As Brussels gears up for its second Global Gateway Forum — where the European Union will chart its global investment priorities through its flagship platform, particularly in Africa — the usual buzzwords are floating around: strategic investments, sustainable infrastructure, equal partnerships. These are not just empty phrases — Brussels deserves credit for putting Africa high on the agenda. But behind the polished language is a difficult pill to swallow, and a critical blind spot.
To put it bluntly, Europe is neither exporting enough to Africa nor investing sufficiently in African businesses.
EU exports to Africa in 2023 amounted to €170.4 billion, representing just under 3% of the EU’s total exports of goods, and in reverse, only about a quarter of Africa’s imports (by value) come from the European Union.
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About the author
Michael Jongeneel
Michael Jongeneel is the CEO of FMO. He has more than 15 years of experience in sustainable finance. He also founded and led the global sustainable finance practice in his role as partner at Bain. He and his family live a climate-neutral life, and aim to be cumulative net zero before 2030.
