World
It’s Not Surprising Many Countries Express Interest in Africa—Stuglev
By Kester Kenn Klomegah
As the epidemiological situation begins to stabilize through mass vaccination and building herd immunity, the 24th St. Petersburg International Economic Forum is finally set to take place on 2–5 June 2021.
This unique Russian forum is expected to bring together politicians, corporate business directors and investors from different parts of the world.
The organizing committee will do everything in its power to ensure that the event is held with all the necessary measures in place to prevent the spread of coronavirus.
In this interview, taken by Kester Kenn Klomegah especially for potential African participants, Chief Executive Officer (CEO) of the Roscongress Foundation and Head of the Coordinating Council under the Secretariat of the Russia–Africa Partnership Forum (RAPF) Alexander Stuglev describes it as a unique platform for networking and getting acquainted with top Russian executives of leading companies and business associations. It thus helps in laying a firm foundation for further economic cooperation. Here are the interview excerpts:
Russian Minister of Foreign Affairs Sergey Lavrov noted that African issues are supposed to be included in the programme of the upcoming St. Petersburg International Economic Forum. Can you kindly give us a roadmap of specific programmes and their significance for African participants coming to St. Petersburg this June?
First of all, I would like to note that the St. Petersburg International Economic Forum, in its time, has become a sort of a gauge of the mounting interest in the development of Russian-African business cooperation: in the period of time from 2015 to 2019 the number of Forum participants from African countries grew five times.
Every year since 2016, as part of the St. Petersburg International Economic Forum’s business programme, we host a Russia-Africa roundtable, which has become a traditional meeting place for Russian and African business and government and in whose discussions the heads of African states, among others, took part many times.
This year, the African agenda will also play an important part in the Forum business programme. In the course of the scheduled Russia–Africa business dialogue, we plan to discuss a wide range of our cooperation: food security; the Russian approach to solving healthcare problems in African countries, taking into account the economic aftermath of the pandemic; Russian investment and participation of our business in key infrastructure projects on the African continent. I invite our African colleagues to take the most active part in the upcoming Forum discussions.
On the other hand, the African landscape is changing with more foreign players. In assessing the reality of developments and competition for geopolitical influence, what are your views? With this focus on Africa at the St. Petersburg Forum, do you consider it as a gateway to reach the market of the African region?
You are right, many countries are expressing interest in Africa today, but this is no surprise when you take into account the huge potential and opportunities of the African continent. I believe that major players will keep growing more active on the African scene and we should be ready for it.
All in all, I have a positive attitude toward competition. I believe that in any line of business it helps growth and stimulates progress, the important thing is that it should be fair competition.
As for your question regarding the gateway to the African market, I believe that the key point here is regularity and a systematic approach. St. Petersburg International Economic Forum is, undoubtedly, one of the most important stages in the development chain of the entire range of mutually beneficial Russia-Africa cooperation. Yet, it is important to realise that you cannot land in a foreign market immediately. There is a lot of work to be done beforehand in order to set mutually respectful and trustful relations, to learn the culture and so on.
The Forum in St. Petersburg is just the venue where people from all over the world traditionally have an opportunity to exchange opinions on the most burning issues, present their initiatives, and establish contacts, thus laying a firm foundation for further cooperation.
Do you also think there is lots of potential in terms of raising trade and economic cooperation between the region and Russia? What will be Roscongress’ key focus, products and services for potential African participants?
Undoubtedly, there is a potential for trade and economic cooperation; both the Russian and African representatives always talk about it. It is important, however, not just to talk about it but to carry it through as well. In recent years, we have seen increased Russian activity where Africa is concerned and we will do everything we can to keep that tendency going.
I believe that constant dialogue is the basis for any successful interaction and the key objective of the Roscongress Foundation is to make that dialogue as intensive and productive as possible. We are ready to share our skills and experience with our African friends by organizing and holding Russian-African events together.
To unlock the economic and trade potential, it is important to involve small and medium-sized businesses in cooperation; that is why we are ready to consider the options for organizing small topic-specific events both in African countries and in Russian regions. Our key objective is to create opportunities and conditions, to be the link between the Russian and African businesses.
