Dubai Chamber has announced the launch of a new initiative highlighting untapped business potential in West Africa.
The initiative, called Why Africa, will also look at the region’s key economic indicators and competitive advantages.
The initiative comprises in-depth analyses conducted by Dubai Chamber and based on recent data from UNCTAD, up-to-date insights for prospective investors and recent trade trends, said local reports.
It was launched in the lead up to the Global Business Forum Africa 2021, which will take place between October 13-14, on the sidelines of Expo 2020 Dubai.
Hamad Buamim, President and CEO of Dubai Chamber, was quoted by the local reports as saying: “Africa is one of the world’s most promising regions for economic growth, which is featured prominently on many global indicators in recent years as one to watch out for.”
He added: “Market research is essential for UAE investors who are studying the possibility of expanding their businesses into key African countries.”
Buaim also said: “Dubai Chamber’s Why Africa initiative seeks to provide such insights that can help them make a more informed business decision.”
He added that the initiative serves as a reference point for UAE businessmen to evaluate opportunities across various economic sectors. Such prospects will be in the spotlight at the upcoming GBF Africa in Dubai, where industry players and key decision makers can offer an insider’s perspective.
Buamim described Why Africa and the GBF Africa summit as “important channels that can be leveraged to boost Dubai-Africa trade and investment flows in the coming years.”
Among the key data areas covered by the initiative are: population, GDP, FDI and trade trends.
Home to 412.4 million people (as per 2021 estimates), West Africa is Africa’s second-most populous region and comprises 16 countries: Nigeria, Ghana, Senegal, Côte d’Ivoire, Niger, Burkina Faso, Mali, Guinea, Benin, Togo, Sierra Leone, Liberia, Mauritania, Gambia, Guinea Bissau, Cabo Verde, and Saint Helena.
It is also economically vital, accounting for around 29 percent of Africa’s economy.
In 2020, West Africa accounted for 33.2 percent of the emirate’s trade with Africa, with a total trade value of $16.8 billion (AED61.7 billion), making up approximately 75 percent of the region’s overall trade.
It is the continent’s second-largest region in terms of total real GDP, with average GDP value nearing the $709.2-billion mark.