Putin to Host Third Russia-Africa Summit as Leaders Seek Trade and Investment

GOOBJOOG NEWS | MOSCOW: Russian President Vladimir Putin is set to host the third Russia-Africa summit at the end of October, with trade, investment and security cooperation expected to feature prominently as African leaders seek stronger economic ties with Moscow.

The summit follows two previous meetings in which Russia pledged to expand trade with Africa, support food supplies and strengthen cooperation with African governments, although several commitments have drawn criticism over their limited economic impact.

At the inaugural summit in Sochi in 2019, Russia pledged to double trade with Africa from about $20 billion to $40 billion within five years. Instead, trade fell to approximately $14 billion before recovering to around $27 billion, according to figures cited in reports on Russia-Africa relations.

Russia’s trade with the continent remains heavily weighted towards its own exports, which are estimated to be about seven times higher than its imports from African countries. Russian investment also accounts for less than one percent of foreign direct investment in Africa, according to the Africa Center for Strategic Studies.

The 2023 summit in St Petersburg was attended by 17 African heads of state, compared with 43 at the first meeting. It took place amid Russia’s war in Ukraine and disruption to Black Sea shipping, which affected international supplies of grain and fertiliser.

During that summit, Putin pledged to provide between 25,000 and 50,000 tonnes of grain to six African countries. The announcement came as the war and restrictions on Black Sea exports raised concerns about food security and commodity prices across import-dependent economies.

The conflict continues to threaten agricultural shipments, with attacks on Ukrainian port infrastructure disrupting exports of grain and other goods. African countries that depend on imported food and fertiliser remain exposed to changes in global supply and prices.

Russia also announced the cancellation of around $23 billion in Soviet-era debt owed by African countries at the 2023 summit. The move was presented as a step towards strengthening relations, although some analysts said the practical financial benefits were limited because much of the debt was already considered difficult to recover.

Security cooperation is another area of engagement. More than 40 African countries have reportedly signed military cooperation agreements with Russia, while Russian security personnel and the state-backed Africa Corps have maintained a presence in countries including Mali and the Central African Republic.

The summit is expected to bring together African leaders and Russian officials to discuss political, economic and security ties. Around 17 African heads of state had reportedly confirmed attendance ahead of the meeting, although the final number was not immediately clear.

Previous proposals to rotate the summit between Russia and African host countries have yet to materialise, with all three meetings scheduled to take place in Russia.

African governments are seeking investment, access to markets and partnerships in sectors ranging from agriculture and energy to infrastructure and security. The summit is expected to provide another opportunity for Moscow and its African partners to discuss areas of cooperation and future commitments.

Additional reporting by agencies.