Latest news with #economicpotential
Mail & Guardian
19 hours ago
- Business
- Mail & Guardian
Ghana endorses bold campaign for a visa-free Africa
The push for a visa-free Africa gained renewed momentum with Ghana's endorsement of the Trans African Tourism and Unity Campaign The push for a visa-free Africa gained renewed momentum with Ghana's endorsement of the Trans African Tourism and Unity Campaign, which advocates say is essential for unlocking the continent's economic and cultural potential. Announced on 10 July by the ministry of foreign affairs, the campaign is spearheaded by Its central objective is to abolish visa restrictions for African citizens travelling in the continent — a move that would encourage intra-African tourism, increase trade and foster deeper cross-cultural connections. The endorsement aligns with the The call for seamless African travel is not new, but it has been mired in bureaucracy, political hesitation and a lack of coordinated implementation. Only a handful of countries currently offer visa-free or visa-on-arrival access to all African citizens. For years, the The campaign has secured partnerships with media houses on the continent, including Ghana's Graphic Communications Group Limited, Nigeria's New Mail Online, EIB Network, Asaase Radio, Eyewitness News Sierra Leone and Woezor TV. These partnerships are designed to amplify the campaign's messaging, which is being shared under the hashtags #OpenAfrica and #OpenOpportunities. By centring tourism as both an economic driver and a tool for unity, the campaign also challenges African governments to reframe how they view borders — not as lines of control, but as openings for possibility. Intra-African tourism remains low, even as global tourism rebounds. A more open continent could stimulate local economies, provide job opportunities and promote mutual understanding among African nations. The campaign's next steps include ongoing public engagement, digital mobilisation and high-level lobbying aimed at securing endorsements from other African governments.
Al Jazeera
2 days ago
- Business
- Al Jazeera
Zelenskyy nominates Yulia Svyrydenko as new Ukraine PM
Ukrainian President Volodymyr Zelenskyy says he has recommended Economy Minister Yulia Svyrydenko to become prime minister in a significant political shake-up for the war-scarred country. The announcement on Monday could herald a wider reshuffle in the government, three and a half years into the Russian invasion. 'I have proposed that Yuliia Svyrydenko lead the government of Ukraine and significantly renew its work,' Zelenskyy wrote on social media. 'I look forward to the presentation of the new government's action plan in the near future.' The recommendation is part of what he called 'a transformation of the executive branch' of government in Ukraine. The two discussed 'concrete measures to boost Ukraine's economic potential, expand support programs for Ukrainians and scale up our domestic weapons production', Zelenskyy said. Svyrydenko, 39, gained prominence this year during fraught negotiations around a rare minerals deal with the United States that nearly derailed ties between Kyiv and its most important military ally. If the change is approved, she would replace Denys Shmyhal, who became prime minister in 2020. 'The government needs a change because people are exhausted,' said Tymofiy Mylovanov, a former economy minister who worked with Svyrydenko. Mylovanov, who now heads the Kyiv School of Economics, said the changes would likely bring 'a sort of freshness' after more than three years of war. Zelenskyy is also considering naming Defence Minister Rustem Umerov as Ukraine's ambassador to Washington, he said at a news conference last week. Zelenskyy met Umerov over the weekend, after which he said, 'Ukraine needs more positive dynamics in relations with the United States and at the same time new steps in managing the defence sector of our state.' Svyrydenko, who is also a deputy prime minister, was appointed to manage Ukraine's struggling economy months before the Kremlin launched its full-scale assault in February 2022. Her appointment will require approval by parliament, which has largely united around Zelenskyy since the invasion and is unlikely to vote against the president.
