• Asia to invests $267bn, UAE $45bn annually, says FIN Chairman Fayomi
The Management of the Foreign Investment Network (FIN) in Nigeria and MahaBiz in India have collaborated with investors in Asia, United Arab Emirate (UAE) and other African countries to explore business opportunities in Africa.
The business experts noted that the allure of growing economies lies in their ability to offer new horizons for growth and diversification share insights, and build bridges that will shape the future of business in Africa, Asia, and the Middle East.
In her opening remarks at a pre-event virtual conference on Monday, the Chairman of Foreign Investment Network (FIN) Mrs Olayinka Fayomi, said the meeting marked a significant moment as they bring together the diverse and dynamic business landscapes of Africa, Asia, and the Middle East under one roof.
Mrs Fayomi said FIN will be collaborating with local partners and government to aid in driving investments into emerging markets.
She also welcomed entrepreneurs and other investment partners from Africa, the UAE, and Asia for participating at the pre-event of MahaBiz 2024, saying, they gathered to foster connections, exchange ideas, and explore opportunities that transcend borders.
According to her, MahaBiz 2024 is more than an event; it’s a platform for innovation, investment, and dialogue, creating pathways for a prosperous future.
She said, “Investors who take the time to understand the unique characteristics of these economies, assess the associated risks, and implement effective strategies stand to reap the rewards of being early movers in this exciting realm of global investment.
“The main event will be holding physically on 24th and 25th February, 2024 at the Metropolitan Hotel, Dubai and Atlantis the Palm, Dubai,” where investment opportunities and agreement will be discussed and agreements signed.
Speaking further, the FIN chairman cited data recently released by UAE’s Ministry of Foreign Trade, that UAE’s overall trade with six non-Arab African countries alone (Angola, Kenya, Nigeria, Ethiopia, South Africa and Tanzania) reached a whopping US$ 8billion in 2020.
According to her, Dubai’s non-oil trade with Africa has surged by over 71 percent to exceed $50 billion in 2020. Dubai’s trade with Africa is projected to see an annual increase of up to 10% over the next five years following the implementation of AfCFTA, according to recent analysis from Dubai Chamber, she added.
In 2022, trade between Asia and Africa reached $267 billion, with the UAE acting as a significant trade hub, and Dubai’s trade with Africa is worth $45B yearly.
She expressed gratitude to the participants, leaders and visionaries who played pivotal roles in shaping the economic landscapes of their respective regions.
The theme of the forum, titled: “Catalyst In Business, Investment & Economic Growth,” will feature discussions around the vast potential businesses within emerging markets, roles of investors in the global investment arena, pathways to economic growth, development and the inherent opportunities across the globe.
Also speaking during the virtual conference, Dr. Sunil Manjarekar, CEO of Sanbook Quality Consultancy; said in today’s ever-changing and competitive global economy, private equity funds have emerged as powerful catalysts for driving economic growth.
“These investment vehicles play a crucial role in fueling innovation, fostering entrepreneurial ventures, and creating opportunities for job creation.
“With their ability to infuse much-needed capital into businesses across various sectors, private equity funds have become key players in shaping the trajectory of economic growth worldwide.”
Dr Manjarekar urged investors to take advantage of the investment opportunities in mining, water resources, recycling, Agriculture, real estate amongst many others.
Some of the investors who participated at the virtual parley include Mr. Rajan Raje, Chairman, Nichem Group, India; Mr. Rajesh Agrawal, Chairman, RKG International, Dubai; Mr. Rajeev Lingras, Chairman, Builder’s Association of India; Dr. Sunil Manjarekar, CEO of Sanbook Quality Consultancy; Mr. John Laniyi, Director, HSB Homes; Hon. Aminu Suleiman Takuma, Honourable Commissioner of Trade, Industry, and Investment, Niger State, Nigeria; and Mr. Ajala Abdulrasaq, Director Business Relations, FIN.
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