AIT a ‘natural bridge’ to Africa’s vast opportunities

According to co-organizer Mr. Didier Acouetey, Executive President, AfricSearch, the annual international forum aims to position Africa in South-East Asia (SEA) by facilitating direct contact between potential partners located on both continents.Now in its second year, the AFRICSEA is a leading platform for promoting corporate partnerships, showcasing Africa’s potential as an investment destination, developing “champion” African companies through joint ventures with Asian companies, stimulating regional economic links, and setting-up a permanent business exchange frameworks. “The two young economic zones form two billion consumers with real purchasing power, which, by 2020, will become a driving force for global growth,” said Mr. Acouetey.

The Asian Institute of Technology (AIT) was the sole higher learning institution partner for the event held under the theme “Bringing Africa to South East Asia.” Dr. Roland Amoussou, AIT adjunct faculty, and co-founder and president of the Asia-Africa Foundation, represented AIT, leading a small delegation of associates from Bangkok that included Mr. G.I.D. Chima, Senior Counsellor, Economic Matters, Embassy of Nigeria to Thailand; Mr. Joseph Bazambanza, Senior Partner, Jobaz Consulting; and Mr. Wolfgang Bertelsmeier, former World Bank and IFC official, and Asia-Africa Foundation representative.AIT’s Dr. Amoussou was a panelist for the plenary session that probed strategies for doing business in Africa. Leading experts in fields such as investment banking and export promotion emphasized the need for identifying optimal partners, mitigating risk, and pursuing best practices in technology, innovation, strategic planning and implementation.

Dr. Amoussou brought a higher education, skills development and capacity building perspective to the high-level business debate. Calling AIT a “natural bridge for connecting Africa to South East Asia,” owing to its unique status as an intergovernmental higher learning institution with an international orientation and an Asian perspective, he said: “AIT stands ready to welcome students from Africa to learn about Asia and to earn advanced degrees.”

Underscoring the strong need for establishing partnerships in Asia, Dr. Amoussou cited AIT’s long track-record in connecting Thailand with Africa via science, technology, cultural and educational initiatives. “Pursuing advanced knowledge in science and technology has been the difference for Asia,” he said, comparing the divergent development
paths on the two continents over the last half century. Later, Dr. Amoussou served as a panelist in the thematic session on banking and finance / consumer markets.

Organizer Paulo Gomes, managing partner of A&G Group, informed that Africa’s fast-growing economies were now outpacing Brazil, and that its overall economic pie would expand by several trillion dollars by 2020. “Africa is the region of the future and is emerging as a shining star,” added Malaysia’s Dr. Michael Yeoh, CEO and Director of the Asian Strategy and Leadership Institute.

Such optimism was echoed by Dr. Mohamed Ibn Chambas, Secretary-General, African, Caribbean & Pacific Group of States (ACP Group), who argued that numerous political and economic reforms of the last 20 years have led to enabling environments that can benefit Asian business interests. He enjoined potential investors to explore “win-win” partnerships that involve elements of technology transfer. “We are interested in a new development paradigm,” he announced, urging the many Africans present to eschew the old economic model of simply exporting raw materials and importing finished products.

A key ingredient in the new mix should be Public-Private Partnerships (PPP), suggested Dr. Nicholas S. Zefferys, President, AMCHAM, Malaysia, who stated that much of Malaysia’s success could be attributed to strategic use of PPPs. Dr. Zefferys argued that business offers opportunities to govern, and since business looks for talent, Africa needs to fundamentally increase its knowledge and skills base through higher levels of educational attainment.

The Hon. Bruno Jean Richard Itoua, Minister of Energy & Hydraulic, Congo agreed: “Something is happening in Africa. We are moving towards more democracy and stability, and better governance. The last 6-7 years’ trend of high economic growth is real. Africa is now moving from reliance on natural resources and overseas aid to a new status as an
economic player with many private sector examples.”

The Hon. Alexandre Barro Chambrier, Minister of Mining and Oil, Gabon, called for more across-the-board partnerships with South East Asian enterprises, who can gain advantages with timely entry to a huge market that is increasing in importance. “The time to engage Africa is now,” Minister Itoua implored the meeting. “Tomorrow may be too late.”

From left to right: H.E. Mr.Bruno Jean Richard Itoua, H.E. Mr.Alexandre Barro Chambrier, and Dr. Nicholas S. Zefferys.