Independent Singapore
2 days ago
- Business
- Independent Singapore
Temasek plans $25B investment push in Europe
SINGAPORE: Temasek Holdings is significantly ramping up its investment efforts in Europe, having invested over S$10 billion (US$7.8 billion) in the region during the financial year ended March 2025, executives told Reuters on Thursday. This accounts for 40% of the S$25 billion that Temasek committed in 2024 for Europe over five years. The investment fund plans to invest between $20 billion and $25 billion in the Europe, Middle East, and Africa (EMEA) region by 2030. This shows the confidence of the state-owned investor in Europe's economic potential, even in a tough global environment. With a record net portfolio value of S$434 billion, up 11.6% from the previous year, Temasek aims to take advantage of opportunities in Europe's changing markets. According to research firm GlobalSWF, Temasek is the 11th largest fund globally among sovereign wealth funds. The state investment fund plans to leverage Europe's resilient markets and valuation differences to build wealth while managing economic uncertainties. Nagi Hamiyeh, who leads Temasek's operations in Europe, the Middle East, and Africa, pointed out that the macroeconomic climate fuels the firm's aggressive expansion. In a media statement, he said: 'Sometimes the macro helps us go into companies that we have liked, that were not within our reach from a valuation perspective.' Hamiyeh also pointed out that firms in Europe are lower in value than US firms, due to global trade tensions and tariffs. This makes European companies more attractive to invest in. He explained this will enable Temasek to focus on high-potential businesses that were previously too expensive to invest in. Temasek's recent European investments include French renewable energy company Neoen and Keywords Studios, a video game technology services provider based in Ireland. These align with its main investment themes: Digitalisation, Sustainable Living, Future of Consumption, and Longer Lifespans. Temasek is seeking out global companies and family-owned businesses with strong positions in industrials, renewable energy, financial services, and consumer goods. Hamiyeh says Temasek is focused on growth markets like France, Italy, Germany, and Scandinavia, where there are untapped opportunities in digital payments, Software as a Service (SaaS), and sustainable solutions. Currently, Temasek has offices in London, Brussels, and Paris. These allow it to connect with various chief executives, senior management, and advisors Europe-wide. In addition to these offices, it has partnered with companies like LeapFrog Investments, Brookfield, and Global Infrastructure Partners to expand its reach. The partnerships have also enabled it to invest in projects like luxury cruises, premium retail, and eco-friendly packaging. For instance, its 2016 investment in the luxury brand Moncler shows the potential of Europe's consumer market.
Arab News
6 days ago
- Business
- Arab News
Trump promises West African leaders a pivot to trade as the region reels from sweeping aid cuts
WASHINGTON: President Donald Trump promised West African leaders a pivot from aid to trade during a White House meeting Wednesday as the region reels from the impact of sweeping US aid cuts. Trump said he sees 'great economic potential in Africa' as the leaders of Liberia, Senegal, Gabon, Mauritania and Guinea-Bissau boasted of their countries' natural resources and heaped praise on the US president, including their thanks for his help in settling a long-running conflict between Rwanda and the Democratic Republic of Congo. Trump described the nations represented at the meeting as 'all very vibrant places with very valuable land, great minerals, and great oil deposits, and wonderful people' — a definite shift from his first term, when he used a vulgar term to describe African nations. The meeting comes amid a shift in US global and domestic priorities under Trump's leadership. Earlier this month, US authorities dissolved theUS Agency for International Development and said it was no longer following what they called 'a charity-based foreign aid model' and instead would focus on partnerships with nations that show 'both the ability and willingness to help themselves.' The five nations whose leaders were meeting Trump represent a small fraction of US-Africa trade, but they possess untapped natural resources. Senegal and Mauritania are important transit and origin countries when it comes to migration and along with Guinea-Bissau are struggling to contain drug trafficking, both issues of concern for the Trump administration. In their speeches, each African leader adopted a flattering tone to commend Trump for what they described as his peace efforts across the world and tried to outshine one another by listing the untapped natural resources their nations possess. 'We have a great deal of resources,' said Mohamed Ould Ghazouani, president of Mauritania, listing rare earths, as well as manganese, uranium and possibly lithium. 'We have a lot of opportunities to offer in terms of investment.' Last month, the US administration facilitated a peace deal between Rwanda and Congo to help end the decadeslong deadly fighting in eastern Congo, while enabling the US to gain access to critical minerals in the region. But analysts said it won't end the fighting because the most prominent armed group said it does not apply to it. During the meeting, Trump described trade as a diplomatic tool. Trade 'seems to be a foundation' for him to settle disputes between countries, he said. 'You guys are going to fight, we're not going to trade,' Trump said. 'And we seem to be quite successful in doing that.' He added, addressing the African leaders: 'There is a lot of anger on your continent.' As he spoke, the US administration continued sending out notifications to developing countries about higher tariff rates effective from August 1. The five Western African nations were not among them. The portion of the lunch meeting that was open to the press didn't touch much on the loss of aid, which critics say will result in millions of deaths. 'We have closed the USAID group to eliminate waste, fraud and abuse,' Trump said Wednesday. 'And we're working tirelessly to forge new economic opportunities involving both the United States and many African nations.' West African countries are among the hardest hit by the dissolution of USAID. The US support in Liberia amounted to 2.6 percent of the country's gross national income, the highest percentage anywhere in the world, according to the Center for Global Development. Liberian President Joseph Nyuma Boakai in a statement 'expressed optimism about the outcomes of the summit, reaffirming Liberia's commitment to regional stability, democratic governance and inclusive economic growth.' During the meeting, Trump reacted with visible surprise to Boakai's English-speaking skills, which he praised. English is the official language of Liberia, which was established in the early 1800s with the aim of relocating freed African slaves and free-born Black citizens from the United States. Gabon, Liberia, Mauritania and Senegal are among 36 countries that might be included in the possible expansion of Trump's travel ban. Experts said that the meeting highlighted the new transactional nature of the relationship between the US and Africa. 'We are likely to see a trend where African countries will seek to leverage resources such as critical minerals, or infrastructure such as ports, to attract US commercial entities in order to maintain favorable relations with the current US administration,' aid Beverly Ochieng, an analyst at Control Risks, a security consulting firm. 'Each of the African leaders sought to leverage natural resources in exchange for US financial and security investments, and appeared to view the US intervention in the Democratic Republic of Congo as a model to further cooperation.'
