Several efforts are being made for the rapid development of Africa through platforms such as the Global African Business Initiative, which aims to encourage the private sector to bring investment and technology to address the problems of poverty and conflicts on the continent.
The Global African Business Initiative brought together key stakeholders under the leadership of the Deputy Secretary General of the United Nations, Amina J. Mohammed from September 18-19. This initiative was launched by UN Global Impact at a time when the African leaders are busy making a plan to best utilize the continent’s useful assets like the highly youthful population, and natural resources to address challenges like poverty and conflicts.
The inaugural Global Africa Business Initiative attempts to place Africa in its proper spot on the world stage. Its aim is to provide a roadmap for African prosperity that is sustainable and inclusive.
It provides stakeholders a unique opportunity to deliberate and takes action on critical issues like job creation, climate change, and food security among others. The UN Global Compact believes that the private sector brings technology, resources, and innovation.
Through the Global African Business Initiative, it wants to encourage the private sector to make investments.
This initiative has shared its objectives with the African Business leaders Coalition which is mobilizing leaders and communities to adopt sustainable business practices. The Africa Business Leaders Coalition is a CEO-led initiative emanating from the UN Global Compact Africa Strategy 2021-2023.
Africa is poised for very fast development with a $2.5 trillion market opportunity. From manufacturing to agriculture to services to finance, every sector is witnessing fast growth in Africa.
There is a huge market available in Africa. By 2050 Africa will constitute 25 percent of the total global population- offering up a massive consumer and business market. The initiatives such as Africa Continental Free Trade Area Agreement will become a catalyst for trade and investment opportunities within the continent as well as the world.
However, this huge potential of Africa is dependent on its ability to facilitate dynamic financing models, encouraging easier trade across borders with the full participation of women. The environmental challenges including climate justice, investment in renewable energy, and agricultural transformation are other key aspects that are pivotal for sustainable growth.