Africa Day 2024: Austria Looks to Africa's Future Markets

More+Events ♦ Published: February 5, 2024; 23:18 ♦ (Vindobona)

This year's Africa Day was all about Africa's future markets and offered a platform to strengthen economic relations between Austrian and African companies. Organized by the Austrian Federal Economic Chamber (WKÖ), the event attracted more than 1,200 participants from Austria, over 30 African countries, and guests from Europe, Asia, and the USA.

AFRICA DAY 2024 took place at the WKÖ and highlighted the opportunities in various regions of the continent and provided practical tips on market development for Austrian and African companies. / Picture: © Wikimedia Commons / Robert Schediwy [CC BY-SA 3.0]

Mariana Kühnel, Deputy Secretary General of the Austrian Federal Economic Chamber, emphasized the importance of the growth markets in Africa for the domestic export industry. With export growth of 12.7 percent from January to September 2022, she underlined the opportunities arising from megatrends such as urbanization, industrialization, digitalization and the energy transition. "Red-white-red Africa exports currently account for around 1 percent of total exports, with an additional usable export potential of around 2 billion US dollars," says Kühnel.

The event offered Austrian companies insights into Africa's economic potential and the opportunity to establish direct contacts with local business delegates and entrepreneurs. Prominent guests included Ghanaian President Nana Addo Dankwa Akufo-Addo and former footballer and entrepreneur Didier Drogba.

Carmen Goby, Vice President of the Austrian Federal Economic Chamber, emphasized that Africa is a dynamic and growing market that is particularly open to innovative and sustainable solutions from Austria. "Now is a good time to position ourselves in these markets," said Goby.

Minister of Labour and Economic Affairs Martin Kocher underlined Austria's commitment to promoting the internationalization of domestic companies in African markets of the future. This is to be done in close coordination with European initiatives and international organizations.

Africa Day 2024 offered a series of specialist presentations, discussion panels and consultations that provided practical information on market development and created a platform for exchange between companies. With six AUSSENWIRTSCHAFT AUSTRIA locations in Africa, a bridge is being built to the African markets to pave the way for both export newcomers and experienced exporters.

The event confirmed the growing interest in deeper economic cooperation between Austria and Africa and sent a strong signal for the promotion of sustainable and innovative business relationships.