Philip Hammond
The Global African Investment Summit (TGAIS) has announced that the Rt Hon. Philip Hammond MP, Secretary of State for Foreign and Commonwealth Affairs, will deliver the keynote address at the summit taking place on the 1st and 2nd of December, at Central Hall Westminster.
Talking about the Summit the Foreign Secretary said: “The Global African Investment Summit is one of the largest and most prestigious African investment summits in the world, and the fact that it is taking place in the UK is testament to the deep links between the UK and the continent. Africa’s economic success is of global importance: a prosperous, safe and secure world must have Africa at its heart.”
Hon. Lord Maude, Minister of State for Trade and Investment and James Duddridge MP, Minister for Africa at the Foreign and Commonwealth Office, will also participate at the summit.
Heads of state, and cabinet ministers, from ten African countries will present their countries’ most pressing bankable projects to large institutional investors.
Presidents attending the summit are:
H.E. Alpha Condé, President of the Republic of Guinea
H.E. Augustin Matata Ponyo, Prime Minister of Democratic Republic of Congo
H.E. Charles Gaëtan Xavier- Luc Duval, Deputy Prime Minister, Republic of Mauritius
H.E. Edward Ssekandi, Vice President of the Republic of Uganda
H.E. Hage Geingob, President, Republic of Namibia
H.E. John Dramani Mahama, President of the Republic of Ghana
H.E. Joseph Bokai, Vice President of the Republic of Liberia
H.E. Paul Kagame, President, Republic of Rwanda
H.E. Peter Mutharika, President of the Republic of Malawi
H.E. Thomas Boni Yayi, President of Republic of Benin
Over 1000 global investors, including pension funds, sovereign wealth funds, private equity and asset management firms representing over $7 billion in capital have registered to attend the Summit – a 25% increase from last year’s inaugural event, held in London.
“Two key factors driving the increase in investor interest in the 2015 Summit are, firstly, the opportunity to establish relationships, and directly engage with very senior government representatives and project developers in one joint forum. Secondly, economic factors – Africa registered 5% GDP in 2014, beating the global average by 1.5%, so the continent remains an attractive and important destination for investors,” said Paul Sinclair, director of The Global African Investment Summit.
According to the latest United Nations Conference on Trade and Development (UNCTAD) annual report on foreign direct investment (FDI), while investment, globally, fell by 16% in 2014, FDI flows in Africa remained stable at $54 billion and flows into Sub -Saharan Africa rose 5% to $42 billion, riding out challenges such as falling commodity prices.
Dr. Carlos Lopes, Executive Secretary of the United Nations Economic Commission for Africa said: “The Global African Investment Summit moves beyond the conventional discussion on the need for change in Africa and provides a business platform, offering African governments, and companies, the chance to showcase their investment projects to investors interested in long-term investment, in Africa.
It is also an important platform for African presidents, and ministers, to put forward their perspective strategies on how they will create a safe environment to stimulate sustainability and inclusive growth in their countries.
The outcomes of the summit will present a chance for Africa to use trade as an entry point for industrialisation, and play a modern role in the world.”