As Chief Executive Officer of the Roscongress Foundation, Head of the Coordination Council for Russia–Africa Partnership Forum, what are some of the preparations for the next Russia–Africa Economic Forum at the 2022 Summit to be held inside Africa?
We are already working hard on it. The Russia–Africa Summit and Economic Forum in 2019 demonstrated the mutual interest of Russia and African countries in working together; a roadmap for further cooperation has been set; participants have had an opportunity to talk and learn more about each other. Despite the adjustments made to our plans by the pandemic, the work did not stop; we continue to work on ideas and initiatives that can be carried out as early as the next Summit and Economic Forum in 2022.
As I have already mentioned, you cannot organize just one large forum and expect radical changes in trade and economic cooperation. You need to put in comprehensive efforts not only at the economic but also at diplomatic and humanitarian levels; you need to involve the regions, as well as small and medium-sized businesses in cooperation. This comprehensive interaction is actually underway and the Secretariat of the Russia–Africa Partnership Forum plays a central part in it.
The Roscongress Foundation is a socially oriented non-financial development institution and a major organizer of international conventions and exhibitions; and business, public, sporting, and cultural events. It was established in pursuance of a decision by the President of the Russian Federation.
By Modupe Gbadeyanka
For transforming cross-border payments through its deployment with Global Money Exchange, Comviva has been named Best In-Class Cross Border Payments.
The global leader in digital transformation solutions clinched this latest accolade at the IBS Intelligence Global FinTech Innovation Award 2025.
The recognition highlights how Comviva’s mobiquity Pay is helping shape a modern cross-border payment ecosystem that stretches far beyond conventional remittance services.
Deployed as a white label Wallet Platform and launched as Global Pay Oman App, it fulfils GMEC’s dual vision—positioning itself as an innovative payment service provider while digitally extending its core money transfer business.
The solution allows GMEC to offer international money transfers alongside seamless forex ordering and other services. These capabilities sit alongside a broad suite of everyday financial services, including bill and utility payments, merchant transactions, education-related payments, and other digital conveniences — all delivered through one unified experience.
“This award is a testament to Oman’s accelerating digital transformation and our commitment to reshaping how cross-border payments serve people and businesses across the Sultanate.
“By partnering with Comviva and bringing the Global Pay Oman Super App, we have moved beyond traditional remittance services to create a truly inclusive and future-ready financial ecosystem.
“This innovation is not only enhancing convenience and transparency for our customers but is also supporting Oman’s broader vision of building a digitally empowered economy,” the Managing Director at Global Money Exchange, Subromoniyan K.S, said.
Also commenting, the chief executive of Comviva, Mr Rajesh Chandiramani, said, “Cross-border payments are becoming a daily necessity, not a niche service, particularly for migrant and trade-linked economies.
“This recognition from IBS Intelligence validates our focus on building payment platforms that combine global reach with local relevance, operational resilience and a strong user experience. The deployment with Global Money Exchange Co. demonstrates how mobiquity® Pay enables financial institutions to move beyond remittances and deliver integrated digital services at scale.”
“The deployment of mobiquity Pay for GMEC showcases how scalable, API-driven digital wallet platforms can transform cross-border payments into seamless, value-rich experiences.
“By integrating remittances, bill payments, forex services, and AI-powered engagement into a unified Super App, Comviva has reimagined customer journeys and operational agility.
“This Best-in-Class Cross-border Payments award win stands as a testament to Comviva’s excellence in enabling financial institutions to compete and grow in a digitally convergent world,” the Director for Research and Digital Properties at IBS Intelligence, Nikhil Gokhale, said.
By Kestér Kenn Klomegâh
At the end of an extensive consultation with African foreign ministers, Russian Foreign Minister, Sergey Lavrov, has emphasized that Moscow would advance its economic engagement across Africa, admittedly outlining obstacles delaying the prompt implementation of several initiatives set forth in Strategic Action Plan (2023-2026) approved in St. Petersburg during the Russia-Africa Summit.
The second Ministerial Conference, by the Russian Foreign Ministry with support from Roscongress Foundation and the Arab Republic of Egypt, marked an important milestone towards raising bilateral investment and economic cooperation.
