• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

African Economic Outlook 2023: Opportunities abound for Asian investors in Africa – Experts say

2 years ago
in Business, Economy, Features, highlights, Home, home-news, latest News
2 min read
0 0
0
47
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

RelatedPosts

FEC 2025: NRGI Warns Fossil Fuel Investments Risk Undermining Africa’s Energy Transition; Lists Innovative Financing Instruments to Plug Transition Funding Shortfall

Kwesi Appiah: The Ghanaian Legend Rewriting Sudan’s Football Story Amid War

Cadillac Signs Sergio Perez and Valtteri Bottas for 2026 F1 Debut

African Economic Outlook 2023: Opportunities abound for Asian investors in Africa – Experts say

Africa offers vast investment opportunities for Asian countries with the appropriate incentives for their private sectors, Prof. Kevin Urama, Chief Economist and vice president of the African Development Bank Group, has affirmed.

Urama made the call during a webinar to discuss the 2023 edition of the African Economic Outlook report. The African Development Bank organized the session jointly with the Korea Institute for International Economic Policy (KIEP) in Sejong-Si, Korea.

“I invite investors and governments in Asia to see Africa not as a distant land, but a continent full of opportunities,” said Urama, vice president for Economic Governance and Knowledge Management.

He based his recommendations on the data in the latest edition of the African Economic Outlook, a flagship annual publication of the Bank Group that reviews the economies of the 54 African countries and provides detailed forecasts.

The report shows that Africa has remained broadly resilient despite experiencing significant shocks, particularly from the Covid-19 pandemic, climate change, and the Russian invasion of Ukraine. From an economic growth of 3.8% in 2022, the continent is set to climb to 4.1% in 2023 and 2024, exceeding the global average by 2.9% and the European average by 1.1%, according to the report, which estimates that growth in Asia would be higher, at 4.3%.

Urama said, “Africa must play a key role in the green transition, given that it is home to 60% of the world’s unexploited arable land and the minerals needed for green growth.” He said these resources could stimulate sustainable development and investments. “This is virgin land, which can be easily used to build low-carbon infrastructure without large-scale expenditure.”

Edmond Wega, the Bank Group’s Executive Director for Canada, China, South Korea, Kuwait and Turkey, said Asian investors must look beyond unfavourable depictions of Africa to seize investment opportunities in Africa.

“Asia needs to use its technologies and knowledge to build a win-win relationship with Africa and work with its regions, countries and the African Development Bank to achieve a convergence and turn dreams into a reality,” he stated.

Sung-Chun Jung, vice president of KIEP, highlighted Africa’s vast potential for green growth, considering its fast-growing population and abundant renewable energy and natural resources.

“The international community must provide strong support for the efforts by African countries to combat climate change, particularly through funding, technology transfers and capacity building,” he said, adding that the private sector must play a more significant role in covering the funding gap to tackle climate change.

There was a round table featuring Hong Miao, an energy expert and programme director at the World Resources Institute in China; Sungbae An, Director of the Department of Macroeconomics and International Finance at the KIEP; and Kohji Mitomori, Director of the Office for Climate Change in the Global Environment Department of the Japanese International Cooperation Agency (JICA).

Munsu Kang, associate researcher at the KIEP, moderated the discussion.

Ms Hong Miao emphasized that Chinese investors and businesses were keen to work with other countries under the Organisation for Economic Co-operation and Development umbrella to invest and commit to economic development in Africa, particularly concerning green growth and renewable energies.

She stated, “A large number of private Chinese investors are already present in Africa, and the bilateral development banks also have a role to play, given the numerous innovative opportunities that exist for engaging with more private investors. Efforts must be made on both sides, in Asia and Africa.” Miao made the remarks after presenting a study on Chinese investors’ enthusiasm for Africa, particularly in renewable energies.

Sungbae pointed to the KIEP’s economic forecasts, assuming 3.7% growth in sub-Saharan Africa in 2023. “One of the key problems we have identified is inflation, driven by the increase in food prices and staple goods, the pressure associated with rising exchange rates and political unrest,” he said.

Kohji Mitomori said Japan was set to double its contribution to climate adaptation by 2030.

The event marks the fourth consecutive year of presenting the African Economic Outlook report in Asia.

The African Development Bank Group has an External Representation Office for Asia based in Japan.

Tags: African Economic Outlook 2023African Economic Outlook 2023: Opportunities abound for Asian investors in Africa - Experts sayAsian investors in Africa
No Result
View All Result

Highlights

FEC 2025: Energy Minister Warns African Gov’ts Cannot Sustain Energy Financing Burden; Urges Stronger Private Sector Role in Continent’s Energy Financing

ACEP Pushes for Bold Financing Models to Tackle Africa’s Energy Poverty at FEC 2025

The Rise of Women-Tailored Insurance Policies in Africa

Energy Ministry, NPA Engage Industry on Proposed Petroleum Sector Legislation

President Mahama Targets Billion-dollar Ghana–Singapore Trade in 24-Hour Economy Pitch to Investors

Unpaid Taxes “Very Frightening”, Says Hon. Nana Osei-Adjei

Trending

Energy

FEC 2025: NRGI Warns Fossil Fuel Investments Risk Undermining Africa’s Energy Transition; Lists Innovative Financing Instruments to Plug Transition Funding Shortfall

August 26, 2025

FEC 2025: NRGI Warns Fossil Fuel Investments Risk Undermining Africa’s Energy Transition; Lists Innovative Financing Instruments to...

Kwesi Appiah: The Ghanaian Legend Rewriting Sudan’s Football Story Amid War

August 26, 2025

Cadillac Signs Sergio Perez and Valtteri Bottas for 2026 F1 Debut

August 26, 2025

FEC 2025: Energy Minister Warns African Gov’ts Cannot Sustain Energy Financing Burden; Urges Stronger Private Sector Role in Continent’s Energy Financing

August 26, 2025

ACEP Pushes for Bold Financing Models to Tackle Africa’s Energy Poverty at FEC 2025

August 26, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.