The just-concluded Latin America & Caribbean Africa Summit (LAC Africa Summit) will ensure that both participating continents benefit from previously unexplored investment opportunities that will spur inter-regional development. Following the success of this year’s affair, the LAC Africa Summit will be an annual event, positioned as the epicenter of trade between Africa, Latin America and the Caribbean.
The Summit was today concluded at the Windsor Golf Hotel & Country Club in Nairobi, with Foreign Affairs Cabinet Secretary, Dr. Amina Mohammed officially closing the event.
The LAC Africa Summit was opened by Principal Secretary-State Department of Trade Dr. Chris Kiptoo. The event seeks to strengthen trade ties between African, Latin American and Caribbean countries by creating networking and deal-making opportunities between top business leaders from the two continents.
Dr. Chris Kiptoo, the Principal Secretary, State Department of Trade, who represented President Uhuru Kenyatta at the event, welcomed the inauguration of the summit in Nairobi, stating that Africa is ripe with opportunity and resources that should be utilized effectively.
“Trade between South America/Latin America/The Caribbean’s and Africa countries grew by 75 per cent between 2005 and 2015, reaching $51 billion (Sh5.2 trillion) in 2015. Even though trade balance has been in favor of South America, there is room to enhance trade between the two continents. I believe through this forum, you have the opportunities to identify and expand exportable products exchanged between Kenya and South America,” said Dr. Kiprono, who read a speech on behalf of President Uhuru Kenyatta.
Kenya National Chamber of Commerce Chairman, Kiprono Kittony urged investors from other countries and continents to invest in Kenya, citing the recent remarkable economic growth across the entire continent.
“Africa has six of the 10 fast growing economies in the world. The private sector growth in Kenya is very vibrant. The current GDP growth is at 6.1 per cent. A few years to come, the economy of Africa will be larger than that of China and Japan combined,” intimated Kittony.
Delroy Howell, CEO of Roth Capital and Tomae Ltd, praised the initiative of the summit, saying it has come at a time when entrepreneurs are seeking for business partnerships in Africa.
“This will be a borderless opportunity for the movement of goods and services by decreasing the travel time from the Caribbean. I eagerly wait to deliver opportunities that will come out of this summit,” he said.
Business leaders and entrepreneurs attending the summit challenged entrepreneurs from Latin America and other continents to invest in Africa, terming it as a ready-for-business environment.
“Africa requires investment to grow. In Africa, business is profitable and doable. Investors must have a goal to achieve. Only then will they be able to remove the huddles that exist in every country,” said Dr. Manu Chandaria, Chairman of Comcraft Group of Companies. “Give us the experience, give us the opportunity and make Africa a great continent.”
The LAC Africa Summit, the first of its kind in Africa sought to create and strengthen trade ties between African, Latin American and Caribbean countries, so as to improve the economies of both continents. The Summit hopes to tap into new and unexplored markets and potential, while linking investors from the two continents. Its newly-established initiatives will focus on creating linkages and investment opportunities in key sectors such as manufacturing, infrastructure, financial, extractive industries, food and beverage, hospitality, agriculture, agribusiness and ICT.
Source: EXplaining the news