work together to mobilise maximum, effective, equitable, long-term support to lock in growth and prosperity. It is also imperative that we take ownership and primary responsibility for our respective countries and people through good governance, inclusiveness, transparency, respect for human rights, the eradication of corruption and in standing as strong advocates in defending climate change, what I call the Seychelles way, that we will embrace progress and sustainable development”

    “It is my hope that, in the not too distant future, we shall have a gathering of strong and resilient states, with poverty and under-development no longer an affliction of the many,” he concluded.

    During the LDC5 Conference in Doha, world leaders are gathered with the private sector, civil society, parliamentarians, and young people to advance new ideas, raise new pledges of support, and spur delivery on agreed commitments, through the Doha Programme of Action (DPoA).

    Whilst at the Conference the President will also engage in various high-level thematic roundtables, and a series of parallel and side events on various thematic priorities of the DPoA which are directly relevant to Seychelles.

    Source:(State House News,Seychelles)

  • UE-Niger Business Forum(Niamey,2023) in Pictures

    UE-Niger Business Forum(Niamey,2023) in Pictures

  • Niger Trade Minister Urges Diaspora Nigerien Common Front

    Niger Trade Minister Urges Diaspora Nigerien Common Front

     

    Trade Minister Alkache Alhada and Guests

    Report: Mohammed Abu, Niamey 

    Niger’s Trade Minister, Mr. Alkache Alhada, has urged Nigeriens in the West African region and beyond, to foster a united front, leverage their collective strength and be able to play a more impactful role in the country’s development agenda.

    Hon Alhada was speaking during a special reception for local West African participants on the sidelines of the recently ended UE-Niger Business Forum.

    It was intended to formally welcome and briefly engage CEOs and senior executives who had represented their various companies back home in Ghana, Nigeria, Ivory Coast among others.

    The Minister specially appreciated the presence of Ghanaian participants at the UE-Niger Business Forum. He recounted the historical lead role of the first Republican government of Ghana in fostering of African solidarity and unity while underscoring its relevance in today’s development context.

    He also proposed that, they could pull financial resources together and possibly, establish a bank in Niger as their input towards the achievement of Niger’s development goals.

    The participating Ghanaian companies were namely, Afro-Arab Co.Ltd,Ghana,CEO,Alhaj Awwal,Sando Man Transport Ltd,Ghana,CEO,Mr.Fuseini Musah,Al Firdaws Goup of Companies,CEO,Alhaj Abdul Razak,NMW Ltd,Ghana,CEO,Mr.Desmond,Tanko Forex Bureau Ltd,Ghana,CEO,Alhaj Pro-Umar Tanko/Paramount Chief of the Greater Accra Zerma Community, among others.

    Alhaj,Chief  Pro-Umar Tanko,in his submission,appreciated the hard work and great support the Niger Ambassador to Ghana, Her Excellency,Hajia Salamatou Goga,gave to participating companies from Ghana.

    He  also appreciated the selflessness  and high sense of responsibility of Alhaj Illolo Abubakar,Chairman,PNDs  Tarayya Party, West Africa who also doubles as the Special Advisor to the President  of the Republic of Niger.Alhaj Illolo, Chief Tanko said, played an important role towards  the participation of chiefs and other Nigeriens in the sub region during the Business Forum.

    Thursday Lunch Meeting

    A lunch meeting was also hosted by the Trade Ministry in Niamey on Thursday for various participants from Nigeria, Ghana and Ivory Coast who had as yet not departed for their respective countries. This afforded them an opportunity to better acquaint themselves with each other and also post Forum networking.

    Hon Alhada in an address, expressed his gratitude and  appreciated his quests for attending the Forum from the beginning to the end. He also  disclosed that, His Excellency, President Mohamed Bazzoum was also very exited to learn about their participation while also urging them to have trust in government’s development agenda. He assured them of government’s protection and commitment to support them establish their businesses in Niger without hurdles.

