I. OUEDRAOGO. BRIDGE BETWEEN CONTINENTS

Idrissa Ouedraogo, IOEC Business Consul to Burkina Faso, CEO of the Russia and Africa Matchmaking Agency (RAMA), Chevalier of Burkina Faso’s highest state award “l’Ordre de l’Étalon”

AFRICA: CONTINENT OF FUTURE

Today, Africa—often dubbed the “Con tinent of the future,” characterised by steady growth and a favourable in vestment climate—is emerging as one of the world’s most attractive markets for investors.

Africa is also experiencing an unprecedented demographic boom, positioning it as a powerful driver of global economy. It is projected that by 2050, Africa will be home to a quarter of the global population, reaching 2.5 billion people. Over 60% of its citizens will be under the age of 25, providing a significant impetus for growth. In terms of human capital, by 2035—within a decade—Africa’s labour market will include more than 450 million young people, exceeding the total workforce of China and India. This demographic shift generates huge demand for investment in employment, education, healthcare, urbanisation, infrastructure, and digital technologies.

The continent also boasts rich natural resources, including vast ar able lands, abundant water reserves, and uniquely high levels of solar irradiance. Harnessed rationally, these could enable Africa to develop renewables, further driving regional growth. It is worth noting that Africa’s economic development could also be ensured by its substantial primary re sources.

Despite this, however, Africa’s economy faces major challenges, in cluding a lingering dependency on former colonial powers in matters of economic policy and extremely low industrialisation. It is for these rea sons that Africa is in need of mutually beneficial partnerships.

BURKINA FASO: A LAND OF OPPORTUNITIES

Burkina Faso plays a vital role in the regional economy, drawing broad global attention—particularly as an investment destination. This appeal stems from its geography, young poplation, abundant resources, flexible governance, and the government’s commitment to turn the country in to an economically sovereign and prosperous state. Despite existing challenges, the country’s economy continues to show robust growth, and it remains open to entrepreneurs and foreign investors seeking mutually beneficial business relations.

Why Invest in Burkina Faso?
Located at the very heart of West Africa, Burkina Faso serves as a vi tal trade hub, connecting countries across the subregion. In 2024, the nation solidified its reputation as a land of vast potential, innovation and ben efits for implementing a wide range of projects, thus earning a place in the top 10 most attractive invest ment destinations in Africa. Burkina Faso places significant emphasis on private investment—both domestic and foreign—to foster strategic part nerships.

Burkina Faso’s economy shows positive momentum: GDP growth reached 4.9% in 2024, up from 3% in 2023. The outlook for 2025–2026 is optimistic, with projected growth of 6.3% and 6.4%, respectively, expect ed to deliver tangible benefits to the population. Another major strength lies in its hard-working and engaged workforce.

Investment Needs and Business Opportunities
Burkina Faso has significant, yet still underutilised, economic potential. Key sectors of the economy in need of integrated development include manufacturing, healthcare, mining, agriculture, energy, construction, and information and communication technologies (ICT). Each of these in dustries offers large opportunities for investment, ensuring that every investor can find promising avenues for their capital.

Available investment mechanisms include public-private partnerships: subsidy-based partnerships to the state; joint ventures with national private partners; funding for the private sector through loans or subsidies; and brand or product representation in the local market.

Russian Companies in Burkina Faso
As of today, the leading Russian companies in Burkina Faso include Nordgold, a gold mining company, and Rosatom, the state atomic energy corporation.

Nordgold ranked as the country’s fourth-largest gold producer in 2023. It remains a major player in gold min ing, holding key industrial conces sions such as Taparko, Bissa-Gold, and Niou.

Rosatom was selected to carry out a feasibility study on the construction of Burkina Faso’s first nuclear power plant. The project, spearheaded by the Russian nuclear giant, aims to meet the nation’s growing electricity demand—Burkina Faso is among the nations with the lowest electrification rates in the world—and to diver sify its energy sources.

