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In 2023, German Businesses Intend to Invest More in Africa

Mila Graham

Dec 28, 2022 16:07

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According to a poll reviewed by Reuters on Tuesday, German companies need to step up their efforts in Africa in the next few years, particularly in emerging markets like liquefied natural gas and hydrogen. Of the companies surveyed, 43% said they planned to increase their investment there.


A further 39% of association members intend to keep their spending levels in Africa strong, according to a survey of members of the German-African Business Association.


Christoph Kannegiesser, the association's head, told Reuters that "the majority of individuals in businesses need to enhance their sports in the upcoming year." "It creates


Christoph Kannegiesser, the association's head, told Reuters that "the majority of individuals in businesses need to enhance their sports in the upcoming year." Because the trajectory of the continent is still increasing, it makes sense.


According to data from the financial system ministry, German companies invested around 1.6 billion euros in Africa in 2021, of which about 1.1 billion euros went to the sub-Saharan region.


Kannegiesser added he sees enormous opportunities inside the strong region in Africa as Europe's greatest banking system has been striving to minimize its dependence on Russia for the fuel for the invasion of Ukraine.


He noted Senegal, Nigeria, and Mauritania as countries having the capacity for investment, saying "The field of green hydrogen and liquefied gasoline will bring a brand new impetus in many countries."

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