Check against delivery Opening speech by State Secretary Hans Brattskar, “Africa – The Rising Continent: Financing Business Opportunities”, 25 March 2015 Ladies and gentlemen, (Welcome):  It is a pleasure to welcome you to today’s seminar, in particular those of you who have travelled long distances to participate: Deloitte Consulting from Nairobi and the team from the African Development Bank in Abidjan, as well as our representatives from the Bank’s Nordic–India Constituency Office.  I would also like to acknowledge the efforts of the co-organisers: Innovation Norway, the Information Office for Private Sector Development in Developing Countries, and the Norwegian–African Business Association (NABA), in addition to the Ministry of Foreign Affairs. (Intro):  This seminar is being held in connection with a visit to Norway by the African Development Bank, one of Norway’s longstanding close multilateral partners.  We welcome this opportunity to exchange views on investment financing and business opportunities in African markets.  A key objective is to forge stronger ties between the African Development Bank and the Norwegian business sector.  Many of the Norwegian companies present here today have valuable experience to share. We have also invited panellists from relevant knowledge institutions to broaden the discussion on financial instruments and possible synergies. In other words, there should be plenty of opportunity for constructive and fruitful discussions.  I will focus on policy priorities of relevance to today’s topic, from the perspective of the Norwegian Government. (Partnerships for investment financing and business opportunities)  As the relative importance of aid is declines, Africa is seeking new partnerships and investments. The Norwegian Government is responding to this by putting greater emphasis on economic diplomacy. And the Norwegian private sector is also responding, as we will hear today.  The vision of ‘Africa rising’ was seriously imperilled by a number of recent developments: alarming predictions about the economic impact of Ebola, the commodity price slump, volatility in the oil and gas market, local conflicts, and extremism, with its disturbing regional implications.  Despite these circumstances, and a weak global economy, sub-Saharan Africa’s growth reached 4.5 % in 2014. Although this is below the peak growth rates of earlier years (averaging 6.4 % from 2002 to 2008), it is in line with the 4.4 % average annual growth        rate of the past two decades. Despite challenges, then, Africa is still on the rise. (WB. Global Economic Prospects, 2013). Economic analysts, including McKinsey, identify Africa as the second fastest growing consumer market. Africa is continuing to grow as an investment market, and is considered the second most attractive investment destination, after Southeast Asia. The African Development Bank will be presenting perspectives on current trends in the region. Despite the tremendous progress that has been made, governments in Africa still have a way to go in creating an enabling environment and conducive conditions for more inclusive and sustainable growth. Good governance, democratic institutions and the rule of law are key to fostering the investment climate that is needed and generating the necessary external financing. Investment in education and social protection measures is vital to promote economic growth and entrepreneurship. Likewise, there is a need to ensure women’s equal rights and their opportunities for participation and leadership in the economy. Climate change poses a real threat: we must promote growth based on clean energy and invest in the transition to a low-carbon infrastructure. In order to achieve this, we need to use public funds strategically, and maximise the potential for private funding of clean energy infrastructure. The Sustainable Development Goals (SDGs) to be adopted at the UN General Assembly in September must be broader than the Millennium Development Goals and include climate change, sustainable energy and natural resource management, as well as good governance and human rights. To achieve the sustainable development goals, partnership with the private sector and finance from private sector sources will be essential. (Financing for sustainable development – the role of the private sector)  The Financing for Development (FfD) Conference in Addis Ababa in July will be crucial in this context.  Renewed ODA commitments, domestic resource mobilisation and curbing illicit financial flows will be key topics at this conference.  And not least, the Conference will emphasise the importance of private investment and private sector development, trade, and job creation as drivers for economic growth and development, guided by principles of social and environmental responsibility.  The private sector is the most important engine for growth and job creation. As many as 9 out of 10 jobs in developing countries are in the private sector.  This is why the Government will soon present a white paper on private sector development and cooperation with the private sector. A key question is how development aid can be used as a catalyst to create sustainable growth and jobs, and to reduce poverty.  An increasing share of our development aid will be used to facilitate private sector development, encourage sustainable investments, create the right conditions for growth and promote financial inclusion. Consultation and partnership with the Norwegian private sector and other stakeholders will be important in this process.  Business practices need to be in line with sustainable development objectives.   We support initiatives to formulate and adopt principles for socially and environmentally responsible investment and business activities, and encourage companies to adopt and comply with these principles. Companies need to be successful in order to be able to contribute to development. For this reason, public policies and regulatory systems must make it possible for responsible companies to succeed. (Need to explore further synergies between bilateral and multilateral financial instruments)  Norwegian support to private sector development will require cooperation on many levels and through a number of channels.  Norway will work at the global level, as well as with regional and national partners in Africa, to mobilise and facilitate private sector investment with a view to increasing productivity and job creation.  Multilateral organisations can make a big impact – particularly when it comes to creating an enabling environment for businesses and garnering support for complex investments in much-needed infrastructure projects.  A large share of Norwegian aid will continue to be channelled through multilateral institutions that demonstrate good results.  The African Development Bank is a key financial development institution, with a strong regional mandate and regional ownership.  Under the visionary leadership of President Kaberuka, the Bank has increased its relevance and stepped up its efforts to meet the increasingly diverse needs of the regional member countries, not least in the areas of infrastructure, private sector development, economic integration and economic governance. Moreover, the Bank is focusing on the need to address fragile situations, and recognising the regional dimensions involved.  Throughout a turbulent period, most recently the return to its original headquarters in Abidjan, the Bank has remained a robust and resilient institution, as confirmed by its triple-A rating from all the major rating agencies.  Norway’s support for the Bank is reflected in our substantial contributions, in particular to the African Development Fund, which provides loans on grant terms to low income countries. Norway is providing nearly NOK 2 billion to the Fund during the three-year period 2014–16.  The potential for synergies between the Bank’s financial instruments and Norwegian instruments, businesses and initiatives should be explored. (Norwegian companies – comparative advantages)  Although Norway is a small country, it is heavily involved in international trade, particularly in the maritime and offshore sectors, energy and seafood. Many Norwegianowned companies have more employees abroad than in Norway. In 2013, there were more than 3 200 Norwegian companies operating outside Norway, with over 250 000 employees.  Distant markets are becoming increasingly important for Norwegian companies.  Norwegian companies have comparative advantages in a number of sectors, particularly energy, fisheries and shipping, where Norwegian skills and know-how are in high demand.    Norwegian companies are engaged in important projects relating to the Sustainable Energy for All partnership in the region. Sustainable energy is crucial for for sustainable development. Norway understands Africa’s wish to make better use of its coastal areas and oceans, and to enhance its management of these areas. ‘The Blue Economy’ is vital for our own economic development. There is ongoing cooperation between Norway and African countries in the marine and maritime sectors, both at government level and between private sector actors. Norway is committed to international standards that create a level playing field. Norwegian companies are known for their high standards and responsible business models. To conclude:  Today’s seminar reflects our increased focus on business promotion for sustainable development in Africa.  There are opportunities for Norwegian initiatives and for partnerships between companies and multilateral financial institutions, such as the African Development Bank. Initiatives and partnerships of this kind can help to finance business development in Africa.  I am confident that the recommendations from this seminar will serve as constructive input to the ongoing work on the white paper I mentioned earlier.  We should further explore potential synergies between bilateral and multilateral financial instruments, while at the same time promoting Norwegian business opportunities in Africa.  I hope you will find this seminar valuable.