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Focus on Africa
What Can the Private Sector Do to Align Migration and Development Goals?
“The times they are a-changin…” Bob Dylan
Presentation by Jeff Hoffman, Ph.D.
Aligning Migration and Development GoalsUnited Nations Institute for Training and Research
March 23–24, 2009
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March 23, 2009 – Time Magazine
Headline:Top 10 Ideas Changing the World Right Now – #6 Africa, Business Destination
“Africa offers more opportunity than any place in the world.” – Stephen Hayes
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March 21, 2009 – Wall Street Journal
Headline:Why Foreign Aid is Hurting Africa
“Money from rich countries has trapped many African nations in a cycle of corruption, slower economic growth, and poverty. Cutting off the flow would be far more beneficial.” – Dambisa Moyo
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February 18, 2008 – CNNMoney.com Fortune
Headline:Investment in Africa Starts to Pay Off
“Widespread perceptions of corruption and violence do not deter some Western firms from putting money into African nations – often with impressive results.”– Mark Gunther
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Since 2006, foreign investment in Africa exceeded foreign aid, with over $60B in global direct foreign investment in 2008.
“Africa’s profitability is one of the best kept secrets in today’s world economy.” – Kofi Annan
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Clearly, the role of traditional development aid is changing, and the role of business and investment is becoming more prominent for the future of Africa and other developing countries.
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This will naturally mobilize African nationals in the Diaspora to return to their home countries; so what can the private sector do to help facilitate and expedite this process?
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Promote DialogueHarambe Endeavor is an alliance of African students attending world-class universities seeking to better address the challenges and opportunities of Sub-Saharan Africa.
April 11–12, 2009 Symposium will focus on the efforts of Africa’s Global Intellectual Capital (AGIC)
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Promote Professional DevelopmentMaryland-based Howard Hughes Medical Institute (HHMI) announced on March 13, 2009, it is funding a $60M HIV/AIDS and TB research center at KwaZulu-Natal University’s Nelson Mandela School of Medicine in Durban, South Africa.
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Promote ReturnEmphasize positive and inspirational stories of successful expatriates who have returned to their home country.
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Dr. Eleni Z. Gabre-Madhin returned to Ethiopia in 2008, after over 20 years in the United States, to found the Ethiopia Commodity Exchange, a private-public partnership, to provide an agricultural marketplace where buyers and sellers can come together to trade.
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Promote a Positive ImageTV – The Africa Channel promotes the wonder, beauty, and excitement of Africa today.
News Media – AllAfrica.com, Africa Business Daily, Capital Markets Africa, AfricaNews.com
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Promote Positive Cultural Norms – Music
“Thank Jah I’m on the right track, thank Jah I’m on the right track, repatriation is a must, repatriation is a must”– Audley Rollins
“Africa awaits its creators / Africa awaiting its creators / Africa, you’re my forefather cornerstone / Unite for the Africans abroad / Unite for the Africans a yard / Africa, Unite” – Bob Marley
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Promote RemittanceRemittance flows to and within Africa approach $40B.
Western Union handled $67B of global remitted principal in 2008.
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Promote Mobile Money Transfer (MMT)
M-Pesa, offered by Safaricom Kenya, is a mobile phone money transfer service within Kenya. Plans are under way to test this on an international stage in an effort to tap the large amounts of money transferred to Kenya by its citizens spread throughout the world.
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Mobile Money Transfer is forecast to generate $5B in fees by 2012
2009 MMT Conference will be held on May 5 and 6 in Johannesburg, South Africa
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Promote InvestmentAfrican Venture Capital Association (AVCA) is a not-for-profit entity founded to promote, develop, and stimulate private equity and venture capital in Africa.
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Numerous private equity funds range from small cap to large cap, such as East Africa Capital Partners, Emerging Capital Partners, Pamodzi Investment Holdings, Development Partners International, and others.
Private Equity World Africa 2009Johannesburg 26–29 October 2009
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Promote FinancingAfrican Development Bank, World Bank Group International Finance Corporation (IFC), and the United States’ Overseas Private Investment Corporation (OPIC), etc.
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Promote University InvolvementHoward University African Business Club 2009 African Business Conference, February 27–28
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Promote Local Investment Information
For example, the Addis Connexion seeks to engage its increasingly international population of Ethiopians and expatriates with compelling, informative content, resources, and investment opportunities.
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Promote Business CoalitionsThe Corporate Council on Africa (CCA): “strengthening and facilitating the commercial relationship between the United States and the African continent.”
On March 4, 2009, CCA presented Policy Recommendations from the American Private Sector for the Obama Administration: The United States and Africa
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CCA will sponsor the U.S. Africa-Business Summit, September 29–October 1, 2009, in Washington, DC, for more than 1,500 of the private and public sector’s top leaders to find out about business and investment opportunities in Africa.
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Promote Good Business PracticesContinue to improve transparency, reduce corruption, increase tax incentives, and ease business registration:
– The Hubert H. Humphrey Fellowship Program 2008 –“Anti-Corruption Efforts in Africa Topic of Discussion at Chapel Hill Forum”
– Transparency International – “the global coalition against corruption”
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Promote Employment OpportunitiesJob Web sites provide ready access and comprehensive information about growing opportunities in government, NGOs, and private business ventures for African Nationals.
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Africa Virtual Job Fair
Reversing Brain Drain: Mobilizing Professional Africans in the Diaspora for the Development of AfricaSeptember 29, 2009–December 31, 2009Joint project between Corporate Council on Africa and Zebrajobs.com
Demo Video – 2 Minuteshttp://presentations.inxpo.com/InXpo/Tours/InXpo_Tours/VirtualCareerFairs/player.html
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Promote International Collaboration It’s a new day for development and migration. In Africa, new investment, business, and employment opportunities will draw people back home.
> $40B in Foreign Aid> $40B in Remittances> $60B in Foreign Investment
Together, we can create new opportunities and possibilities, and turn dreams into realities.
