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Monday, May 27, 2024

African investors must look for opportunities in Russia: Afreximbank

Story by Justin Mahlahla in St Petersburg, Russia

AFREXIBANK president, Professor Benedict Oramah says African investors must secure business opportunities in Russia in the same way Russia is seeking to establish corporations and partnerships in Africa.

In his address during a plenary session of the Second Russia-Africa Economic and Humanitarian Forum in St Petersburg, Professor Oramah said Africa is collaborating with the Russia Trade Centre in critical spheres such as agriculture, industrialisation, health and other infrastructure.

“The Afreximbank will be able to support African investors looking for opportunities in Russia. We also hope that African investors can look into Russia because it is only when we have two-way investments that we can accelerate development,” he said.

He added, “The Afreximbank is happy about opening new trade routes and hopes to find common ground for investment opportunities in Africa through the AFCFTA.”

Regarding food security, Professor Oramah expressed hope that Africa would be able to export to other countries soon.

“It is our responsibility to ensure food security is attained.”

“Less than 20 years ago, Russia was a net exporter of food. Today, Russia accounts for 20 percent of world exports of grains. We hope the new partnership under the Russia-Africa summit will make it possible for Africa to attain the same goal in a very short space of time,” he said.

He added that Africa and Russia must focus on activities that help in the implementation of the African Continental Free Trade Area (AFCFTA) for the realisation of the continent’s aspirations.

The plenary was opened by Russian President, Vladimir Putin and attended by 17 African leaders who include President Emmerson Mnangagwa, Uganda’s Yoweri Museveni and South Africa’s Cyril Ramaphosa.

More updates from the summit are available on www.summitafrica.ru

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