Participants of the Russia–Africa Economic Forum Set to Discuss Business Prospects in African Countries
Experts are predicting that the market potential of African countries is due to experience significant growth in the near future. Even today, the continent is one of the fastest growing regions in the world. Many global corporations are already present in Africa, with each of them fighting to have the most influence. It’s clear that business is already up and running here. Yet while there are prospects and opportunities, there are also serious risks. This dilemma will feature as the main topic for discussion at the Russia–Africa Economic Forum during a session entitled ‘Doing Business in Africa: Challenges and Opportunities’, which will take place on 23 October as part of the ‘Forging Economic Ties’ pillar. The session will be moderated by the President of the Russian Union of Industrialists and Entrepreneurs Alexander Shokhin.
Reports on the topic of the session have been prepared by Director of the Institute for African Studies at the Russian Academy of Sciences Irina Abramova; President of the Chamber of Commerce of Djibouti Youssouf Moussa Dawaleh; President and Chief Executive Officer of Grupo Opaia SA Agostinho Kapaia; Minister of Investment and International Cooperation of the Arab Republic of Egypt Her Excellency Sahar Nasr; and Commissioner for Economic Affairs of the African Union Victor Harrison. High-level experts will also be speaking during the discussion, including: President and Chief Executive Officer of Dangote Group Aliko Dangote; Chairman of the Board of Directors at URALCHEM Dmitry Mazepin; Chairman of the Board of Directors at Peacemaker International Security Centre Mikhail Anichkin; Chief Executive Officer of United Manganese of Kalahari Viktor Radko; Chief Legal Officer of Corporate and Regulatory Affairs and Member of the Board of Directors at Nord Gold SE Evgeny Tulubenskiy; and Professor at Moscow State Linguistic University Galina Sidorova.
Participants in the event will discuss the characteristics of the African market and the profiles of separate countries, along with obstacles to and conditions for success for companies which are already working in the region. “It’s impossible to view Africa as a single monolithic market. Here, every country has its own market profile, scale and structure,” said Irina Abramova. “When making the decision to work in African countries, it’s essential to consider the political, cultural, ethnic and religious peculiarities. All that entails a tailored country-specific approach to doing business.”
The invited experts will discuss several characteristics of the entrepreneurial and business culture of the African continent and will talk about the characteristics of the administrative environment and competition. Participants from official circles and private businesses at the meeting will help determine the optimal conditions for doing business in Africa, thereby minimizing risks and significantly increasing opportunities and prospects for development.
The Russia–Africa Summit and Economic Forum is due to take place in Sochi on 23–24 October 2019 at the Sirius Park of Science and Art. Events are organized by the Roscongress Foundation. Russian Export Centre and Afreximbank are co-organizing the Forum.
For a more detailed version of the Russia–Africa Economic Forum programme, please visit: https://summitafrica.ru/programm/.