Minister of Foreign Affairs of Ukraine Dmytro Kuleba: “Today in Zambia, I was pleased to be received by President Hakainde Hichilema to build on their dialogue with President Zelenskyy.

We appreciate Zambia’s solidarity with Ukraine and President Hichilema’s personal engagement in efforts to restore just and lasting peace as part of a group of African leaders.

Following the Peace Summit and Zambia’s recent decision to join its communique, I elaborated on the logic of Ukraine’s further steps to implement the Peace Formula on the path to the second Peace Summit. I expressed confidence that Zambia and wider Africa has a significant role to play on the path to peace.

I also conveyed Ukraine’s decision to provide Zambia with assistance within the ‘Grain From Ukraine’ humanitarian program to alleviate the consequences of this year’s devastating drought.

We also discussed a number of areas where we can make our bilateral partnership deeper and stronger, including agriculture, digitalization, energy security, economic cooperation, and trade”.

Distributed by APO Group on behalf of Ministry of Foreign Affairs of Ukraine.

The 3rd Foreign Office Consultations (FOC) between India and Zimbabwe were held in Harare on 6th August, 2024. The Indian side was led by Shri Puneet R. Kundal, Additional Secretary (East&Southern Africa), Ministry of External Affairs of the Republic of India and the Zimbabwean side was led by Mr. Mike Chigiji, Chief Director(Political), Ministry of Foreign Affairs&International Trade, Republic of Zimbabwe.

Both sides reviewed the entire gamut of bilateral relations between the two countries including existing institutional mechanisms such as the Joint Commission and the Joint Trade Committee. Sectoral Cooperation in the fields of defence, agriculture, health, mines, minerals and geology, Digital Platforms, education, training and capacity building and cultural exchanges were also discussed. Both sides also exchanged views on regional and global issues of mutual interest including cooperation in the UN.

The discussions provided an opportunity for both sides to take stock of the current status of bilateral relations and explore avenues for further deepening these relations. It was agreed to hold the next FOC at a mutually convenient dates in New Delhi.

Distributed by APO Group on behalf of Ministry of External Affairs – Government of India.

RMB (www.RMB.com) has released the highly anticipated 2024 edition of its Where to Invest in Africa report, a comprehensive analysis of the top investment destinations on the continent. The report, which has been developed in collaboration with the Gordon Institute of Business Science (GIBS), leverages a robust methodology that has been updated to reflect new data sources, taking into account a variety of factors that have been proven to determine a country’s progress and therefore its investment potential. 

“Africa is not a country, but a vast, diverse and complex continent with different cultures, economies and investment potential. Our report therefore is not a definitive guide, but rather it is designed to provide insight to uncover the underlying drivers of a country’s performance that inform its ranking. This offers invaluable insights for investors, policymakers, and business leaders looking to navigate Africa’s dynamic economic landscape,” says Isaah Mhlanga, Chief Economist at RMB.  

Expanded data, extended granularity 

Investment decisions need to be viewed through both an economic performance lens and an operating environment lens. As a result, the methodology used for this edition of the Where to Invest in Africa report builds and expands on previous editions, taking into account new data sets as well as changing geopolitical and macroeconomic climates.  

The scorecard for the 2024 issue highlights 31 countries that collectively represent 92% of the continent’s economic activity (measured by GDP), and more than one billion people (three quarters of the continent’s population). It draws on publicly available data sets from global institutions, including the World Bank, the IMF, the African Development Bank, the United Nations, and the International Labour Organisation.  

The model is constructed from 20 metrics across four measurement pillars: economic performance and potential; market accessibility and innovation; economic stability and investment climate; and social and human development. Each metric is weighted, which translates into a weight for each pillar, and based on these metrics a standardised scorecard is produced, with rankings that enable effective comparison across Africa’s complex and heterogeneous environment.  

Africa’s top five investment destinations 

Combining these elements results in a ranking across the 31 countries measured. The results of the report show that the two small island economies of Seychelles and Mauritius rank first and second as the most attractive investment destinations on the continent, while the significantly larger economies of Egypt, South Africa, and Morocco rank in third, fourth and fifth places respectively. 

Seychelles leads the rankings thanks to high levels of personal freedom, human development, and a stable economic environment. Seychelles offers a unique and attractive investment climate. Despite scoring lower on economic size and potential, Mauritius is known for innovation, economic freedom, and high GDP per capita. It continues to be a top destination for investors seeking stability and growth opportunities in a well-regulated environment.  

Egypt represents Africa’s largest economy by GDP (2023), offering a substantial market with diverse opportunities in sectors like technology, manufacturing, and services. Its strategic location and economic complexity further enhance its attractiveness. Despite facing significant challenges, South Africa remains a crucial hub for investment in Africa. Its robust financial sector, diverse economy, and potential for infrastructure development make it a key player. Finally, Morocco’s strong performance in connectedness, innovation, and economic stability positions it as a top investment destination. Its strategic proximity to European markets adds to its appeal. 

