PACCI Partners Gulf Chambers Of Commerce



chamberThe Pan African Chamber of Commerce and Industry (PACCI) and the Federation of the Gulf Co-operation Council (GCC) of Chambers of Commerce, have signed a Memorandum of Understanding for business and investment cooperation.

As part of the MOU, which aims at promoting Africa as an emerging market to GCC companies, the parties would share knowledge investment opportunities, as well as jointly host a Business Forum and Expo in Addis Ababa, Ethiopia next year.

The MoU was signed after consultative meeting by the PACCI with the Association of Senates, Shoora and Equivalent Councils in Africa (ASSECAA) and the Federation of the Gulf Co-operation Council (GCC) Chambers of Commerce, in Addis Ababa, last Monday.

Among other things, the collaboration is expected to culminate into business partnerships among members of the two Chambers.

Mr. Khali Abdullah Al-Khinji, Chairman of the Federation of GCC Chambers of Commerce, and Dr Seth Adjei Baah, acting President of the PACCI, signed the MOU for their respective groups.

According to Dr. Adjei Baah “the agreement would without doubt, yield tangible benefits to Africa since GCC businessmen and financiers across the major sectors will be actively looking to invest in a number of sectors in joint venture partnerships with local companies”.

He commended the ASSECCA for the immense role it played in getting the PACCI and GCC Chambers together, and trusted that the relationship would continue to be of mutual benefits to all the parties.

Kebour Ghenna, Executive Director of PACCI, expressed optimism that the MoU would benefit African firms and will boost employment in Africa, adding that it would pave the way for increased trade and investment between the two countries.

African countries are amongst the fastest growing countries in the world. While Europe struggles to hold together crumbling economies, Africa is experiencing strong economic growth with Gross Domestic Product growth rates averaging about five per cent annually over the past decade.

According to the International Monetary Fund, Africa would have the world’s fastest-growing economy during the next five years of any continent.

Its forecast also shows that seven out of the world’s 10 fastest- growing economies will be African, with Ethiopia, Mozambique, Tanzania , Congo, Ghana, Zambia and Nigeria expected to expand by more than six per cent a year until 2015.

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