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Africa is not just a market for the future, but a partner for our economic resilience, said SAFRI chairman Thomas Schaefer, adding that if one is serious about diversification, raw material security and new growth areas, Germany should strive to deepen engagements with African countries.
German economic policy is in need of a decisive “Africa shift” in light of geopolitical tensions and critical dependencies on raw materials, according to the Sub-Saharan Africa Initiative of German Business (SAFRI).
Africa is not just a market for the future, but a partner for our economic resilience, said SAFRI chairman Thomas Schaefer, adding that if one is serious about diversification, raw material security and new growth areas, Germany should strive to deepen engagements with African countries.
Raw materials such as lithium, copper, and cobalt are indispensable for the transformation of the economy and SAFRI called for legally binding strategic raw-material deals with African partners to reduce dependencies on individual countries.
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In 2014, Germany imported 18% of its lithium batteries from China. Ten years later that had risen to about 50%. To encourage investment, SAFRI called for a strengthening of the African Continental Free Trade Area (AfCFTA) and the implementation of EU economic partnership agreements.
