Asia looks to Africa to expand trade ties

Asia is increasingly looking to Africa as a promising destination for investment and trade opportunities. The Director of the NTU SBF Center for African Studies at Nanyang Business School, Amit Jain, emphasizes the need to demystify the perceived risks associated with Africa from an Asian perspective. Speaking with CNBC Africa's David Alabi at the Africa Investment Forum in Abidjan, Jain highlights the gradual shift in perceptions as made-in-Africa products gain traction, changing old stereotypes. Jain's insights shed light on the evolving investment landscape between Asia and Africa. He notes that the NTU SBF Center for African Studies, based in Singapore, serves as a unique think tank focusing on Africa's transformation from an Asian viewpoint. The forum aims to debunk outdated notions of risk associated with investing in Africa, citing President Adesina's remarks on the continent's attractive returns on infrastructure and private investments. One of the key areas of focus for Jain is information provision and investment promotion. He highlights the importance of leveraging big data and access to information to showcase Africa's comparative advantages and drive visibility for investment opportunities. Jain identifies infrastructure, agriculture, finance, technology, and trade as pivotal sectors driving Africa's transformation, emphasizing the need to enhance the overall business climate. Despite Africa's heavy reliance on extractive industries, Jain underscores the importance of local champions emerging in these sectors to boost the continent's global presence. He envisions a future where products labeled 'Made in Ghana' or 'Made in Nigeria' dominate international markets, signaling a shift in perceptions about African goods. Moreover, Jain stresses the significance of local players taking center stage in Africa's investment landscape. While international entities like AfDB and Afreximbank play crucial roles, Jain highlights the growing importance of local players such as Dangote Group and MTN in attracting investments and changing the narrative about Africa's economic potential. As Asia's influence in Africa expands, Jain envisions technology playing a pivotal role in bridging the gap between the two continents. He emphasizes the parallels in using technology to deliver essential services and improve social welfare, drawing comparisons between Asia and Africa's developmental challenges. In conclusion, Jain advocates for continued collaboration and dialogue between Asia and Africa to foster mutual growth and development. As perceptions evolve, and local champions emerge, the stage is set for a new era of investment opportunities and partnerships between the two continents.