MINSK, 29 October (BelTA) - Africa is a promising partner with which long-term mutually beneficial cooperation can and should be built, Chairman of the Belarusian Chamber of Commerce and Industry (BelCCI) Mikhail Myatlikov said at the opening of the international forum “Africa: legal aspects of doing business”, BelTA has learned.
The forum is the first such event on cooperation between Belarus and the African continent, organized by the BelCCI, Mikhail Myatlikov said. Attending the forum are representatives of the state administration, legislative branch, legal, foreign economic and financial services of enterprises, experts who have successfully dealt with the pitfalls of commercial activity in this market.
According to Mikhail Myatlikov, the Belarusian president has identified Africa as one of the main reference points in the country’s foreign policy and one of the priority foreign economic vectors. According to the IMF, six of the world’s ten fastest growing economies are in Africa. The average annual GDP growth rate of the African continent has been 4% over the past decade. “Everyone recognizes the enormous and still hugely untapped agricultural potential: Africa accounts for 65% of the world's arable land and about 10% of domestic renewable sources of fresh water,” he said.
The head of the BelCCI emphasized the deepening integration among African states. The African Continental Free Trade Area, launched on 1 January 2021, is the largest in the world, uniting 55 countries of the African Union and eight regional economic communities. It aims to develop a single market with a population of about 1.3 billion people and a combined GDP of about $3.4 trillion.
“It is planned that the operation of the African Continental Free Trade Area will increase the size of the African economy to $29 trillion by 2050,” Mikhail Myatlikov said. “All these figures show that Africa is a promising partner, with which it is possible and necessary to build long-term mutual cooperation. Our country already has a certain groundwork”.
In January-June 2024 Belarusian exports to African countries increased four times compared to the same period last year. “Obviously, this is a direct result of a series of high-level visits to African states last year and this year. It is important to maintain and build on the momentum. Today, the African market generates a steady demand for food, machinery, equipment, agricultural machinery, mineral products, chemical industry goods, metals,” the chairman of the BelCCI added.
He emphasized the importance of working for the future and gradually moving away from simple trade in favor of investment cooperation and industrial cooperation. “Like everywhere else, African governments want foreign partners to do more than just sell them goods. They are interested in the capital, in the construction of turnkey production facilities in their countries. Here, one can reasonably count on long-term preferences through participation in state programs and government procurement,” Mikhail Myatlikov said.
He believes that in addition to supplying goods, it is important to build partnership in the services sector. About 2,000 students from Africa study in Belarus. Belarusian universities are able to provide African countries with training of specialists of various profiles - from doctors to engineers.
“Working with Africa has its own difficulties: an understudied market, a diverse business culture, and logistics. But, as we know, a journey of thousand miles begins with a single step. I have no doubt that Belarusian business has all the opportunities, experience and desire to take its place on the African continent,” Mikhail Myatlikov concluded.
The international forum “Africa: Legal Aspects of Doing Business” became a platform for discussing topical issues, including legal aspects of contracts, investment risks and protection of entrepreneurs' rights. It gathered more than 240 participants, including foreign speakers.
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