Russia-Africa Expo 2024: Evaluating Results and Achievements

After the first and second summits held in Sochi and St. Petersburg, strengthening economic cooperation and deepening Russian-African business relations have taken the central stage which is especially important in the context of global geopolitical changes. Africa is a huge and rapidly developing market that can become a strategic partner for Russia, says Louis Gouend, founder of Hello Africa and founding Executive Director of the African Business Club.

In this interview taken by Kestér Kenn Klomegâh late October, after the first international B2B business forum “Russia-Africa Expo 2024” Made in Africa, Louis Gouend offered some useful insights into the dynamics why Russia and Africa ultimately have to forge an engagement in business and economic sectors, to expand cooperation in both regions, and further highlighted the existing challenges facing the evolving entrepreneurial initiatives in Russia and Africa. Here are the interview excerpts.

The first international B2B business forum “Russia-Africa Expo 2024” Made in Africa was a great success, demonstrating wide interest from both Russian and African participants. The forum brought together more than 500 participants representing 15 African diplomatic missions, more than 20 African countries, about 50 business representatives from Africa and more than 150 Russian companies, business associations and investment agencies. These figures show a high degree of involvement and willingness to cooperate.

The plenary session allowed Russian and African entrepreneurs to share knowledge about the specifics of the business environment in Africa and Russia, to identify the most promising sectors for investment and trade. This contributes to a better understanding between partners and facilitates the search for mutually beneficial projects. It is especially worth noting the preparation for signing several contracts for the supply of products from Africa to Russia, which is direct evidence of the success of the forum and its real business effectiveness. It is planned to make the forum an annual event and expand its program, which is a good sign for the continuation and deepening of Russian-African business relations. At the exhibition accompanying the forum, participants could get acquainted with African agricultural, cosmetic, souvenir products and tourism opportunities, which also contributed to the strengthening of cultural and business ties.

Discussion of challenges and obstacles to bilateral relations:

During the forum, key challenges facing Russian-African business relations were identified. One of these challenges is logistics and transportation of goods, which was mentioned in his speech by the chairman of the subcommittee on logistics and supply chains Andrey Severilov. He emphasized the need to optimize the existing infrastructure, which will help make the transportation of goods more efficient and less expensive.

Another obstacle is the financial instruments necessary for trade with African countries. Marina Nesterenko presented current financial instruments that can facilitate interaction between entrepreneurs on both sides.

Significant points were also identified from the African side. For example, Ngo Towada Marie Caroline from Cameroon spoke about the potential of MADE IN AFRICA products for the Russian market. Such presentations help to identify and initiate discussions on the obstacles facing bilateral trade.

Recommendations for the Russian authorities:

1. Specialized trade zones and investments:

The establishment of specialized trade zones for African partners in Russia can significantly simplify logistics and speed up customs clearance processes. It may also be useful to create programs that support joint investment projects in strategically important sectors such as agriculture, logistics and creative industries.

2. Educational programs and consulting support:

The development of educational programs aimed at raising awareness among Russian businessmen about the specifics of working in African markets will help to avoid many mistakes and speed up the process of entering new markets. A good example is specialized courses and seminars conducted with the participation of experts from both sides.

3. Diplomatic efforts:

Intensifying diplomatic efforts to create a favorable investment climate and provide legal guarantees for Russian and African entrepreneurs will be an important step towards strengthening bilateral relations. The development of bilateral agreements on investment protection and prevention of double taxation will help increase trust and investment.

Development of Russia’s relations with Africa: Strengthening trade and economic ties with Africa will help diversify Russia’s foreign economic partners, which is especially important in the context of global geopolitical changes. Africa is a huge and rapidly developing market that can become a strategic partner for Russia.

Africa, as part of the Global South, offers Russia unique opportunities to intensify its foreign economic policy. Given the growth of consumption and economic development in African countries, trade between Russia and Africa has the potential to increase significantly. The Russia-Africa Expo 2024 Forum was an important step in this direction, demonstrating a high level of mutual interest and readiness for further cooperation.

The B2B meetings held on the sidelines of the forum allowed for direct contacts between entrepreneurs, which is the basis for further successful cooperation. It is especially valuable that the event found a positive response among the participants, which indicates the need and demand for such platforms for dialogue and cooperation. It is important to continue to develop and deepen these relationships, turning the forum into an annual event.