Trade between Africa and the United Arab Emirates – which increased from US$5.6 billion in 2005 to US$17.5 billion in 2014 – is growing beyond North Africa, said Dr Carlos Lopes, executive secretary of the Economic Commission for Africa (ECA).
Speaking at the sixth Annual Investment Meeting (AIM) held at the Dubai World Trade Centre this week, Lopes pointed out that traditionally economic relations between UAE countries and Africa had been concentrated in North Africa, but more recently the focus had been expanded to include other sub regions as well.
“For instance, the Investment Corporation of Dubai has invested US$300 million in Dangote Cement of Nigeria; Etihad has bought a 40% stake in Air Seychelles. Also, recently Ethiopia opened an embassy in UAE, which is another sign of deepening economic relations between Africa and UAE,” said Lopes.
He commented that Arab-African trade ties dated back to antiquity, and the two regions shared a common spirit of trust and brotherhood. “As one of the fastest expanding economic regions, dubbed the new investment frontier, Africa is an integral component of this new world of foreign direct investment,” Lopes said. “My message is simple – come invest in Africa.”
SA’s deputy minister of trade and industry, Mzwandile Masina, is leading a delegation to the conference this week. The AIM conference focuses on foreign direct investment (FDI) attractiveness, best practice, global hot spots and future FDI destinations.
