In order to invest into business opportunities in Africa, the management of the Foreign Investment Network in Nigeria and MahaBiz in India have worked with investors from Asia, the United Arab Emirates, and other African nations.
The business experts observed that developing economies are attractive because they present fresh opportunities for expansion and diversification, facilitate knowledge exchange, and create connections that will influence business in the Middle East, Asia, and Africa in the future.
Foreign Investment Network Chairman Olayinka Fayomi made the following statement during the opening remarks of a pre-event virtual conference on Monday: “This meeting marks a significant moment as they bring together the diverse and dynamic business landscapes of Africa, Asia, and the Middle East under one roof.”
According to Fayomi, FIN will work with regional partners and the government to promote investment in emerging markets.
She also greeted business owners and other investors from Asia, the United Arab Emirates, and Africa who had come to the MahaBiz 2024 pre-event with the intention of fostering relationships, exchanging ideas, and investigating opportunities that cut across national boundaries.
She states: “MahaBiz 2024 is a platform for innovation, investment, and conversation that paves the way for a prosperous future. It’s more than just an event.
“Investors who take the time to comprehend the distinctive features of these economies, evaluate the risks involved, and put into practice successful strategies will benefit from being among the first in this exciting field of international investment.
“The primary event will take place in person on the 24th and 25th February, 2024 at the Metropolitan Hotel, Dubai and Atlantis the Palm, Dubai, where investment opportunities and agreement will be discussed and agreements signed.”
Speaking further, the FIN chairman cited data recently released by UAE’s Ministry of Foreign Trade that the country’s overall trade with six non-Arab African countries alone: Angola, Kenya, Nigeria, Ethiopia, South Africa and Tanzania, reached a whopping $8 billion in 2020.
According to Fayomi, Dubai’s non-oil trade with Africa has surged by over 71 percent to exceed $50 billion in 2020.
Dubai’s trade with Africa is projected to see an annual increase of up to 10 percent over the next five years following the implementation of AfCFTA, according to recent analysis from Dubai Chamber, she added.
In 2022, trade between Asia and Africa reached $267 billion, with the UAE acting as a significant trade hub, and Dubai’s trade with Africa is worth $45 billion yearly.
Fayomi expressed gratitude to the participants, leaders and visionaries who played pivotal roles in shaping the economic landscapes of their respective regions.
The theme of the forum, titled: “Catalyst In Business, Investment and Economic Growth,” will feature discussions around the vast potential businesses within emerging markets, roles of investors in the global investment arena, pathways to economic growth, development and the inherent opportunities across the globe.
Also speaking during the virtual conference, Dr. Sunil Manjarekar, CEO of Sanbook Quality Consultancy, said in today’s ever-changing and competitive global economy, private equity funds have emerged as powerful catalysts for driving economic growth.
Manjarekar said: “These investment vehicles play a crucial role in fueling innovation, fostering entrepreneurial ventures, and creating opportunities for job creation.
“With their ability to infuse much-needed capital into businesses across various sectors, private equity funds have become key players in shaping the trajectory of economic growth worldwide.”
Dr Manjarekar urged investors to take advantage of the investment opportunities in mining, water resources, recycling, agriculture and real estate amongst many others.
Some of the investors who participated at the virtual parley included Rajan Raje, Chairman, Nichem Group, India; Rajesh Agrawal, Chairman, RKG International, Dubai; Rajeev Lingras, Chairman, Builders Association of India; Dr. Sunil Manjarekar, CEO of Sanbook Quality Consultancy; John Laniyi, Director, HSB Homes; Hon. Aminu Suleiman Takuma, Commissioner of Trade, Industry and Investment, Niger State, Nigeria; and Ajala Abdulrasaq, Director Business Relations, FIN.