Inaugural Africa Summit tipped to attract over Sh1b in investments

Kenyan Ambassador to Korea Emmy Kipsoi addressing investors in Seoul ahead of Korea-Africa Summit. [Courtesy]

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.

More than 500 Small and Medium Enterprises (SMEs) will be exposed to access to global markets, funding opportunities and mentorship to strengthen their role in value chains.

At a briefing in Nairobi yesterday, organisers noted that the summit will champion inclusive trade, regional integration and green technologies.

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.

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.

It will also focus on youth and gender inclusion and unlocking sustainable investment opportunities. According to Kenya National Chamber of Commerce and Industry President Erick Rutto, the summit is a defining moment for Africa to assert its role as a global trade leader.

„It will demonstrate Africa‘s readiness to seamlessly integrate into global value chains, leveraging its immense potential,“ Dr Rutto, who is also the chairman of the International Conference of Great Lakes Region, said.

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.