Inaugural Africa Summit tipped to attract over Sh1b in investments
Enterprise
By
Esther Dianah
| Jan 15, 2025
The World Chamber Federation and the Kenya Chamber of Commerce and Industry will host the inaugural Africa Summit in April this year.
Nairobi will host the summit, making it the first African city to hold the prestigious event. The summit is projected to attract Sh1 billion in direct foreign investment through trade and business partnerships. Additionally, it will act as a platform to showcase Kenya‘s vibrant tourism and hospitality sector.
="https://www.standardmedia.co.ke/main-staging/business/amp/business/article/2001495930/kenya-eyes-more-investments-ahead-of-korea-africa-summit">More than 500 Small a At a briefing in Nairobi yesterday, organisers noted that the summit will champion inclusive trade, regional integration and green technologies. State to publish amended ICT Bill as cybercrime threats rise Top careers with highest risk of job loss revealed Trends small business owners need to watch in 2025 Nairobians' income nearly triple national average as Lamu's rises Fuel pump prices edge up for the first time in 14 months Where are alumni as universities struggle? Ruto now turns to UAE to grow jobs, economy with new trade deal Why digital reinvention is now part of our existence Tech industry slams Biden's new AI chip rules as threat to US tech leadership Lights finally dim on 'father of electricity' Hindpal Jabbal It will also highlight the role of new technologies in solving local challenges and driving growth while promoting public-private collaborations to mobilise resources for impactful economic development.
The summit is projected to attract 4,500 participants, including heads of state, 500 SMEs, 350 entrepreneurs and global investors from 70 countries. ="https://www.standardmedia.co.ke/main-staging/business/business/article/2001495930/kenya-eyes-more-investments-ahead-of-korea-africa-summit">Further, it is projected< that the forum will equip African chambers with tools from the International Chamber of Commerce (ICC) to enhance global trade participation. With the African Continental Free Trade Area (AfCFTA) bringing together 1.3 billion people and a combined GDP of $3.4 trillion (Sh438.6 trillion), the summit is anticipated to leverage Africa‘s potential as a global economic hub.
It is also projected that the forum will culminate into a major boost in regional integration, where intra-Africa trade will be boosted by $450 billion (Sh58 trillion) by 2025. The engagement will also champion green economies and eco-friendly trade, given Africa‘s high vulnerability to climate impacts.
="https://www.standardmedia.co.ke/main-staging/counties/article/2001495865/korea-africa-summit-country-says-it-is-ready-to-do-business#google_vignette">It will also focus on World Chamber Federation (WCF) General Council and immediate former KNCCI president Richard Ngatia said the summit is a milestone in redefining the role of chambers of commerce as drivers of economic transformation.
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