Leaders from over a dozen African countries will convene in Germany for the G20 Compact with Africa conference, a two-day event aiming to enhance private investment in the continent. European Commission President Ursula von der Leyen, French President Emmanuel Macron, and Dutch Prime Minister Mark Rutte are among the attendees, reflecting the increasing global interest in Africa’s economic potential.
German Chancellor Olaf Scholz, the host of the summit, will engage in bilateral talks with African countries on Sunday, followed by a German-African investment summit on Monday morning in Berlin’s Marriott Hotel.
The conference underscores the geopolitical competition between Europe, the United States, Russia, and China for influence, resources, and economic opportunities in Africa.
Key discussions will include Africa’s potential in renewable energy production, particularly green hydrogen, as well as addressing challenges related to stability, prosperity, and illegal migration.
The Compact with Africa, established in 2017, seeks to coordinate development agendas, discuss investment opportunities, and promote reform-minded policies in African countries.
While African nations have criticized Europe for discussing investment without providing concrete financing, the G20 Compact with Africa conference aims to foster tangible results.
German officials see Africa as crucial in diversifying supply chains, securing skilled labor, reducing illegal migration, and supporting Germany’s green transition.
German trade with Africa reached 60 billion euros ($65.4 billion) last year, demonstrating a 21.7% increase from 2021.
The conference seeks to strengthen economic ties, with nearly two-thirds of German companies expressing interest in expanding their business in Africa, according to a study by KPMG and the German-African Business Association.
The member countries of the G20 Compact include Morocco, Tunisia, Egypt, Senegal, Guinea, Ivory Coast, Ghana, Togo, Benin, Burkina Faso, Rwanda, Democratic Republic of Congo, and Ethiopia.