ECA, ABCHealth host Africa investment summit on health
The United Nations Economic Commission for Africa (ECA), African Business Coalition for Health (ABCHealth) and National Institutes of Health (NIH), will host a virtual Africa Investment Summit on Health 2021(AIS) today, September 20, on the margins of the 76th United Nations General Assembly.
The summit will convene African Heads of Government and Ministers, continental, regional and global business leaders, and Development Institutions together to discuss strategies that will significantly increase access to vital health commodities and supplies in Africa leveraging the African Continental Free Trade Agreement (AfCFTA) and African Medicines Agency (AMA).
Regarding the partnership, Aigboje Aig-Imoukhuede, ABCHealth Chairman, stated: “We are confident of the impact this partnership will bring to bear on the continent. It is our firm belief that with the public and private sectors working together, combining political will with business knowledge, Africa’s health sector can be built to the point where it will deliver affordable health to Africans in an equitable manner.”
Vera Songwe, ECA Executive Secretary, stated: “Investing in health is not just a social good, it also makes a good business case. Prior to the COVID-19 pandemic, business opportunities in the healthcare and wellness sector in Africa were estimated to be $259 billion by the year 2030, with the potential to create 16 million jobs.
The pharmaceutical industry alone was estimated to be US$60 billion in 2020 and is still growing. The AfCFTA-anchored Pharma Initiative represents lucrative private sector investment and innovation opportunities that will change lives, reduce poverty and contribute to Africa’s inclusive and sustainable economic development.”