    Interactions between the Minister and his guests and networking among them ,brought out the importance for diaspora Nigeriens in West Africa and other parts of the world, including non-Nigeriens West Africans with business interest in Niger, to collaborate and contribute their quota meaningfully towards Niger’s development.

    Chief Pro-Umar Tanko in a submission , touched on the need for consideration of  Sovereign Sukuk(Zero interest Islamic bonds) issuance to address public sector funding gap.

    Then also, the vital importance of  government support for first entrant companies into Niger while  adding that, being in Niamey has afforded them the opportunity to appreciate the situation better and that  they would  engage the authorities on any matters arising after an appraisal of their trip. .

    The Minister’s passion for a common front and how to concretize it, prompted  Chief Tanko  to propose the creation of a WhatsApp group platform. This he said should be the initial step that would also serve as a rallying point and conduit for post forum interactions and networking among them.

    The e-group proposal was officially endorsed resulting into the creation of the Business Forum UE-Niger WhatsApp group platform with an initial 28 membership numerical  strength.

    The indefatigable Mm Goukoye Rekkia,2nd Counselor, Embassy of the Republic of Niger to Ghana, who led the Ghana Delegation to the Forum, worked around the clock to ensure everything was was well with all.

  • Niger’s Value Proposition Unveiled

    Niger’s Value Proposition Unveiled

    …..As UE-Niger Business Forum ends in Niamey

    Report: Mohammed Abu, Niamey

    The first two-day EU-Niger 2023 Business Forum ended on Wednesday in Niamey with the announcement of the creation of a European Union-Niger Chamber of Commerce including expression of interest by some potential investors to do business in Niger, as the major outputs.

    The EU-Niger chamber of commerce will not only serve as a mouth piece for European companies wishing to establish themselves in Niger, but also, as a secretariat-point of contact for business, as well as a medium for continuity of dialogue with the authorities relating to important business issues.

    Series of expertly moderated panel discussions by eminent panelists from Niger, Europe and the West African sub region covering a number of topical issues, was held alongside multi-industry sessions involving key Niger government institutions.

    Multiple industry sessions presentations by Director Generals of various Niger Ministries involving, Agriculture, Energy, Hydrology and Sanitation among others, unveiled on-going government programmes and projects, potential investors could buy into.

    In order to maximize the utilization of Niger’s huge agricultural potential, government launched the creation of agro-industrial Poles programme that is to involve commercialization of primary production via irrigation fed farming alongside commercialization of processing for exports thereby positioning Niger as an agro products driven economy.

    Aside that, exploring Niger’s rich renewable energy potential to beef up the country’s energy mix so as to support industrialization, maximizing of the benefits from her rich base metals and industrial minerals potential among others, are initiatives government is pursuing towards unleashing a new dawn in Niger.

    The event which drew over 900 participants from Niger, the West African sub-region, Europe and beyond, also recorded the participation of three Secretaries of State, two officials from European countries, about 400 companies worldwide 70 out of which were reported to be European.

    Organized jointly by the European Union in collaboration with the Niger Ministry of Commerce, the event was aimed at deepening business engagement between the EU and Niger, West African sub-region.

    Bringing the event to a close, Mr. Alkache Alhada, the Niger Minister of Trade, noted, “These exchanges, have enabled all the investor partners to realize the enormous potential that Niger abounds in, as well as, the facilities that could be offered to them on the administrative, tax and financial levels, for those who wish to settle in Niger.

    The Minister also disclosed that according to the echoes that have reached them, several investors have commented on expressing their interest either in settling in Niger to develop their business and/or, forging partnerships with Nigerien companies.

    In this regard, Mr. Alkache added, ”I would like to be delighted with this progress which will allow us in the years to come to really launch the industrialization of Niger”.

    Noting with great satisfaction the major outputs of the event, Mr. Alkache thanked the European Union delegation for its full involvement and the various panelists who had shed light on the potentials and enabling business environments thus, leading to the success of the event.

    The Ambassador of the European Union in Niger, Mr. Salvador, on his part also noted with satisfaction the success of the two-day event. He thanked the Trade Minister and all members of his team for the organization and for the tireless work during six months’ project.

