On May 24, the Ukrainian Institute for the Future held a discussion on theme “Africa: Hidden Opportunities for Economic Growth in Ukraine” with the participation of Anatoliy Amelin and Artem Gudkov.
Anatoliy Amelin, co-founder and director of economic programs of the think tank Ukrainian Institute for the Future (UIF) stressed the importance of export development for the Ukrainian economy.
“Export is one of the most important factors in the development of the Ukrainian economy. Our country can provide export growth rates of about 21% per year. Until 2023, the volume of exports from Ukraine can triple,” Amelin noted.
Anatoliy Amelin told about the advantages of export to Africa
According to him, Africa as a market place provides great opportunities for Ukrainian entrepreneurs.
“Africa is one of these “blue oceans” in which we have not come in, but there are plenty things to do. The population of this country is rapidly growing and getting rich,” he added.
This thesis was supported by Artem Gudkov, an expert from Africa, CEO Panafrican trading alliance.
“When an African becomes rich, the first thing he buys is a “refrigerator.” A wealthy man in Africa is a fat man who begins to eat better, who buys a chicken, rice, and new furniture. That is all the goods that Ukraine can offer. Africa has one of the fastest growing rates of the middle class, about 3-5% per year. A middle class in Africa is 313 million people, which is equal to the total population of the United States,” Gudkov said.
Artem Gudkov shared his experience with Africa as a market place
According to him, as of 2018 there is the opportunity to significantly increase exports to Africa.
“It is difficult to imagine how to increase the export of Ukraine, for example, to the US or the EU by $10 billion. However, it is simple to imagine that we can increase exports to Africa by $10 billion. There are 54 countries. If we evenly distribute this amount among 54 countries, then it turns out that in principle there is not such a large amount for export to each of these countries,” the expert added.
“If we increase exports by $10 billion annually, we will get an additional GDP of about 4-6% per year, an additional $10 billion of income to the state budget in 5 years, the average wage will increase in 5 years to $600,” Anatoliy Amelin summed up the theses of the event.
After the presentation part, the Ukrainian Institute for the Future hold a discussion between the speakers and present economists and entrepreneurs who were looking for new markets and opportunities and have had already some experience of work in Africa.
A full video of the discussion ” Africa: Hidden Opportunities for Economic Growth in Ukraine” is available on YouTube.
Video of the discussion “Africa: Hidden Opportunities for Economic Growth in Ukraine”