Dubai Chamber of Commerce and Industry (DCCI) affirmed its commitment to invest all its resources to support those interested in investing in sub-Saharan Africa in terms of access to information and communication with the concerned authorities, especially since two of its representative offices are located in Ethiopia and Mozambique.
The Chamber also invited investors and businessmen to take advantage of the opportunity to organize the African Business Conference on November 18 and 19 in Madinat Jumeirah, and to attend the fifth session expected to witness the presence of a number of African presidents, ministers and businessmen involved in the sectors of investment, industry and trade, which will address the latest updates and opportunities And economic development in the continent over two days.
In addition, the Chamber revealed that sub-Saharan Africa has achieved dynamic growth in real GDP over the past two decades, reflecting the region's fastest growth of 3.8% over 2008 to 2018 (10 years). Compared to Russia and Brazil, this growth is expected to increase to around 8.4% during the five years 2019 to 2023.
According to a recent analysis by the Dubai Chamber based on data from the International Monetary Fund (IMF) and Havre Analytics, on the sidelines of its preparations for next week's 5th World African Business Forum, the combined GDP of sub-Saharan Africa's economies totaled about $ 1.6 trillion. 2018, a level similar to Russia and Brazil. The region's combined GDP is projected to reach $ 2.4 trillion by 2023, which is equal to Brazil and larger than Russia's.
The analysis of the «Chamber» that the growth achieved by the countries of sub-Saharan Africa, due to the boom in commodity prices, which was a support to the economies of the region, through increased governments investment in infrastructure projects, in addition to public consumption.
According to the analysis, Nigeria and South Africa remained the largest economies in sub-Saharan Africa. They are expected to maintain their positions for several years to come. The two economies together accounted for about 47 percent of the region's GDP of $ 1.6 trillion in 2018.
The Dubai Chamber analysis also highlighted the 10 most developed economies in Sub-Saharan Africa during 2014 to 2018, as well as the forecasts for their growth for 2019 to 2023. Ethiopia came first in the list of the fastest growing economies in the region, followed by the Sahel. Ivory Coast, then Rwanda, Senegal, Tanzania, Djibouti, Guinea, Mali, Kenya and Niger respectively.
Rewarding opportunities for investors
Dubai Chamber's analysis concluded that the growing economies in sub-Saharan Africa provide rewarding business opportunities to global investors, given their stable macroeconomic and political conditions, as well as an improved business environment, doubling their governments' efforts to invest heavily in local industries, and rising investments. Foreign direct investment over the last decade.