Marrakech – On the second day of GITEX Africa 2024 in Marrakech, the 10X Stage brought together key players in Africa’s startup ecosystem to drive the momentum of the continent’s thriving startup landscape.
The summit aimed to strengthen Africa’s position as a startup hub by fostering collaboration, sharing insights, and exploring new opportunities for growth.
During the conference, titled “Accelerating Asia in the Heart of Africa,” moderated by Martina Fuchs, European Correspondent for Xinhua News Agency, speakers from various organizations discussed the potential for partnerships between Asia and Africa.
Joji Sato, Executive Director of JETRO Nairobi, emphasized the shifting focus from trade to investment. “We have plenty of products and technologies, and also, we have several funds. You can invest in African companies.”
The importance of involving more Japanese corporations in the African market was highlighted by Takuma Terakubo, CEO & General Partner of Uncovered Fund Inc. “Actually, most of the corporations don’t know about the market yet. They don’t visit any country in Africa. So we have to provide a lot of information and then make a specific plan for them,” Terakubo said.
Jongkil Lee, Director of the Exchange and Cooperation Department at the Korea-Africa Foundation, expressed his plan to connect African startups with Korean investors. “In the future, I want to make a program for African startups. And besides the activities of the foundation, there are some projects by the Korean government, like the Uganda Youth Startup Academy,” Lee stated.
The conference also addressed the challenges faced by startups in the current global investment landscape. Terakubo acknowledged the tough times for startups but emphasized the need to focus more on supporting them.
Sato advised African startups to be aware of cultural differences when establishing businesses in Japan, stating, “We are relatively slow decision-making. So it will take time. And our culture, building relationships slowly, slowly, and the fundamentals will be solid.”
Asian investments in Africa are driven by strategic initiatives and heavily influenced by China’s engagement through projects like the Belt and Road Initiative.
With a focus on green investments in renewable energy sectors, economic resilience, and bilateral relationships, Asia and Africa are poised for a future of sustainable growth and mutually beneficial partnerships.
These efforts underscore a significant shift towards sustainability and strategic collaborations that will shape the economic trajectories of both continents in the years to come.
Read also: Bridging the Gender Gap: Empowering Women Entrepreneurs in Africa’s Thriving Startup Ecosystem