Distilling diversity – investment archetypes explained 

Africa is an incredibly diverse continent, and no two markets are the same, which means there is no such thing as a universal success story. However, when we zoom out and view nations through the lenses of size and the relevant investability score, it becomes apparent that they fall into distinct groupings with shared traits. The 2024 edition of Where to Invest in Africa suggests five potential investment archetypes based on shared characteristics revealed through the four measurement pillars.  

‘Highflyers’ represent the large, well-established economies that offer stability and a range of investment opportunities, such as Nigeria, South Africa, Egypt and Ethiopia. Those ‘Cleared for Take-off’ are countries with high economic growth and innovation potential thanks to factors like a young population and abundant resources, including Senegal and Côte d’Ivoire. ‘People Potential’ are markets with a young and growing demographic, creating a sizeable consumer base and a future workforce, such as Kenya, DRC and Uganda. ‘Global Connectors’ are more advanced economies with a strong international presence, such as Morocco, Mauritius, Tunisia and Seychelles. ‘Low-Base Boomers’ are smaller markets with high potential for explosive growth but a corresponding higher degree of risk, including Rwanda, Mozambique, and Benin. 

Additional insights unpacked

The report also highlights a number of trends across the various markets, and the role of innovation and economic complexity in driving growth is a central theme. Countries such as South Africa, Kenya, and Ghana are noted for their strides in technological innovation and diversification of their economic bases, making them attractive destinations for investment. 

The African Continental Free Trade Agreement (AfCFTA) holds significant potential for boosting intra-African trade, enhancing economic integration, and creating a more competitive continental market. Effective implementation of the AfCFTA is expected to drive economic growth and development across the continent. Africa’s young and rapidly growing population also presents a unique opportunity for economic growth, with countries like Ethiopia, Tanzania, and Uganda poised to benefit from this demographic dividend, provided they can create sufficient employment opportunities and foster a conducive environment for economic participation.  

In addition, there are a number of emerging markets with significant growth potential, including Nigeria, Ghana, and Kenya. Despite facing challenges such as political instability and infrastructural deficits, these countries offer substantial opportunities due to their large and youthful populations, improving business climates, and diversification efforts. Africa’s vast natural resources, including minerals and arable land, are pivotal for sustainable economic growth. However, the report cautions against the “resource curse” and underscores the importance of good governance and strategic management. Angola, Mozambique, and the Democratic Republic of Congo are highlighted for their rich resources and potential for sustainable development. 

One area that requires critical attention across the continent is the need for infrastructure investment. Improved transportation, energy, and digital infrastructure are essential for unlocking Africa’s economic potential, and South Africa, Kenya, and Nigeria are identified as key markets where infrastructure development could yield significant returns. 

Beyond the rankings – a deeper look at African investment 

Looking beyond metrics and scorecards, Africa holds massive potential but equally faces numerous challenges. The continent is rich in natural resources, which can be a major driver of economic growth, but they also present challenges in the form of corruption and environmental degradation. Increased activity around trade agreements can open new markets for foreign investors and boost economic activity, but lack of adequate infrastructure is a major hurdle for many African economies. Investment in this space will improve connectivity and create new opportunities, while rapid and increasing urbanisation will prove attractive to investors in consumer goods, retail, and financial services. Finally, countries in Africa are embracing new technologies, leapfrogging traditional development stages and creating new investment opportunities in the tech sector. 

“The richness of Africa’s diversity makes fully analysing its nuance and contrast a challenging task, but an important one when it comes to understanding the varied markets that make up this vast regional economy. The 2024 RMB Where to Invest in Africa report aims to develop a balanced, robust and actionable view of the drivers, challenges and opportunities that characterise each of the 31 African markets included in the analysis,” Mhlanga concludes.  

Download the full report here to uncover the insights and drive more informed investment decisions. 

https://apo-opa.co/4dyoUQm
https://apo-opa.co/46CBs7c

Distributed by APO Group on behalf of Rand Merchant Bank.

Kenya has significantly reduced the impact of HIV/AIDS over the past ten years, achieving a remarkable 68% reduction in AIDS-related deaths, from 58,446 in 2013 to 18,473 in 2022. Additionally, new HIV infections have dropped from 101,448 in 2013 to 22,154 in the same period.

Highlighting these achievements, Principal Secretary for Medical Services, Mr. Harry Kimtai, emphasized the importance of developing a robust HIV Sustainability Operational Plan that reflects Kenya’s national aspirations and realities. He stated, “This plan will serve as our blueprint to preserve and build upon the gains we have made. It will require collective effort, innovative thinking, and steadfast commitment from all stakeholders involved.”

To maintain and expand these successes, Mr. Kimtai engaged in a productive discussion with representatives from various health sector organizations during the inaugural meeting of the steering committee. This committee will oversee the development and implementation of the operational plan aimed at sustaining the gains made in the HIV response.

He urged all participants to focus on addressing the gaps and ensuring accelerated progress beyond 2030. “Let us move forward with resolve and unity to shape a future where HIV no longer poses a threat to our nation’s health, development, and prosperity,” he added.

The steering committee’s work marks a pivotal step in Kenya’s ongoing efforts to combat HIV/AIDS, showcasing the country’s dedication to achieving long-term health and development goals.

Distributed by APO Group on behalf of Ministry of Health, Kenya.