In pursuit of Africa’s economic self-sufficiency, the establishment of strategic partnerships among the continent’s sovereign wealth funds has emerged as a crucial driving force.

This critical aspect was underscored at the second annual meeting of the African Sovereign Investors Forum (ASIF), currently taking place from July 6 to 7. The event revolves around the theme of “Strategic partnerships: driving Africa’s resilience and sustainable development.”

The ASIF gathering convenes various authorities in the sovereign wealth funds ecosystem, alongside government officials and other stakeholders. The primary focus is to evaluate challenges and explore development opportunities across all sectors of the African economy.

Presently, Africa boasts at least 30 sovereign wealth funds, with a collective value of $100 billion.

Eric Rwigamba, Minister of Public Investments and Privatization, urged participants to deliberate on Africa’s investment potential and challenges while emphasizing the vital role of collaboration among diverse stakeholders.

“We aim to discuss strategies for enhancing private and institutional mobilization to contribute to Africa’s sustainable and inclusive development,” Rwigamba said.

Despite Africa’s impressive growth in trade over the past two decades, its share of global trade has remained relatively unchanged. While Foreign Direct Investments into Africa have surged from $39 billion in 2020 to $83 billion in 2021, intra-Africa trade accounts for only 16 percent of global trade.

In contrast, the continent’s trade with Europe stands at 67 percent, 53 percent with Asian countries, and 30 percent with America.

Source: New Times