Along with attracting international delegates from the mining industry a small delegation from Jersey attended, sharing the stage with government representatives from countries including China and Canada.
The mining industry is in decline clearly apparent with a substantially lower attendance than 2015. Official estimates are that it is 10% down but it feels like much more. Despite the struggles in the industry there are opportunities for Jersey. Philip Ozouf addressed the conference with his talk, Jersey: The Value Of Jersey To Africa.
A specially commissioned report estimated that Africa requires $85 trillion of inward investment by 2040. Currently only 1% from international investors to Africa is going through Jersey. Senator Ozouf encouraged the delegates to consider the benefits of utilising the islands financial institutions, outlining the following benefits;
• Respected International Regulatory Standing,
• Good Legal Systems,
• Tax Neutral,
• Sterling Based,
• Stable Fiscal Policy,
• Political Stability.
Oil, mining and gas are not new industries to invest via Jersey, 30 are already using the island and Jersey has the highest number of FTSE listed company after the UK.
Senator Ozouf highlighted the Island’s focus on pushing the digital industries, specifically Fintech. This combined with the compliance to OECD, FATCA, EU, G20 standards makes Jersey an attractive option for international investors looking to fund projects in Africa.
Further links in the continent have been made with the donation of bull semen and the sponsoring of Jersey cows in Rwanda. This has led to an invitation for Jersey to attend the World Economic Forum on Africa which is hosted by Rwanda this year.
To attract even a fraction of the inward investment to Africa to flow through Jersey would give the Island’s economy a substantial boost.