World
South Africa Remains Key Market for Canadian Goods, Services in Africa—Nokaneng
By Kestér Kenn Klomegâh
The 17th Toronto Global Forum was held under the theme Fostering Economic Resilience from October 11-13, 2023, in Toronto Canada.
According to reports, the forum gathered over 170 speakers and more than 3,000 attendees from all over the world.
The central themes at the Toronto Global Forum revolved around the global economy, infrastructure, finance, innovation, energy and sustainable development.
Through its ability to foster connections and collaboration, the Toronto Global Forum stands as an exceptional and distinctive platform bringing together decision-makers from all spheres of society to tackle the most pressing issues of the changing times.
From its launch in 2006 which included only a small number of sessions condensed into one day, the Toronto Global Forum has grown to a fully packed three-day event that has gained international recognition.
Brand South Africa, in collaboration with the South African High Commission in Canada, and the Development Bank of South Africa (DBSA), represented South Africa at the 17th Edition of The Toronto Global Forum.
The overall aim of South Africa’s participation was to promote South Africa’s green economy as an investment destination for North American Institutional Investors.
South Africa continues to stand at the forefront of influencing the global agenda on investing in the global green economy as a pathway to sustainable development.
The delegation actively participated in a panel discussion on October 13, which focused on giving an overview of South Africa as an investment destination for major infrastructure and decarbonised/green projects.
After the three-day business forum, our media executive, Kestér Kenn Klomegâh, had an in-depth discussion with Lefentse Nokaneng, General Manager for Research at Brand South Africa, over aspects of the current bilateral relations between South Africa and Canada. Here are the interview excerpts:
After participating in the business forum in Toronto, what are the popular sentiments about exploring business and investment with Canadians?
South Africa’s participation at the Toronto Global Forum is part of Brand South Africa’s mandate to leverage global platforms such as these to promote South Africa as a favourable trade and investment destination.
South Africa and Canada have maintained bilateral relations since the advent of democracy in South Africa with increasing trade between the two countries. One positive sentiment about exploring business and investment in Canada is that it is a stable and prosperous country with a strong economy and diverse business opportunities. Canadians, in turn, have shown deep interest in South Africa as an emerging market with abundant natural resources and a diversified economy which serves as a gateway into the African Continental Free Trade Agreement Area (AfCFTA). South Africa’s infrastructure drive and transition into a green economy offers investment opportunities for Canadian Pension Fund Managers.
By the way, how do you estimate the economic and investment potentials in Canada for the Republic of South Africa, and possibly the southern African region?
Being one of the most diverse and largest economies in Africa, South Africa stands as a key market for Canadian goods and services on the continent. In 2022, the bilateral merchandise trade between Canada and South Africa reached $2.77 billion. This trade comprised $473.3 million in exports from Canada and $2.3 billion in imports from South Africa.
In consultation with the Business Council of Canada, we project that export opportunities for Canada in Africa could reach $6.6 billion by 2030. This would represent a $4.1 billion increase in Canada’s export performance from the recorded average of $2.5 billion over the 2016-2018 period.
Canada is an investor in South Africa. Canadian investments focus on the mineral and mining sector, as well as transportation, food processing, hospitality, and information and communication technologies. South Africa’s infrastructure investment drive and Just Energy Transition represent an opportunity for Canada to increase its investment in South Africa.
What steps have, both Canada and South Africa taken previously to forge economic cooperation? Has that changed in tapping the existing opportunities for cooperation with South Africa?
The scope of bilateral relations between Canada and South Africa is extensive with cooperation extending into the areas of foreign policy, development, energy, science and technology, agriculture, mining and mineral resources/equipment, education, arts and culture, and transport.
Canada and South Africa hold strategic annual bilateral consultations that review the work of working groups that cover the topics listed above, which cover issues as diverse as foreign policy, trade and investment, innovation, science and technology, the environment and climate change.
Bilateral cooperation between Canada and South Africa is coordinated within the framework of a Declaration of Intent on Strengthened Cooperation, which was signed in 2003 and laid the foundation for the Annual Consultations (AC). The AC is co-chaired by the Director-General of International Relations and Cooperation and the Deputy Minister of Global Affairs respectively.
Concerted dialogue occurs with Canada’s High Commission in South Africa directed towards deepening the relationship between Canada and South Africa, especially around economic diplomacy. It is conceded on both sides that there is a need for a ‘reset’ of the relationship.
It is expected that Canada’s Africa Engagement Framework will inform its economic engagement strategy with Africa. The Canadians have been paying particular attention to the African Continental Free Trade Agreement Area (AfCFTA) and will seek to benefit from the AfCFTA as a means to diversify its trade away from the United States and China.
Can we also talk a bit about Canada’s tourism to South Africa despite the geographical distance? And finally what potentials are there to develop this sphere of business, especially with the changing global situation?