France 24
6 days ago
- Business
- France 24
Trump meets five West African leaders, hails pivot from aid to trade
President Donald Trump promised West African leaders a pivot from aid to trade during a White House meeting Wednesday as the region reels from the impact of sweeping US aid cuts. Trump said he sees 'great economic potential in Africa' as the leaders of Liberia, Senegal, Gabon, Mauritania and Guinea-Bissau boasted of their countries' natural resources and heaped praise on the US president, including their thanks for his help in settling a long-running conflict between Rwanda and the Democratic Republic of Congo. Trump described the nations represented at the meeting as 'all very vibrant places with very valuable land, great minerals, and great oil deposits, and wonderful people' – a definite shift from his first term, when he used a vulgar term to describe African nations. The meeting comes amid a shift in US global and domestic priorities under Trump's leadership. Earlier this month, US authorities dissolved the US Agency for International Development (USAID) and said it was no longer following what they called 'a charity-based foreign aid model' and instead would focus on partnerships with nations that show 'both the ability and willingness to help themselves'. The five nations whose leaders were meeting Trump represent a small fraction of US-Africa trade, but they possess untapped natural resources. Senegal and Mauritania are important transit and origin countries when it comes to migration and along with Guinea-Bissau are struggling to contain drug trafficking, both issues of concern for the Trump administration. In their speeches, each African leader adopted a flattering tone to commend Trump for what they described as his peace efforts across the world and tried to outshine one another by listing the untapped natural resources their nations possess. 'We have a great deal of resources,' said Mohamed Ould Ghazouani, president of Mauritania, listing rare earths, as well as manganese, uranium and possibly lithium. 'We have a lot of opportunities to offer in terms of investment.' Last month, the US administration facilitated a peace deal between Rwanda and Congo to help end the decadeslong deadly fighting in eastern Congo, while enabling the US to gain access to critical minerals in the region. But analysts said it won't end the fighting because the most prominent armed group said it does not apply to it. During the meeting, Trump described trade as a diplomatic tool. Trade 'seems to be a foundation' for him to settle disputes between countries, he said. 'You guys are going to fight, we're not going to trade,' Trump said. 'And we seem to be quite successful in doing that.' He added, addressing the African leaders: 'There is a lot of anger on your continent.' As he spoke, the US administration continued sending out notifications to developing countries about higher tariff rates effective from August 1. The five Western African nations were not among them. The portion of the lunch meeting that was open to the press didn't touch much on the loss of aid, which critics say will result in millions of deaths. 'We have closed the USAID group to eliminate waste, fraud and abuse,' Trump said Wednesday. 'And we're working tirelessly to forge new economic opportunities involving both the United States and many African nations.' West African countries are among the hardest hit by the dissolution of USAID. The US support in Liberia amounted to 2.6 percent of the country's gross national income, the highest percentage anywhere in the world, according to the Center for Global Development. Liberian President Joseph Nyuma Boakai in a statement 'expressed optimism about the outcomes of the summit, reaffirming Liberia's commitment to regional stability, democratic governance and inclusive economic growth". During the meeting, Trump reacted with visible surprise to Boakai's English-speaking skills, which he praised. English is the official language of Liberia, which was established in the early 1800s with the aim of relocating freed African slaves and free-born Black citizens from the United States. Gabon, Liberia, Mauritania and Senegal are among 36 countries that might be included in the possible expansion of Trump's travel ban.
