Global Africa Business Initiative aims to accelerate and promote business, trade and investment across Africa
UNITED NATIONS, New York, 15 August 2023: The Global Africa Business Initiative (GABI), the leading platform for promoting investment opportunities and business growth across Africa and the world, will bring together Heads of State and Government, CEOs, UN leaders, investors and entrepreneurs in September for a deep dive into energy, trade, and digital transformation.
This landmark event comes at a pivotal time in Africa's economic landscape. With a market potential of US$3 trillion, Africa presents enormous business, trade, and investment opportunities. The region's GDP growth at 4%, expected to outpace the global average of 2.7%, is indicative of the continent's robust economic momentum. Moreover, FDI into the region surged to US$97 billion in 2021 before moderating to US$45 billion in 2022, but still reflects a substantial increase from the US$39 billion recorded in 2020, underscoring a vibrant and attractive investment environment.
These unique attributes underscore the vast potential and innovative spirit that characterize Africa's present and future economy. Leveraging 60% of the world's uncultivated arable land and housing the youngest population globally, with 60% under the age of 25, the continent is poised for dynamic growth and expansion. GABI provides the perfect platform to explore and invest in these opportunities, laying the groundwork for a prosperous future in Africa and worldwide.
Themed 'Unstoppable Africa', the GABI event will take place on 21-22 September in New York during the high-level UN General Assembly week. This year's event aims to amplify opportunities and encourage businesses, governments, and investors globally to drive business, trade, and growth for Africa and the world. The guest list will include government and business leaders, investors, financial experts, heads of UN agencies, as well as well-known athletes and artists.
This year's program will center on three key themes: Energy Access & Energy Transitions, Inclusive Growth & Trade and Digital Transformation delivered through high-level keynotes, fireside chats, and in-depth panel discussions concerning energy access, inclusive growth and trade, and digital transformation. Launched in September 2022 by UN Secretary-General Antonio Guterres and UN Deputy Secretary-General Amina J. Mohammed in New York, GABI emphasizes Africa's potential as a major driver of global business. The initiative underscores opportunities in every sector, from manufacturing to agriculture and finance.
"The Global Africa Business Initiative is about Africa's leaders resetting the global narrative and positioning key partnerships to deliver inclusive sustainable growth for people and the planet," said Amina J. Mohammed, UN Deputy Secretary-General. "The next chapter for Africa begins by building bridges for new opportunities, where Africans take to the global stage to craft their own narratives and develop powerful economic engines – on their terms."
The Global Africa Business Initiative plays an important role in facilitating the dialogue and collaboration needed for Africa's ambitious economic growth and the Sustainable Development Goals. The forum stands as an essential platform for progressing Africa's growth and transformation and tapping into the continent's youthful population and enormous potential.
The UN Global Compact coordinates GABI in partnership with the Economic Commission for Africa, UNDP, the Office of the Special Adviser on Africa, International Telecommunication Union, International Trade Centre and Sustainable Energy for All.
For more information on the Global Africa Business Initiative and the programme for September's Unstoppable Africa event, please visit https://www.gabi.unglobalcompact.org
Eneya B. Phiri
Follow GABI on social media @GlobalAfricaBiz #UnstoppableAfrica