Globally, tourism has grappled with recovery post-COVID-19. We have witnessed an 82% increase in tourist arrivals from Canada. In 2022, tourist arrival numbers from Canada were 18,000 and in 2023 this grew to 34,000. While the recorded growth is significant, it still represents only half of the tourist visitors from the United States to South Africa. This signals that there is still much work to be done to attract more visitors from Canada. Those who have visited South Africa love its beautiful scenery, cultural experiences, favourable weather and South African’s affordability as a tourist destination.
Canadian passport holders are able to travel visa-free to South Africa for up to 90 days on business and we intend to capitalise on that to drive increased tourism into South Africa for those seeking to come to the country for business and leisure – Bleisure travel.
By Aduragbemi Omiyale
Accessing the US Dollar in the East Africa region has now been made easier with the expansion of the stablecoin settlement infrastructure of SCRYPT.
This development enables banks, payment providers and corporate treasury teams to move value into and out of the continent in real time.
Businesses paying international suppliers frequently have to convert local currency into USD before purchasing stablecoins for settlement, incurring FX conversions and spreads before any payment is made.
But SCRYPT is eliminating this intermediate conversion by enabling direct settlement corridors for local African currencies into stablecoins.
This development allows businesses to move from local currency to stablecoin settlement in a single licensed transaction, without first sourcing rationed bank dollars, as stablecoins are increasingly becoming settlement infrastructure rather than an investment product.
The expansion adds settlement support across four African currencies: the Kenyan shilling (KES), Tanzanian shilling (TZS), Rwandan franc (RWF) and Ugandan shilling (UGX). Each corridor is delivered through the same full-stack infrastructure our clients already use for trading, custody and treasury operations.
Speaking on this, the chief executive of SCRYPT, Norman Wooding, said, “Across Africa, stablecoin adoption is driven by economic need, not speculation.
“Businesses here are not chasing yield; they are trying to pay suppliers and manage treasury without losing margin to a banking system that rations dollars. Licensed, fair-rate dollar access is the clearest proof of what this infrastructure is for.”
Also commenting, the Managing Director of Markets & Trading at SCRYPT, Mr Gabriel Titopoulos, said, “Until now, reaching stablecoins from local African currencies meant buying scarce dollars and incurring several layers of conversion costs.
“SCRYPT removes this friction. Firms and payment providers can now settle straight from local currencies through live corridors, with local partners.”
World
African Graduates Association Promoting Multifaceted Initiatives With Russian Educational Institutions
By Kestér Kenn Klomegâh
In preparations for the third Russia-Africa Summit, scheduled for late October 2026, Dr Francois Ngan, deputy chairman of the Union of Associations of African Graduates of Soviet and Russian Universities, during an official working visit, has held a consultative meeting with Professor Vladimir Filippov, the President of the Russian University of Peoples’ Friendship (RUDN), and former Minister of Higher Education of Russia, Chairman of the National Commission for Accreditation of Higher Education.
RUDN is an educational institution established in 1960, primarily to provide higher education to Third World students. It has now become a popular multidisciplinary spot for many students, especially from developing countries. The university offers various academic programmes and has research infrastructure that comprises laboratories and interdisciplinary centres. The university is named after the former Congolese leader, Patrice Lumumba.
Dr Francois Ngan and Professor Filippov discussed the importance of the Graduates Association as a continental platform dedicated to strengthening unity, cooperation, and promoting shared progress among African graduates who studied in the former Soviet Union and in the Russian Federation. They also reviewed multifaceted initiatives that could bring together alumni associations from across Africa, whose members obtained education and professional training, and cultural experiences in Soviet and Russian institutions of higher learning.
Professor Filippov expressed optimism in addressing emerging challenges as a result of shifting geopolitical changes, emphasised strategic cooperation in the educational sphere with Africa, in general, and with the Republic of Cameroon, in particular, and further about the integration of African students during their studies in the Russian Federation.
The meeting also touched on academic and scientific work, the possibility of rewriting a scientific thesis, and the official organisation of transferring versions translated into six languages for the library of RUDN. Significant questions relating to Russia’s educational opportunities, collaborations and partnerships involving African countries were thoroughly discussed.
The Union of Associations of African Graduates of Soviet and Russian Universities was created under one continental umbrella to promote friendship, for professional networking, to engage in cultural exchange, and with particular emphasis on forging strategic cooperation between Africa and Russia.
World
Russia to Support Industrial Growth, Technological Advancement and Supply Chain Resilience across Africa
By Kestér Kenn Klomegâh
With the heightening of geopolitical rivalry and competition, a new Russia-Africa working group has emerged as a significant institutional mechanism and plans to focus on facilitating and monitoring strategic investments, industrialisation, and infrastructural development—the Strategic Action Plan 2023-2026—that was outlined during the second Russia-Africa summit, in St.Petersburg, the second largest city in the Russian Federation.
