6 November 2007
Investing in Africa – business opportunities, financial
solutions
In a bid to dismantle stereotypes about doing business in
Africa, financial and government leaders will meet for the first
time in London today (6 November) to discuss East Africa’s
investment climate.
Key East African and British political and business figures will
speak at the symposium, including:
- Rwandan President, His Excellency Paul Kagame (Rwanda’s
business climate)
- Tanzanian Planning, Economy and Empowerment Minister The Hon.
Dr Juma Ngasongwa (Tanzania’s business climate)
- President of the African Development Bank, Donald Kaberuka
(effect of regional integration on business)
- DFID’s Parliamentary Under Secretary of State, Shriti Vadera
(private sector and eradication of poverty)
- City of London’s Policy Chairman, Michael Snyder (first-hand
account of East Africa investment opportunities)
- ACTIS and Investment Climate Facility for Africa, Nkosana
Moyo
The symposium will examine the business climate in Rwanda and
Tanzania, two of East Africa’s most progressive and
business-friendly countries. It is being jointly organised by the
City of London Corporation and the UK’s Department for
International Development (DFID), with the assistance of two
consultancy companies specialising in Africa – Africa Matters Ltd
and Africa Practice.
City Policy Chairman Michael Snyder said breaking traditional
and outdated views using economic data and first-hand evidence was
vital in overcoming misperception about Africa.
“Political risk and corruption have in the past turned many
investors away from Africa. During my visit to Rwanda and Tanzania
in August, I found real commitment from East African governments to
supporting international and domestic investment,” he said.
With African economic growth outpacing OECD levels during the
past five years and estimates of 6.7% growth in 2007, Chairman
Snyder said now was the time for UK companies to plan African
investment strategies.
“Foreign business people must realise that African nations are
not a one-size-fits-all when it comes to initiatives such as PPP.
Alternative income streams and innovative funding will be critical
in serving both East African communities and investor needs,”
Chairman Snyder said.
Commenting on the Investment Symposium, Shriti Vadera, DFID's
Parliamentary Under Secretary of State said:
"Rewards do exist for those investors who take the time to
differentiate between countries and seek out the reformers who
provide profitable opportunities.
"DFID is committed to developing long term partnerships with
countries like Rwanda and Tanzania that have a commitment to grow
and promote investment to create jobs and improve incomes," she
said.
Ends
Notes for editors
City of London: The City of London Corporation provides local
government services for the Square Mile, the financial and
commercial heart of Britain, and is committed to maintaining and
enhancing the status of the business City as the world's leading
international financial and business centre through its policies
and services. Its responsibilities also extend far beyond the City
boundaries and include management of the Barbican Centre, Central
Criminal Court at the Old Bailey, 10,000 acres of open space
including Hampstead Heath and Epping Forest, three wholesale food
markets, as well as acting as the London Port Health Authority.
Press queries to Cubby Fox at the City of London press office on
020 7332 3451 or Andrew Winstone at the DFID press office on 0207
023 1722.