By Magdalene Mukami and Andrew Wasike
NAIROBI, Kenya (AA) – Over 400 companies from Germany convened in the Kenyan capital Nairobi Thursday for the first ever German-African Business Summit to be held on African soil.
Top businessmen from African countries seeking investment deals and partnerships with German firms are at the two-day conference in hopes of inking profitable deals with the newest visitor to African shores, Germany.
Unlike China and Japan, which are “building Africa” by investing heavily in businesses and moving up the risk ladder, Germany tends to be risk averse, German Development Minister Gerd Muller told Anadolu Agency on the sidelines of the summit.
Muller said that his country expects all the countries convening in Kenya to create a better working environment as Germany has decided to officially enter not only the Kenyan market but the African market as well.
He said Germany wants to create employment for Africa’s unemployed youth.
“By 2050 Africa’s population will double and then account for 20 percent of the global total, with the average age being 18. Europe has a shared responsibility to give this young generation economic opportunities on the ground,” Muller said.
“We need to see progress against corruption. and legal certainty has to be created for companies,” he added.
Pointing to a pact between Berlin and Nairobi on vocational training for young people, he said, “Fifty percent of young people being unemployed cannot be the future. Young people need training, education, and they need employment. That will be our challenge to overcome over the next five years.”
Speaking at the conference’s opening ceremony, Kenyan Foreign Minister Amina Mohammed touched on the key issues to be discussed, listing Africa’s economic growth prospects, regional economic integration, innovation, and financing opportunities.
“These are issues that are critical to achieving our aspirations as a continent that is seeking to be an important global player as it becomes more integrated and more economically dynamic,” said Mohammed.
Berlin hosted the first German-African business summit in 2015.
