Hogan Lovells hosts Southern Africa focused Business Leaders summit
Johannesburg, 10 November 2021 – Global law firm Hogan Lovells is set to hold the fourth and final event in its virtual “Business Leaders Series” focused on fostering dialogue with decision makers on investment opportunities in Southern Africa. The successful Business Leaders Series explores key sectors and industries projected to spearhead Africa's economic recovery with the aim of advancing resilient sustainable-led growth.
Taking place virtually on 11 November 2021, this is the last webinar in the series following successful events for the West, East and North Africa regions in May, June, July 2021 respectively.
The Southern Africa region series will analyse in more detail the services sector in Southern Africa and invite private sector leaders operating in the tourism, hospitality and FMCG sector to draw a cohesive plan for economic recovery.
African economies are expected to rebound in 2021. According to the African Development Bank, real GDP on the continent is projected to grow by 3.4% after shrinking by 2.1% last year, a recovery driven by the effective deployment of therapeutics and vaccines, continued implementation of the Africa Continental Free Trade Agreement (AfCFTA) and increased private sector investment and participation in the economy.
Southern Africa was the region that was hardest hit by the pandemic, with an economic contraction of 7.0% in 2020. However, it is projected to grow by 3.2% in 2021 and 2.4% in 2022. The service sector, which accounts for over 50% of the GDP of most of the regional economies, is expected to be negatively impacted by the pandemic, worsened by travel bans, as well as disruption to transport, distribution, hotels and restaurants, entertainment, retail and trade.
However, as lockdowns across the region ease and both consumer and business spending increases, Southern Africa will experience a strong bounce-back in the years to come. With the re-start of air travel, the tourism and hospitality industry in the sub-region will recover, and with the implementation of the AfCFTA, cross-border trade will rapidly increase, benefiting businesses and governments alike.
In particular, the Southern Africa business Leaders series will discuss the future of the sub-region around positive investment and unpack the new paradigm for the region. Discussing the latest industry developments in finance and investment, mining, renewables and tourism, the key sectors and industries that will take centre-stage during Africa's economic recovery and advance resilient sustainable-led growth post COVID-19.
Through the Business Leaders Series, Hogan Lovells unpacks key economic and investment trends and provides an insight platform for businesses and investors alike to expand investment opportunities across Africa and sustain economic growth.
Speaking on the regional Business Leaders Series, Head of Africa Practice at Hogan Lovells, Andrew Skipper said, “Hogan Lovells is excited to champion the journey to economic recovery and sustainable growth in Africa. We have been operating in Africa for over 30 years and are committed to understanding, operating in, investing in, and respecting the continent. In the wake of the COVID-19 pandemic and its impact on economies around the world, it is pertinent that discussions are held, and actions taken to restore Africa to its booming economy. Through combining our vast experience and in-depth knowledge with insights from major industry leaders in Southern Africa to explore the specific sectors that are relevant to Southern Africa’s prospects. The regional Business Leaders Series reiterates our commitment to supporting and fostering investment in Africa. As lockdowns across the Southern Africa region ease and both consumer and business spending increase, it’s important to act now to facilitate a strong bounce-back in the years to come.”
The event is still open for registration register here.
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