Among other initiatives aimed at expanding ties with Russia, the “Burkina Faso Economic Days” (JEB) held in Moscow from 8 to 11 October 2024 provided a platform for business meetings between Russian and Burki nabe entrepreneurs. The inaugural forum featured a packed programme, including panel discussions, B2B and B2G meetings, all focused on fostering economic cooperation between the two nations.

EURASIA–AFRICA PARTNERSHIP: HOW TO INVEST?

Understanding Local Trends and Needs
Before entering the African market, it is crucial to gain a deep understand ing of the target audience. Africa is
a diverse continent of 54 countries, each with distinct economic and po litical landscapes. A business model that succeeds in South Africa may prove ineffective in Côte d’Ivoire or Ethiopia. Analysing trends, consum er expectations, and infrastructure helps shape a sound strategy. It is essential to identify promising in dustries, examine the competitive environment, and assess the oppor tunities and risks inherent to each country.

Collaborating with Local Stakeholders
The key to successfully running a busi ness in Africa lies in forging strong partnerships with local companies, state institutions, and business incu bators. A local partner can assist in navigating administrative challenges, gaining access to business networks, and understanding consumer habits and the cultural context.

Bid on Innovation
Success in Africa will be achieved by those companies that can leverage technological innovation to address local challenges. The digitalisation—particularly in banking and education—is rapidly gaining momentum. Artificial intelligence, blockchain, and the Internet of Things (IoT) are al ready transforming entire industries, from retail to healthcare. Investing in innovation not only enhances com petitiveness but also enables busi nesses to offer solutions tailored to the needs of the dynamically evolving market.

EURASIA–AFRICA: PROSPECTS FOR STRENGTHENING ECONOMIC TIES

A number of hurdles stand in the way of building effective business ties between entrepreneurs across Africa and Eurasia.

To overcome these, several solutions should be considered, including:

• Securing the necessary political support and assistance for estab lishing business connections;
• Creating coordinating partnership platforms on both sides;
• Establishing guarantee funds to minimise investor risks;
• Improving the business climate through easing regulations and introducing incentives;
• Exploring alternative solutions for settlements and money transfers;
• Addressing logistic challenges in import and export;
• Identifying potential investment models;
• Resolving issues related to busi ness mobility between the two regions (e.g., simplifying visa re quirements).

A significant and unique initiative to consolidate and expand partner ships between Eurasia and Africa is the International Russian-African In vestment Salon (SIIRA).

The event, set to take place in Burkina Faso in September 2026, will bring together business lead ers, investors, experts, and officials from Russia and Africa to engage in thematic panel discussions, B2B and B2G meetings to discuss the conditions necessary for developing and strengthening mutually beneficial partnerships.

Another key tool for facilitating and strengthening ties between Eur asian and African businesses is the Russia and Africa Matchmaking Agen cy (RAMA), founded in 2023. It aims to forge business contacts and pro mote international trade, while sup porting partnerships between African and Russian entrepreneurs through commercial matchmaking, networking, trade, organisational support and consultations.

IOEC AND AFRICA
The International Organisation for Eurasian Cooperation (IOEC) places particular emphasis on relations with Africa. The recent numbers reveal the scale and scope of this engagement: at the inaugural 2024 World Forum “New Era—New Way,” Africa was rep resented by just three nations. A year later, the continent’s participation had expanded to include fourteen African nations—Burkina Faso, Mali, Niger, Algeria, Cameroon, Senegal, Gabon, Ghana, Egypt, Ethiopia, Mauritania, South Africa, Zimbabwe, and Kenya.

This surge in engagement reflects both the IOEC’s efforts under the leadership of its President, Dmi try Stasyulis, and the commitment of African partners to the organisation’s goals and objectives.

It is this foundation that is piv otal for advancing cooperation with African nations towards shared prosperity, and Africa is sure to benefit significantly from the opportunities presented by the IOEC.