Seek credible local partners to invest in Africa – Phillips Oduoza, UBA GMD/CEO tells US Investors

Businesses and Investors from the developed economies, who are desirous of taking advantage of the bourgeoning business and investment opportunities in Africa, should seek credible local partners to help them in the process.

                 Phillips Oduoza, GMD/CEO, UBA Plc 

Speaking at the panel on pan-African businesses at the recently concluded three-day Milken Global conference in Los Angeles, California, Mr. Phillips Oduoza, the Group Managing Director and Chief Executive Officer (GMD/CEO) of United Bank for Africa (UBA) Plc    said it is imperative for the investors to partner with local players like UBA "that understand the business terrain to help them navigate around some of the seeming challenges of investing in Africa".

Understanding of the local culture, customization of products and initiatives were identified as critical factors to successfully invest in Africa by the panel which was made up of Phillips Oduoza, UBA GMD/CEO, Berand Petersen, Chairman, De Beers Consolidated Mines in South Africa, Ahmed Heikal of Citadel Group in Egpyt, Pade Durotoye, CEO Oando Exploration and Production Ltd and Jonathan Berman of Dalberg Consulting.

The Panel also called on prospective investors from developed countries to evolve new financial models that will enable them invest in the Ports, transportation and power sectors.  The panel also called for more of structured financing and capacity building as well as the need for prospective investors to listen more and dialogue constructively; have more Export Credit Agencies (ECAs) Development Finance Institutions (DFIs) and Sovereign Wealth Funds (SWFs) focus more on Africa.

The  panel on pan-African businesses discussed how entrepreneurs and industry leaders are harnessing the enormous potentials in Africa to transform the continent in diverse fields like manufacturing, technology, real estate, financial services, infrastructure and agriculture.

The main discussions centered on the questions that confront investors and businesses when approaching the African market, entry strategies as well as obstacles that threaten growth.   

The Milken Global Conference brings together some of the world's leading thinkers, visionaries and decision-makers to help find solutions to critical issues facing the world.

The Conference which took place from April 27 th to May 1 st 2014,  is in its 17 th year and brings together more than 3,000 people from around the world -- senior leaders with the mind and the means to create positive action for four days of intense discussion.

More than 650 speakers, including major investors, CEOs, government officials, scientists, educators, philanthropists, and journalists, take part in more than 140 sessions at the conference to discuss wide-ranging panel topics including: the worldwide water crisis, the future of Wall Street, the promise of impact investing, the four ways stem cells will change medicine, Africa's emerging energy landscape -- and dozens more.

"The Milken Institute utilizes its unique ability to convene leaders from across sectors and continents to extend our work addressing the core issues of access to capital, improving health care, and spurring job creation," says Institute CEO, Mike Klowden.

The Milken Global Institute boasts of the ability to bridge the words of business, finance and policy.

Share on Google Plus

About Blogger@UBA