Germany is aiming to make Africa an attractive destination for investment by providing a safe and stable environment for businesses. The country’s economy minister emphasized the importance of clear legal rules and reduced bureaucratic hurdles to tap into Africa’s enormous potential in core sectors like energy, agriculture, infrastructure, and industry.
Economy Minister Robert Habeck emphasized the importance of a “safe and stable” investment environment for businesses in Africa during the 5th German-African Business Summit in Nairobi, Kenya. He highlighted that political uncertainty can be detrimental to direct investment, citing it as “ poison ” for businesses.
Musalia Mudavadi, the head of Kenya’s cabinet and foreign minister, also addressed the summit, stressing the need for clear legal rules and reduced bureaucratic hurdles. He emphasized the importance of creating jobs and opportunities for Africa’s growing population.
Mudavadi noted that Africa possesses “ enormous potential ” in core sectors like energy, agriculture, infrastructure, and industry, much of which remains untapped. He attributed this to the need for strong partnerships between African countries and foreign investors.
Habeck praised German engagement in Kenya, highlighting its contributions to job creation, scientific research, and technology transfers crucial for Kenya’s long-term economic development.
The Economy Minister suggested that skilled workers from Africa could consider moving to Germany under the country’s recently introduced immigration rule reforms. He argued that this could create a “win-win situation” for both sides, with the return of skilled individuals bringing new expertise and innovation back to their home countries.
German trade volumes with Africa reached a record high of €61.2 billion last year, with exports up 8.3% and imports from Africa down 4.9%. However, prices for some core imports and raw materials contributed to the decline in imports.
