African countries urged to realise full potential

African countries urged to realise full potential Abdul Basit / 3 May 2013 Africa Global Business Forum, which surpassed all hopes and expectations, concluded on Thursday where business leaders urged Africa to realise its full potential and work with Dubai to harness the power of its key sectors and reach out to the world. More than 4,500 attendees came together at the two-day event to discuss the exponential business opportunities which exist across the African continent, particularly in agribusiness, trade, logistics and financial services. It will be an annual event following the instruction of His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai. “The Forum has surpassed all our hopes and expectations. We are already looking forward to next year …..,” Dubai Chamber director general Hamad Buamim said during the forum’s closing remarks. “Our proximity and existing links to the African continent make us the ideal platform for African companies to reach out to the world. Both Africa and Dubai are partners in a mutually beneficial relationship – the Forum has highlighted how we are both on an equal footing. We both need each other in order to prosper,” the director general said. Dr Mo Ibrahim, Mobile Communication Entrepreneur, Founder of Mo Ibrahim Foundation, Sudan, opened the second day of the Forum, commenting on how Africa can realise its growth potential. He said the answer was simple – Africa must forget its borders. “We need a free flow of capital, goods and people,” he stated. Following economic integration, Africa must then focus on improving its infrastructure and address its power needs, Ibrahim said. On the sidelines of the Forum, highlighting Dubai’s role as a facilitator and gateway for the world to Africa, the COMESA Business Council (CBC) and the Federation of Indian Chambers of Commerce and Industry, signed an MoU to enhance regional integration and to cooperate in the areas of trade promotion and private sector development. Commenting during his session on day one, Khamis Juma Buamim, Chairman, Drydocks World and Maritime World, UAE, offered insights on the ‘Dubai Model’ as a hub to African and how Dubai is best placed to lend its expertise in this field. He stated that “Africa has lots of potential” and governments have allocated significant money for infrastructural development. “Dubai is ahead of its time and can help in the process of port management, training programmes and transfer of knowledge,” he added. In the same session, Jean-Luc Grillet, Senior Vice President, Commercial Operations – Africa, Emirates airline, UAE, highlighted the important contribution aviation makes to Dubai’s economy, counting for 20 per cent of GDP and set to increase to 30 per cent by 2020. He said the aviation sector employs 120,000 people, while Emirates alone has 6,800 staff. The airline plays an important role in Dubai-Africa connectivity, operating to 23 destinations across the continent with as many as 350 flights a week. Grillet said that Dubai can provide strategic support to Africa to do business with the world, but governments across the continent should do more to reduce transit visa fees to help attract more passengers. With food security a key issue facing Dubai and the wider GCC, Saleh Abdullah Lootah, Managing Director, Al Islami Foods, UAE, during a plenary session on agribusiness, highlighted the vast investment opportunities which exist for both Africa and Dubai. According to Lootah, Al Islami Food has aggressive expansion plans for Africa in food processing and the food chain. “We already have a presence in the GCC countries and Libya; but Africa is a base for us to grow as the continent holds huge potential, but what we need is the right partners,” he stated. Lootah concluded by saying, that there is a huge opportunity for Africa to feed the world, but it has to move fast in the area of research and development. Mathews Chikhankeni, Chairman of the CBC, said: “The collaborative partnership between the Federation of Indian Chambers of Commerce and Industry and CBC is in the spirit of promoting inter trade and partnerships between our regions and India.” abdulbasit@khaleejtimes.com Taylor Scott International