Business opportunities in Africa are becoming increasingly visible – and so is the interest of Finnish companies

African countries are increasingly of interest to Finnish companies. Several Africa-focused events organised in autumn 2022 have been full with participants. As much as 62% of granted funding offered by Finnpartnership in 2022 has gone to Finnish companies’ projects in African countries. Finnpartnership also supports projects in Africa through its Regional Coordinator.

During autumn 2022, several Africa-focused events have been organised, such as an education sector trip to the TOSSE exhibition in Nigeria in August-September, visits to Helsinki by a delegation of Ghanaian and Sierra Leonean business and government officials, Kasvua Afrikasta seminar and a business seminar by the Finland-Africa Society. The interest of Finnish companies in the Africa events and delegations has been remarkable, and several of the events have been fully booked well before the registration deadline.

The interest in Africa is also reflected in the use of Finnpartnership’s services. In 2022, as much as 62% of Business Partnership Support has been allocated to Finnish companies’ projects in Africa. This is double the share compared to 2016. Since then Finnpartnership has actively sought to increase the number of projects in Africa.

Kasvua Afrikasta seminar provided information about African markets to Finnish companies

In the vast continent, there is demand for a wide range of products and services: a young population, urbanisation and middle-classisation open up opportunities for Finnish companies.

On 6 October, Finnfund, Finnpartnership, Kasvu Open and the Finnish Technology Industries organised kasvua Afrikasta (Growth from Africa) seminar at Sanomatalo in Helsinki, where Finnish companies shared their experiences and knowledge of the African market and its opportunities. Speakers at the event included Ville Skinnari, Minister of Foreign Trade and Development, Vesa Perälä (Claned Oy) and Riku Vassinen (hasan & partners), who have been active in African markets for a long time.

The event, which was streamed live online, attracted a total of 170 participants to Sanomatalo and online. The participants praised the practical and informative nature of the event. It has sparked a large number of follow-up discussions among the participants and their project ideas for Africa. Both Finnpartnership and Finnfund can support sustainable projects in Africa through their own financial and other services.

A recording of the event can be viewed here. Starting at 50:30, Finnpartnership’s presentation will provide an overview of our services for projects in Africa and a briefing on the types of projects we have supported in Africa in recent years.

The decade of sustainable infrastructure development in Africa

On 29 September 2022, the Finnish-African Society organised its annual business seminar to showcase current developments in Africa. Since 1964, the Finland-Africa Society has been promoting intercontinental partnerships and diplomatic missions that encourage and facilitate trade and investment.

The theme of this year’s seminar was the need for sustainable infrastructure development in Africa. With a growing population and economy, energy and infrastructure are also needed to meet the challenges of growth. At the same time, global warming is causing drought, which on the other hand makes the soil unable to absorb water during the rainy season. Therefore, infrastructure needs to be designed in a sustainable way in a changing environment.

The seminar also highlighted the EU’s Global Gateway, first in a digital message by EU Commissioner Jutta Urpilainen and in a speech by Juha Savolainen, Deputy Head of Department at the Ministry for Foreign Affairs. Global Gateway is a new European strategy to promote smart, clean and secure connections in the digital, energy and transport sectors and to strengthen health, education and research systems around the world. Team Europe, made up of the EU institutions and EU member states, will invest up to €300 billion between 2021 and 2027 around the world, especially in Africa. Part of the funds will be channelled through Team Finland institutions such as Finnvera and Finnfund.

The dust settles – Kenya’s outlook after the August 2022 elections

Elizabeth Okunda, who joined the Finnpartnership team in summer 2022, will serve as the Regional Coordinator for the programme in Africa. Elizabeth’s tasks include helping Finnish companies to find local networks and partners.

Elizabeth is based in Kenya, one of Africa’s largest economies. Elizabeth’s recent writing (10.10.2022) focuses on Kenya, where the recently concluded elections have brought about changes in the state’s business priorities and focus sectors. Read the brand new review here.