    “I also think that Niger’s potential comes out in value after this Business Forum and we are very proud of it,” noted, Mr. Salvador while adding, ”Niger is emerging from this event, which is particularly visible on the radar of investors in a regional context which remains cloudy”.

    Earlier in his opening speech, the President of Niger, His Excellency, Mohamed Bazoum, appreciated both participants and organizers of the meeting which was organized in the wake of the round table of the PDES 2022 – 2026 held recently in Paris, for ”the interest you take in investments in Niger, as evidenced by the extent of your participation and the intensity of your mobilization”.

    Posting a rhetoric question, ‘What is not said about the handicaps of my country Niger? ‘President Mohamed Bazoum submitted that, the crucial issue wasn’t the denial of the handicaps or challenges, “but to change perspectives to move us towards our development goals by overcoming obstacles”.

    According to President Bazoum, “change of era takes place following catalytic crises”.

    “This time we are witnessing the conjunction of crises, climatic, environmental, geopolitical, economic, financial, security, migration, values ​​and meaning.

    “If these large-scale systemic crises spare no part of the world, they seem to have met in Niger, thus confirming that our country is a multidimensional geostrategic node critical for the stability of Africa, and even from Europe.

    ”If Niger has handicaps it also has considerable assets. Its geographical position, its wealth of natural resources including water, its arable land and considerable livestock, many sources of energy, minerals, its human and civilizational heritage, and its young population, make it a hinge between the North and the South of the African continent and between Europe and Africa, and a pivot of stabilization and commercial exchanges.

    Companies and investors from the European Union, in addition to financial capital, President Bazoum noted, have technological and industrial capital which the Nigerien economy so badly needs.

    Today, we can say that the European Union and Niger are each in the strategic neighborhood of the other, ‘noted President Bazoum while also insisting on the urgent need for Europe and Niger, Africa, to develop a win-win partnership in a constantly changing world”

    He also intimated, “the painful global transition we are going through is accompanied by opportunities to be seized, together, Europeans and Nigeriens, Europeans and Africans, to give us the best possible chances in the new era that is coming-digitalization of economies across the globe.

    Ms. Chrysoula Zacharopulou, Secretary of State to the Minister for Europe and Foreign Affairs, in charge of development, the Francophonie and France’s international partnerships on her part, that they were fully aware of the challenges faced by Niger, like many countries on the African continent but that notwithstanding she noted, “beyond the challenges, Niger and Africa are all lands of opportunities”, adding, “We want to publicize these opportunities. We want to talk about Jobs, Investments, Innovations and New Partnerships”.

    ”Dear Nigerien friends, we are strongly and permanently committed to your side. We are determined to support your country in the face of the many challenges it is bravely facing”, declared Ms. Chrysoula while affirming, ’’ We want to support inclusive growth, which develops a private sector that provides jobs, and above all, which improves the well-being of the Nigerien population.

    Ms. Chrysoula intimated that her presence here, with her European colleagues, is a strong message while also taking note of the words of a colleague, a French civil servant, who had said that she was enthusiastic at the idea of ​​ “further strengthening our partnership with your youth and your civil society, whose energy and dynamism amaze us every day”.

    Ms. Chrysoula also acknowledged the remarkable presence of high personalities from other European countries and even beyond, at the opening ceremony of the Business Forum.

    They included, among others, the Director General of Sustainable Development Policies at the Ministry of Foreign Affairs, European Union and Cooperation of Spain, Mrs. Eva Del Hoyo Barbolla, the Secretary of State for Foreign Affairs of Portugal, Mr. Francisco André, of Mr. Konstantinos Frangkogiannis, Secretary of State for Foreign Affairs of Greece, who moreover all intervened during this opening ceremony as well as the Nigerien Minister of Trade, Mr. Alkache Alhada, Mr. Moussa Sidi Mohamed President of the Chamber of Commerce and Industry of Niger and The Ambassador, Head of the Delegation of the European Union in Niger, Mr. Salvador ¨Pinta Da Franca.

