Global law firm Hogan Lovells is set to hold its virtual “Africa Business Leaders Series” to explore key sectors and industries projected to spearhead Africa’s economic recovery with the aim of advancing resilient sustainable-led growth. Starting with West Africa on May 19, the series will be led by core members of Hogan Lovells Africa practice and feature leading private sector players and investors to discuss the latest industry and economic developments.
Data from the African Development Bank (ADB) states that Africa’s Gross domestic product (GDP) is projected to grow by 3.4% in 2021, after shrinking by 2.1% in 2020. The recovery is said to be driven by the effective deployment of Coronavirus vaccines, continued implementation of the Africa Continental Free Trade Agreement (AfCFTA) and increased private sector investment and participation in the economy.
As African economies rebound in 2021, West Africa is expected to bounce back with renewed confidence, as demonstrated by major investments in the technology ecosystem, new developments in the renewable energy space, as well as a strong focus on trade & logistics projects to harness the potential of the AfCFTA. Thus, the West Africa event will deliberate on these areas.
Despite the pandemic, the World Bank has projected that the East Africa will remain the continent’s fastest growing region in 2021, alongside Southern Africa. As a result, the East Africa regional event will explore the new investment opportunities in the Agriculture sector and provide insights into the new wave of investments in technology and data infrastructure in the region; while the Southern Africa series will analyse mining and the services sector and invite private sector leaders operating in tourism and hospitality and FMCG to draw a plan for economic recovery.
The North African series will discuss the booming manufacturing ecosystem in the region in addition to the automotive, gas and power sectors, and invite leading industrialists and investors for discussion and debate on the future of the region.
With the African Business Series, Hogan Lovells continues to expand investment opportunities for industry players across Africa with the aim to sustain economic growth.
Speaking on the regional Business Leaders Series, Head of Africa Practice at Hogan Lovells, Andrew Skipper said, “Hogan Lovells is excited to champion the journey to economic recovery and sustainable growth in Africa. We have been operating in Africa for over 30 years and are committed to understanding, operating in, investing in and respecting the continent.
In the wake of the COVID-19 pandemic and its impact on economies around the world, it is pertinent that discussions are held, and actions taken to restore Africa to its booming economy. Through combining our vast experience and in-depth knowledge with insights from major industry leaders in Africa to explore the different sectors that are relevant to Africa’s prospects, the regional African Business Leaders Series reiterates our commitment to supporting and fostering investment in Africa.”