In Cairo, the capital city of the Arab Republic of Egypt, Lavrov read out the final resolution script, in a full-packed conference hall, and voiced strong confidence that Moscow would achieve its strategic economic goals with Africa, with support from the African Union (AU) and other Regional Economic blocs in the subsequent years. Despite the complexities posed by the Russia-Ukraine crisis, combined with geopolitical conditions inside the African continent, Moscow however reiterated its position to take serious steps in finding pragmatic prospects for mutual cooperation and improve multifaceted relations with Africa, distinctively in the different sectors: in trade, economic and investment spheres, education and culture, humanitarian and other promising areas.
The main event was the plenary session co-chaired by Russian Foreign Minister Sergey Lavrov and Egyptian Minister of Foreign Affairs, Emigration, and Egyptians Abroad Bashar Abdelathi. Welcome messages from Russian President Vladimir Putin and Egyptian President Abdelhak Sisi were read.
And broadly, the meeting participants compared notes on the most pressing issues on the international and Russian-African agendas, with a focus on the full implementation of the Russia-Africa Partnership Forum Action Plan for 2023-2026, approved at the second Russia-Africa Summit in St. Petersburg in 2023.
In addition, on the sidelines of the conference, Lavrov held talks with his African counterparts, and a number of bilateral documents were signed. A thematic event was held with the participation of Russian and African relevant agencies and organizations, aimed at unlocking the potential of trilateral Russia-Egypt-Africa cooperation in trade, economic, and educational spheres.
With changing times, Africa is rapidly becoming one of the key centers of a multipolar world order. It is experiencing a second awakening. Following their long-ago political independence, African countries are increasingly insisting on respect for their sovereignty and their right to independently manage their resources and destiny. Based on these conditions, it was concluded that Moscow begins an effective and comprehensive work on preparing a new three-year Cooperation and Joint Action Plan between Russia and Africa.
Moreover, these important areas of joint practical work are already detailed in the Joint Statement, which was unanimously approved and will serve as an important guideline for future work. According to reports, the Joint Statement reflects the progress of discussions on international and regional issues, as well as matters of global significance.
Following the conference, the Joint Statement adopted reflects shared approaches to addressing challenges and a mutual commitment to strengthening multifaceted cooperation with a view to ensuring high-quality preparation for the third Russia-Africa Summit in 2026.
On December 19-20, the Second Ministerial Conference of the Russia-Africa Partnership Forum was held in Cairo, Egypt. It was held for the first time on the African continent, attended by heads and representatives of the foreign policy ministries of 52 African states and the executive bodies of eight regional integration associations.
By Adedapo Adesanya
Social media platform, TikTok’s Chinese owner ByteDance has signed binding agreements with United States and global investors to operate its business in America.
Half of the joint venture will be owned by a group of investors, including Oracle, Silver Lake and the Emirati investment firm MGX, according to a memo sent by chief executive, Mr Shou Zi Chew.
The deal, which is set to close on January 22, 2026 would end years of efforts by the US government to force ByteDance to sell its US operations over national security concerns.
It is in line with a deal unveiled in September, when US President Donald Trump delayed the enforcement of a law that would ban the app unless it was sold.
In the memo, TikTok said the deal will enable “over 170 million Americans to continue discovering a world of endless possibilities as part of a vital global community”.
Under the agreement, ByteDance will retain 19.9 per cent of the business, while Oracle, Silver Lake and Abu Dhabi-based MGX will hold 15 per cent each.
Another 30.1 per cent will be held by affiliates of existing ByteDance investors, according to the memo.
The White House previously said that Oracle, which was co-founded by President Trump’s supporter Larry Ellison, will license TikTok’s recommendation algorithm as part of the deal.
The deal comes after a series of delays.
Business Post reported in April 2024 that the administration of President Joe Biden passed a law to ban the app over national security concerns, unless it was sold.
The law was set to go into effect on January 20, 2025 but was pushed back multiple times by President Trump, while his administration worked out a deal to transfer ownership.
President Trump said in September that he had spoken on the phone to China’s President Xi Jinping, who he said had given the deal the go ahead.
The platform’s future remained unclear after the leaders met face to face in October.
The app’s fate was clouded by ongoing tensions between the two nations on trade and other matters.
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