While substantial progress has, largely, lagged on the multidimensional economic front with Africa primarily due to its internal difficulties and the complexity of relations with its former Soviet neighbours, Russian officials believe there still remains huge untapped potential in strengthening bilateral cooperation. As planned, President Vladimir Putin has already signed an executive order that directs Moscow to host the forthcoming third Russia-Africa summit in October 2026.
On June 30, a regular meeting of the Business Council on Africa was held under the chairmanship of the head of the Russian Foreign Ministry. It was dedicated to issues of trade, economic and investment cooperation with Africa. The group discussed the current state and prospects for the implementation of policy initiatives with an emphasis on assisting the countries of the continent, strengthening their economic, energy, technological and food sovereignty, as well as training specialists for Africa.
Foreign Minister Sergey Lavrov has reiterated that Russia-Africa relations primarily depend on an understanding of the importance of collective action based on the principles of equality, mutual respect and resolving common tasks. In the past few years, Russia-Africa cooperation has been noticeably strengthening. “We are deepening political dialogues, developing bilateral contacts with African countries, promoting cordial cooperation between ministries and departments, and expanding humanitarian exchanges. We are also continuing the structural diversification of trade partnerships and economic dimensions.”
“Next on the agenda is the launch of diplomatic missions in The Gambia, Liberia, Togo, and the Union of the Comoros,” Lavrov said at a meeting of the Business Council under the Russian foreign minister. Lavrov noted that Russian embassies began operating in three other African countries in 2025: Niger, Sierra Leone, and South Sudan. A new Department for Partnership with Africa was also established. According to the top diplomat, “expanding Russia’s diplomatic presence on the continent contributes to developing relations.”
There are already 45 Russian embassies operating in Africa. The Russian foreign minister noted that Moscow is quickly rebuilding its presence in African countries, which sharply declined during the collapse of the Soviet Union. “There will be literally four or five countries left where we still need to establish full-fledged embassies, and then, we will have 100 per cent coverage of the entire African continent with our diplomatic presence,” Lavrov emphasised.
After the first summit in October 2019, the Foreign Ministry also created the Secretariat of the Russia-Africa Partnership Forum. Its main tasks include controlling the roadmap to Africa’s multidimensional cooperation and guiding potential Russian investors to the continent. This also underscored the priority and post-Soviet solidarity Russia currently attaches to its policy towards Africa, within the growing framework of the emerging new architecture of multipolarity in the Global South.
In an interview in June 2026, the director of the Department of Partnership with Africa at the Foreign Ministry, Tatyana Dovgalenko, shared a few insights in the lead-up to the third summit. Furthermore, Dovgalenko explained that Russia would move away from security to concentrate more on economic issues, especially to team up with African colleagues to streamline mechanisms for implementing projects that will ensure food security and agriculture, and help Africa in installing processing facilities to support its self-sufficiency. She also emphasised energy and vital infrastructures, and the third direction was to simultaneously work more coherently with sub-regional organisations.
Over the past few years, bilateral relations have been increasing. There are positive dynamics in trade turnover, estimated at $30 billion. Steps are being taken to build payment systems, preferably in national currencies, while Russia looks to open four more diplomatic offices, bringing the total to 48 across Africa. Russia is currently training 37,000 African students, but only approximately 1/3 on state scholarships in Russia’s educational institutions. “We are ready to share valuable experiences of building a sovereign development model with African partners to achieve self-reliant economic growth based on their own resources and capabilities. Russia aims at creating processing capabilities and localising production, and provides access to advanced technological solutions,” underlined Dovgalenko in her interview with New Eastern Outlook.
For African countries that have endured difficult decades on the path to political independence, it is now important to take full control over the untapped resources, direct income and revenue toward stimulating the national economic sector, rather than paying for the well-being of the Western “golden billion” during this changing geopolitical era, according to Dovgalenko.
According to reports, the forthcoming Russia-Africa summit will have an economic agenda, including the digital economy, technology, artificial intelligence, healthcare, investment, and settlements in global trade. Of course, the agenda will also cover Africa’s political aspects. But if African friends bring along any specific ideas, Russia will give them serious attention. In addition, with continuity and consistency, pay increased attention to expanding ties with Africa’s regional integration associations.
Going forward, the focus will be on translating strong trade relations into deeper investment partnerships, fostering technology collaboration, strengthening industrial linkages and contributing towards the shared objectives set by the leadership of both African countries and Russia. At the third summit, the above-mentioned specific initiatives will be further designed. In this regard, the key document, the new action plan for the next three-year period (2027-2029), is intended to reflect dynamic realities in the future relations of Russia and Africa
