Avellon Williams
GERMANY- According to a survey conducted by Reuters, 43% of German companies plan to increase investment in the African continent in areas such as green hydrogen and liquefied natural gas in 2023.
Furthermore, 39% of German-African Business Association members are interested in maintaining their spending in Africa.
The Association head Christoph Kannegiesser said, “the majority of companies want to expand their activities in the coming year,” he further stated that “it makes sense because the continent is still on a growth trajectory.”
According to the Economy Ministry, German companies invested about 1.6 billion euros in Africa in 2021, primarily in the sub-Saharan region.
Following the war in Ukraine, Kannegisser sees great opportunities in the energy sector of Africa as Europe’s largest economy seeks to reduce its dependence on Russian gas.
“The field of green hydrogen and liquefied gas will give a new impetus in many countries,” he said, singling out Senegal, Nigeria, and Mauritania as countries with investment potential.
