GABI focuses on $2.5 trillion African market

The GABI ‘Unstoppable Africa’ conference focuses on sustainable, equitable growth and accelerating business opportunities on the African continent.

Partners in government, industry and philanthropy are urged contribute toward a vision of sustainable, equitable growth and to accelerate business opportunities on the African continent. This was the message from United Nations Deputy Secretary-General Ms. Amina J. Mohammed in her closing remarks at the inaugural Global Africa Business Initiative (GABI) conference.

GABI: Unstoppable Africa

Under the headline ‘Unstoppable Africa’, the two-day GABI launch event brought together business, non-profit, political, media and cultural leaders to create a new growth roadmap and realize the immense, untapped business and investment opportunities offered by the USD 2.5 trillion African market.

“Africa is unstoppable. Africa is an essential part of global business and a major investment destination. Africa includes some of the world’s fastest growing economies. And Africa has more — much more — to offer,” said UN Secretary-General Guterres António Guterres in his opening remarks.

“The solidarity we are looking for in the world will come home to roost, and it will be in Africa. Right now, the leadership and the solutions are coming from the continent,” said Ms. Mohammed.

Technological innovation

Speakers identified technological innovation as a source of recent and potential future growth in sectors ranging from telecom to medicine to finance, noting that the relative lack of existing tech infrastructure is actually an opportunity, making possible a more efficient transition into newer, more modern systems.

Thought leaders and investors explored strategies for unlocking the continent’s financial sector. Discussions included the announcement of the USD 1 billion African Women Impact Fund, launched with a $60 million investment by Standard Bank Group.

Organized by the UN Global Compact in partnership with the African Union, UNDP Africa, the UN Economic Commission for Africa and the UN Office of the Special Advisor on Africa, GABI is supported by Afreximbank, Google, Rockefeller Foundation and Mastercard Foundation.

In the coming months, GABI and the UN Global Compact will continue to provide opportunities for leaders to consider the forward direction of Africa’s growth.

The Rockefeller Foundation recently unveiled plans to develop climate change resistant infrastructure across Africa.