Africa is the last frontier for growth opportunities of significant size
The 9th Nordic-African Business Summit, 2019
We believe we can create better business together, with the Summit being the starting point.
Eivind Fjeldstad
CEO
Norwegian African Business Association (NABA)
The Nordic-African Business Summit is organised by the Norwegian-African Business Association (NABA) in partnership with Norfund – the government’s investment fund, and the Norwegian Ministry of Foreign Affairs. It has become one of Europe’s leading business and investor conferences focusing exclusively on the African continent.
This full-day event brings together more than 40 speakers, over 400 participants, 35 countries, 200 companies/investors and 15 ambassadors, ministers and guests from the Nordic and African business communities with the goal of increasing cooperation and trade between African countries and Norway.
The 2019 Summit focused on sharing experiences in finance, energy, technology and health, with government delegations from South Africa, Nigeria including H.E. Vice President Yemi Osinbajo, Ghana, Angola, Kenya and Ethiopia in attendance and African Ambassadors ready to meet guests during speed-meeting sessions.
Exploring the new Continental Free Trade Area (the world’s second largest trade agreement) the summit looked at how companies can navigate uncertainty, finance, energy, agri-tech, technology and security.
Trade with African countries is increasingly important for Norway. In 2018 Norwegian companies exported goods worth over NOK 19 billion to African countries. This is an increase of 50 % compared with 2017. Norfund’s main priority investment region is Sub-Saharan Africa, accounting for more than 50 % of their portfolio, while clean energy and finance make up over 70 % of Norfund’s 22 billion NOK total portfolio.
There are profitable investment opportunities in a variety of sectors in Africa and African governments pursuing friendlier investment policies. However, international investors are still reluctant to turn towards developing markets, especially the poorest countries. According to Norfund CEO, Tellef Thorleifsson, most investors and companies are under-invested in Africa as they are failing to grasp the growth potential due to excessive risk perception.
Extensive investments are needed to achieve sustainable economic growth and to reduce poverty. Hence the importance of strengthening the private sector in Africa as highlighted in the UN Sustainable Development Goals.
Nordic-African business partnerships are growing but there is still a need to build knowledge and balance the unbalanced image of African markets. NABA continues to play their part, bridging Norwegian and African business communities and advocating for more, better and safer business collaboration between Norway and Africa.
Sign up for NABA 2020 Summit:
8 October 2020, Radisson Blu Scandinavia Hotel, Oslo, Norway
