Capitalizing on projections that Africa’s sports industry will attain a $12 billion market value by 2027, the AfriCaribbean Diaspora Alliance will host a symposium in June offering industry insights and investable projects that could advance economic prosperity in the alliance’s regional interests.
Formed by companies dedicated to promoting trade, investment, and shared prosperity among Africa, the Caribbean, and the United States, the alliance organized the symposium as an official side event of the third annual AfriCaribbean Trade & Investment Forum (ACTIF2024) taking place in Nassau, The Bahamas, June 12-14.
The symposium, from 2:00 p.m. to 6:00 p.m. on June 11, is titled “Accelerating Trade, Investment, and Job Growth in Africa and the Caribbean Through Sports Business Ecosystem.” It will cover key themes, including leveraging sports infrastructure, technology, and entertainment as investment opportunities; promoting cross-border partnerships in the sports industry; and empowering youth through sports entrepreneurship and skills development.
“By harnessing the power of sports as a catalyst for business, the symposium will forge stronger business connections and unlock business and investment opportunities that will be a driver for socio-economic progress and job growth, especially for youth in both regions,” says Leila Ndiaye Ph.D., the alliance’s chief executive.
The African Export-Import Bank (Afreximbank) is paving the way for a robust sports economy in Africa through targeted interventions, including investing in sports infrastructure, financing, talent management, capacity building, skills development commercialization, and access to market and policy advocacy. The continent is home to a growing pool of world-class sports talent that has attracted scouts and investment from professional leagues worldwide, including the American National Football League and National Basketball Association.
ACTIF2024 is hosted by Afreximbank and the Government of the Bahamas under the theme, “Owning Our Destiny: Economic Prosperity on the Platform of Global Africa.” It’s being held in the run-up to the bank’s 31st Annual General meeting of Shareholders and Advisory Group on June 15, which is being held in the Caribbean for the first time.
ACTIF2023 was held in Guyana.
More than “historic,” for Benedict Oramah, Ph.D., Afreximbank’s president and chairman of its Board of Directors, the decision to hold the 31st Annual Meetings in The Bahamas is strategic.
“There is a hugely positive outlook for many African and CARICOM countries – as demonstrated by the IMF’s forecast that seven African countries and one CARICOM country will be in the top 10 fastest growing economies globally – so cementing closer links between the two regions is of clear mutual benefit to accelerate growth and prosperity,” he says.
ACTIF’s 2024 theme, he notes, “reflects our focus on broadening the discourse to determine solutions to the challenges that affect African Caribbean economies, the policy issues required to promote growth, development and prosperity across Africa and the Caribbean, and to accelerate intra-African trade and investment flows, including with the Diaspora.”
Bahamian Prime Minister Philip Davis echoes the strategic nature of hosting both Afreximbank’s general meeting and ACTIF.
“[It] demonstrates the determination and commitment of The Bahamas to leverage on the shared history, identities, and cultures of AfriCaribbean nations to forge significantly greater trade, investment, and direct transport linkages,” he states. “Doing so will stimulate economic growth and development, which will feed through to immensely beneficial societal impact. It is also vital that we enhance our global influence by speaking with a unified voice on matters such as securing global action to meaningfully address climate change.”
The AfriCaribbean Diaspora Alliance and organizers of related activities over the three days in June in The Bahamas anticipate an attendance of “thousands of African, Caribbean and global leaders from government, business, finance, sports and other key sectors.”
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