The Dubai Chamber of Commerce and Industry will organise the 2nd Africa Global Business Forum (AGBF) on the theme “New Realities – New Connections” between October 1-2, the Chamber announced Tuesday.
According to a statement obtained by PANA, ahead of the forum, the Chamber in collaboration with the Economist Intelligence Unit (EIU), has developed a detailed study highlighting economic and investment potential in sub-Saharan Africa.
The study said infrastructure, tourism, trade and agriculture were among key investment opportunities in Sub-Saharan Africa for Dubai-based companies.
”Ghana offers a relatively business-friendly environment. However, poor infrastructure remains a major obstacle. For retailers, Ghana has the potential to become the gateway to West Africa’s 250 million consumers,” the statement noted.
Meanwhile, according to the study, market opportunities in Ghana are moderate, but mining communities, tourism in coastal towns and the much anticipated growth in its population – expected to double in 20 years – will contribute to the development of the retail sector.
It was also pointed out that Ghana’s GDP growth would average 7.5% annually until 2017, driven by the expansion of gold mines and burgeoning oil and gas sector.
Similarly, the study reveals that tourism in Tanzania is a vital source of revenue and the economy remains dependent on agriculture and mining.
”Real GDP growth is expected to average 7.1% up to 2017, assuming tourism, agriculture, trade and investment pick up while growth in construction will be robust, led by investments in the gas industry and infrastructure projects.”
Furthermore, the study looked at Nigeria which, it says, emerges as a strong destination for investments in telecommunication and retail mainly due to its large population size.
Kenya’s economy has developed into a market-led hub for East Africa’s telecoms, retail and tourism sectors, it noted.
Meanwhile, Hamad Buamim, President and CEO, Dubai Chamber highlighted that the increase in economic reforms, rising fiscal spending and ties with fast growing economies in Asia are the main factors supporting the economy in sub-Saharan Africa.
He said that the AGBF will shed a light on the economic and investment realities in Africa and will give business leaders and decision-makers from Africa, Dubai and the wider GCC region an ideal platform to discuss business partnerships and opportunities.