     

     

     

  • Transition to Green Energy Must be Sensible, Pragmatic and Rational, Says Afreximbank’s Rene Awambeng

    Transition to Green Energy Must be Sensible, Pragmatic and Rational, Says Afreximbank’s Rene Awambeng

    Speaking during the Invest in African Energy Reception in London, Afreximbank’s Global Head of Client Relations, Rene Awambeng provided insight into what the institution’s recommendations are regarding Africa’s climate agenda
    LONDON, United Kingdom, January 27, 2023/ — The Invest in African Energy Reception (https://AECWeek.com/news/) kicked off in London with opening remarks by African Energy Chamber Executive Chairman, NJ Ayuk, and Rystad Energy Co-Founder and Chief Analyst, Per Magnus Nysveen, followed by an opening address delivered by Rene Awambeng, Global Head of Client Relations at the African Export-Import Bank – a partner of the event. During his address, Awambeng provided insight into what the institution’s recommendations are regarding Africa’s climate agenda.

    Firstly, Awambeng emphasized that Africa only accounts for less than 3% of global emissions, and therefore should be recognized as not the cause of excessive carbon, but rather, the victims of climate change. At the same time, considering the many oil-dependent economies in Africa, with GDP measuring as high as 25% for some, the continent should be able to establish a sensible plan for a just and fair transition.

    “We must use this opportunity to promote an approach to reducing global carbon emissions while sustaining current livelihoods which Africa is championing. The transition to green energy must be sensible, pragmatic and rational. It must recognize the enormity of the continent’s unmet economic development aspirations, the necessity to take urgent actions to address its ever-widening development gap and the continent’s vulnerability to climate change,” Awambeng stated.

    As such, Awambeng detailed a strategy towards a just and inclusive transition. Key aspects include supporting the implementation of the African Continental Free Trade Agreement (AfCFTA) to reduce emissions associated with shipping, moving away from exporting raw minerals that support the green economy and scaling up domestic value chains; enhancing foreign capital to finance the just transition and establishing African-based financing mechanisms to support industry growth.

    “We must give ourselves a breather to use the natural resources at our disposal to urgently deliver our development needs and simultaneously deploy these to promote investments in green energy. We must proactively and collectively intensify our efforts to implement the AfCFTA, as it is a clear path to mitigating carbon emissions while sustaining lives and livelihoods. We must all support the creation of the Africa Energy Transition Bank so that the continent can take control of its own future. We must back the African Energy Chamber (https://EnergyChamber.org/) so that it can intensify its thought leadership on this subject and ensure that Africa’s voice is heard as loudly as possible on issues that matter to us regarding energy.”

    Meanwhile, Awambeng emphasized the need to take urgent action to address the development gap in Africa and the continent’s vulnerability to climate change. In addition to energy investment, focus needs to be placed on climate investment, with the continent requiring up to $277 billion per annum to combat climate change. With Africa currently receiving less than $28 billion of the required funds, Awambeng urged the developed world to honor its commitments to climate financing and incentivized African stakeholders to create their own mechanisms and instruments to honor such commitments.

    “Afreximbank is supporting the promotion of a number of such innovative instruments and programs that can catalyze global finance and help close the funding gap for the necessary climate action while not sacrificing the development priorities of the continent. The Liquidity and Sustainability Facility represents one such innovative instrument…Initially launched by UNECA at COP26 in Glasgow, we expect to conclude the first deal in the course of this conference, to be fully funded by the Afreximbank.”

    In closing, Awambeng reiterated the need for a just transition in Africa, one that prioritizes carbon emission reduction and economic growth, simultaneously.

    “While decarbonization is at the center of the global climate agenda, it is evident that Africa, which has hardly carbonized, cannot contribute much to decarbonization. Africa’s priority is to find the money to fight poverty and fund mitigation and adaptation investments.”

    Distributed by APO Group on behalf of African Energy Chamber.

    SOURCE
    African Energy Chamber

    Distributed by :APO Group