U.S-Africa Business Summit: Promoting investment inflow into Africa

The United States, UAE, and Botswana are forging a crucial tripartite relationship aimed at promoting investment inflow into Africa, particularly in the energy and agriculture sectors. Walid Hareb Al Falahi, CEO of the UAE Trade Center, highlighted the significance of being a major diamond partner with Botswana, a key player in the diamond market worldwide. In an exclusive interview with CNBC Africa, Al Falahi emphasized the importance of economic growth over political considerations. The CEO emphasized the strong existing relationship between the UAE and Botswana, with the UAE being the largest partner for Botswana in the diamond trade. This partnership lays a solid foundation for investment flow between the two countries. Al Falahi also discussed the concept of a tripartite arrangement involving the US, Middle East, and African countries, which can help facilitate investment flows and reduce risk levels in projects. Despite geopolitical challenges like Russia's invasion of Ukraine, Al Falahi stressed that the focus remains on doing business and choosing deals based on their individual merits, rather than political affiliations. In terms of current projects, the UAE Trade Center is actively involved in a variety of ventures across the African continent. From a 100-megawatt solar project in Ghana to exploring opportunities in e-commerce and logistics in Kenya and Cameroon, the UAE is making significant strides in diverse sectors. However, Al Falahi acknowledged that structuring deals and navigating complex business environments require a strong commitment and active involvement on the ground. He credited the supportive UAE government for enabling the business community to thrive and succeed in international ventures. The CEO's forward-looking approach and focus on tangible collaborations underscore the potential for increased investment inflow into Africa and the positive impact it can have on economic development and partnerships in the region.