At least 1,000 delegates, including heads of government, representatives of multilateral organisations and members of the private sector, today convene in Kigali for the Global African Investment Summit.

The summit, which will be held at the Kigali Convention Centre, is taking place for the first time in Africa with previous editions held in London.

The two-day meet is convened and organised by the Common Market of Eastern and Southern Africa in partnership with the Government of Rwanda.

Organisers say the summit is tailored to serve the continent’s growing appeal among forward thinking investors who view the continent as an investment destination as opposed to a sole aid benefactor.

Speaking last week, Rwanda Development Board chief executive Francis Gatare said, at the summit, opportunities and partnerships will be showcased with an aim of maintaining a steady stream of investments in Rwanda and Africa in general.

“We will be hosting over 1,000 business leaders at the summit. Opportunities will be laid out to the delegations showcasing projects that are available for investment and partnerships. We are optimistic that the trend we are seeing with investments into the country will continue to act as testament for others to come on,” he said.

The forum comes at a time several African countries are working to create a conducive investment environment for the private sector.

Amanda Basi, the summit’s programme director, told The New Times that the forum will showcase policy improvements and adjustments as well as gather feedback from the private sector on what more governments can do to improve the business environment.

“We are not only going to have governments and politicians talking about what they are doing, it is also going to involve conversations with members of the private sector who will highlight what is working well for them and what is not,” she said.

Intra-Africa investments

The uniqueness of this year’s summit is the focus on investments by African investors as well as promoting intra-regional trade, which is quite low compared to other regions across the world.

Currently, the levels of intra-Africa trade remain at under 15 per cent compared to regions such as Asia where it is over 40 per cent.

“One of the things that this forum will be looking at is the creation of the Tripartite Free Trade Area aspiration. The key thinking is why we are not having a common market and why we are not trading enough with each other. Trade is very low and increasing it is the next step for growth for the entire continent,” Basi said.

Paul Sinclair, a member of the organising committee, said Rwanda was one of the nations changing opinions and perceptions by investing in infrastructure.

“Rwanda is actively changing opinions with its actions to improve its industrial, agricultural and social infrastructure. Heavy investment in Rwanda’s ICT has been crucial to helping the nation spearhead their long term growth strategies, allowing it to become a place of interest for investors,” Sinclair said.

Sinclair said investment opportunities in Africa are particularly strong due to its potential consumer base, along with the high adoption rate of various technological devices, such as smart-phones and the Internet.

Organisers say they will build on a Tripartite Free Trade Area (TFTA) that was launched in Sharm el Sheikh, Egypt, in June last year.

TFTA aims to economically integrate Africa’s three major regional economic communities – the Common Market for Eastern and Southern Africa (COMESA), the Southern African Development Community (SADC), and the East African Community (EAC).

Together, the three economic blocs will create the largest trading bloc in Africa, comprising 26 countries, about 620 million consumers and a combined GDP of almost $1.2 trillion.

The forum is an internationally recognised business platform that creates a unique meeting place for global investors and public and private sectors.

The last Summit took place in London, UK, in December last year, and attracted over 1,500 investors who manage over $425 billion in funds earmarked for Africa and other emerging markets.

---

Rwandan and Ugandan President’s launch The Global African Investment Summit COMESA & Government of Rwanda

African leaders, heads of state, senior policymakers and influential business leaders will be gathering at The Global African Investment Summit COMESA & Government of Rwanda (TGAIS – COMESA Rwanda). The summit, which begins on Monday, 5 September 2016, will be focused on accelerating African economic integration through trade and investment and will explore various topics that are crucial to the development and growth of the continent. 

Hosted by His Excellence, President Paul Kagame, the prestigious summit has attracted heavyweight global investors, private sector project owners, government ministers and public sector representatives. They will meet to discuss foreign investment opportunities, agribusiness, ICT and energy development, amongst other topics. Also in attendance will be H.E. Yoweri Museveni, President of the Republic of Uganda. Both President Kagame and President Museveni will take part in the interactive opening thought leadership panel, discussing the main themes and issues around the challenges and opportunities presented by the African economic landscape. 

The two day conference is intended to be a networking platform that will facilitate investment deals and transactions between bankable projects, businesses and high net worth investors. 

Sindiso Ngwenya, Secretary General of COMESA, who will be in attendance at the summit comments: “The Global African Investment Summit COMESA & Government of Rwanda will be the rallying cry for investors to come together and trigger deals that will potentially herald a new era for Africa, one that stimulates social and economic development, and uplifts the living standards of Africa’s populace. This will transform and modernise the African economy and ultimately strengthen our union.”

His Excellency Paul Kagame, President, Republic of Rwanda states: “We do not need to dwell too much on reminders that investment and good governance are critically important, and that integration is profoundly in Africa’s interest. We know it, we believe in it. What remains is just to be doing what is necessary to make it reality. Africa cannot just remain a story about huge potential that never materialises. Something has to give. Postponing our priorities and delaying our commitments are the most expensive mistakes that Africa can make. There is nothing we are waiting for, and nothing we lack. Let’s work together across sectors and borders with the right mindset of urgency, and build the Africa we want.”

The conference will facilitate trade and investment across the COMESA region, and is expected to be pivotal in Africa’s economic and development journey.