Empowering Africans

The Sixth Global Entrepreneurship Summit (GES) 2015, held in Nairobi, Kenya at the end of July, brought together entrepreneurs, business leaders, government officials and most importantly, investors, under one roof. Also sharing that roof was a special guest – the President of the United States, Barack Obama. It was his fourth visit to Africa and the first to Kenya, where he has family roots, since becoming president in 2009. Obama's presence in the East African powerhouse will increase global confidence in Kenya as an economy with vast potential.

This was the first time the GES took place in Sub-Saharan Africa since it was announced in Cairo, Egypt in 2009. It has previously has been held annually in Washington D.C. of the United States, Istanbul of Turkey, Dubai of the United Arab Emirates, Kuala Lumpur of Malaysia and Marrakech of Morocco. 

The GES is an initiative by Obama to partner investors and mentors with host countries to showcase the skills, products and innovation of entrepreneurs and support the entrepreneurial ecosystem. The Nairobi summit shone a spotlight on generating new investments for women and youth initiatives, with the growing realization that women and young people hold the key to unlocking global economic potential. By offering participants direct access to world markets, the GES is ground zero for empowering Africans and young entrepreneurs around the world and addressing poverty and unemployment in a pragmatic way. Last year, more than 6,000 small business owners, mentors to policymakers and investors participated. At the 2014 summit in Morocco, over $4 billion was pledged toward kick-starting startups, with much of this money coming from the United States.

Observers are confident that Obama's trip to Kenya will open the doorway to U.S. investment into the country and the East African region. Kenya is seen as the hub of economic growth in a region that has embraced the entrepreneurial spirit. Examples of this are the progress Kenya has made to become a world leader in mobile technology (especially in the area of mobile money transfer), and its Innovation Hub, iHub, which is an open space for the technology community.

Entrepreneurial potential aside, the GES is also undoubtedly an avenue for the United States to circulate its development and foreign policy to other regions and continues the momentum gained at the U.S.-Africa Leaders' Summit in August 2014 in Washington, where 51 African leaders met with Obama to consider "Investing in the Next Generation."

The GES and other U.S. initiatives on the continent are seen as a way to counter China's expanding presence in Africa, underpinned by its successful initiatives such as the Forum on China-Africa Cooperation. The United States and China realize it is in their best interests to promote peace and development on a continent where both have considerable investments. As responsible powers who are also competitive, China and the United States will both benefit if a stable and flourishing Africa becomes a reality. It would mean mutually increased trade opportunities and investment, which could then strengthen cooperation all round. And with entrepreneurs expected to lead the way in resurrecting Africa from its slumber, the GES is one positive way to make this happen.

THE EDITOR