A discussion forum – Export Club on Sub-Saharan Africa, organized by EXIMBANKA SR in cooperation with the Ministry of Foreign and European Affairs of the Slovak Republic (MZVEZ SR), took place today in Bratislava. The aim of the event was to provide Slovak companies with an overview of the opportunities for their expansion into Sub-Saharan African territories.
“The interest of Slovak entrepreneurs in our events confirms us that this format has its merit – it is a lively platform for strengthening economic diplomacy and finding specific export opportunities. It is an opportunity to strengthen international cooperation and also a chance for Slovak companies to find their place in infrastructure and technology development projects. Africa, as one of the eligible Global Gateway regions, is also part of the territories where we can meaningfully link our export promotion mission to broader development objectives ,“ said Rastislav Podhorec, Director General of EXIMBANKA SR.
As Rastislav Chovanec, State Secretary of the Ministry of Foreign and European Affairs of the Slovak Republic, said at the opening of the Export Club, the development of cooperation with the Sub-Saharan Africa region is one of the priorities of the economic diplomacy of the Slovak Republic: “Today, we are focusing our attention on an extremely important and promising topic – the development of trade cooperation with sub-Saharan African countries. Sub-Saharan Africa is a region with enormous potential: demographic growth, accelerating urbanisation, digitalisation, infrastructure development and growing demand for modern technologies are driving forces that are fundamentally transforming the countries of this region and opening up new opportunities for the development of our mutual trade .“
Slovak entrepreneurs received useful information on various forms of export support in the territory and attended dozens of B2G meetings with Valerie Rugene, Deputy Ambassador of the Republic of Kenya in Vienna, Stephen Mubiru, Ambassador of the Republic of Uganda in Berlin and Muyiwan Onifade, Chargé d’Affaires of the Federal Republic of Nigeria in Vienna, among others.
Nigeria is Africa’s largest economy with a population of over 220 million, a GDP of 500 billion. With a GDP growth of 3.1% (2023), inflation of 27.3% (February 2024) and foreign direct investment of USD 5.98 billion (February 2024), Nigeria has a GDP of USD 100 billion and a GDP growth of 3.1% (2023). The country offers investors pro-investment policies, a floating exchange rate, tax holidays (3-5 years), export grants, or access to special economic zones and the benefits of the African Continental Free Trade Area. Nigeria offers Slovak exporters opportunities in the areas of infrastructure, energy, healthcare and agriculture. They can find them, for example, in mechanised agriculture, processing of agricultural products, improvement of seedlings and chemicals, or in the process of improving and optimising various stages of the production or marketing chain. In IT and fintech, opportunities in Nigeria are in startups, digital payment systems, cybersecurity and data analytics.
Kenya is strategically located to provide access to the East African region and is a member of key trading blocs. The country has four international airports, two seaports, is a leader in mobile money and home to green data centres. Nairobi is the tech hub of sub-Saharan Africa and the third largest startup ecosystem in Africa. The country’s imports include machinery, electronics, vehicles, cosmetics, industrial goods and reactors, to name a few. There are investment opportunities in manufacturing, agriculture, construction and development, tourism and the creative economy.
Uganda, known as the “Pearl of Africa”, is the fastest growing economy in the East African Community with a GDP of over 40.43 billion. It has the highest growth rate in the EAC, with an estimated $40 billion (2021) and a steadily increasing inflow of foreign direct investment (FDI). This is largely due to Uganda’s stable and consistent macroeconomic policies, liberalised business environment, proximity to the Great Lakes logistics hub and increased regional trade. Investment opportunities exist in the areas of agriculture, manufacturing, services, tourism, infrastructure, and human capital development and industrial parks.
EXIMBANKA SR supports Slovak entrepreneurs in their export activities to the traditional markets of the EU countries, but it also focuses on export markets outside the EU and on new, prospective territories in emerging regions or geographically more distant destinations.
Visit our website.
Keep up to date with export and foreign trade information on our Linkedin profile.
ABOUT EXIMBANKA SR
As the only direct instrument of the state for export promotion, EXIMBANKA SR is an important part of the chain responsible for promoting the country’s economic policy in the field of external economic relations. It offers a wide range of export-related financial products, especially credit insurance, financing and guarantees. As a state export credit agency, it enables Slovak exporters to enter into trade and investment relations where the commercial financial sector is less interested in taking on risk and therefore performs a complementary function.