This archive report was first published on 22 October 2019.
On October 23, 2019, Russia President Vladimir Putin announced that Moscow would encourage African countries to table their own development proposals for discussion during the inaugural Russia-Africa Summit.
The summit, which began on October 23, 2019, in Sochi, Russia, aims to strengthen economic ties between Russia and Africa. At least 35 African heads of state and government have confirmed attending the summit.
Putin offered a vision for cooperation with Africa, stating that Russia would bring resources and technology to the continent, leaving business and political leaders to determine how they are utilized.
"We expect that our African colleagues, representatives of the business community will come to Sochi with a solid package of proposals aimed at enhancing bilateral relations, while heads of Africa's regional organisations will share their ideas as to how we could jointly develop our multilateral cooperation," Putin said in an interview with local TASS news agency on October 22, 2019.
Putin also stated that projects agreed upon during the summit could be launched right away, suggesting that they would not be tied to undue bureaucracy and conditions that have made African governments frown at project financing from the west.
Trade between Africa and Russia rose to $20.4 billion in 2018, with Russia shipping out goods worth $17.5 billion against $2.9 billion. Between January and August 2019, Russia sold $7.1 billion in exports to Africa and imported $1.8 billion of goods.
Putin said a number of billion-dollar investment projects with Russia's participation were currently in the pipeline and would be rolled out in five years. Russian companies made investments valued at $47 billion in African countries last year, with a $30 billion investment by nuclear Company Rosatom in Egypt claiming the bulk of the commitments.
Politics will also be at play as Russia, a permanent member of the UN Security Council, says it defends sovereignty of African states from foreign, read western, interference.
Key areas of cooperation between Russia and Africa include energy and infrastructure, increasing trade volumes and investments, technology transfer, debt forgiveness and swaps, support for 'African solutions to African problems', and cooperation in counter-terrorism measures.
