On 11 October 2024, the Yacht Club de Monaco hosted the third edition of Africa Day, a strategic meeting aimed at consolidating economic relations between Monaco and Africa. Gérard Ohresser, Managing Director of Edmond de Rothschild Monaco and Director of CEMA (Club des Entrepreneurs Monégasque en Afrique), took an active part in the event. In this interview, he looks back at the bank's historic commitment to the African continent.
You recently led a panel discussion on Africa's prospects to 2035 at the third Africa Day event in Monaco. Can you tell us more about this?
Africa Day is a highlight for Monaco and for our House. This event brings together influential players from both sides of the Mediterranean, with a focus on Africa's economic development. I was impressed by the quality of the speakers, particularly the extremely bright young African entrepreneurs, who are committed not only to the success of their businesses, but also to the sustainable development of their respective countries. This type of event is essential for strengthening ties between Monaco and Africa, and it's a unique opportunity for us to meet new partners and discuss concrete projects.
What opportunities were you able to identify at Africa Day 2024?
First and foremost, an opportunity to deepen our understanding of the dynamics underway on the African continent. We were able to meet some very innovative entrepreneurs, particularly in the technology and infrastructure sectors, where Africa's potential is immense.
Another important point is the growing importance of ESG criteria, which are becoming a priority for African entrepreneurs. This growing awareness of the challenges of sustainable development, and the predominant role of young people in African companies, are very encouraging signsfor the future.
For Edmond de Rothschild Monaco, these meetings enable us to align our services and solutions with the continent's current and future needs.
Monaco and Africa, a winning combination?
Africa has long been underestimated, particularly by European economic players. However, through Africa Day, we are seeing more and more Monegasque companies taking an interest in this continent, not just for its natural resources, but also for its capacity to innovate and develop sustainably.
Monaco already has historic links with Africa, notably through the Club des Entrepreneurs Monégasques en Afrique (CEMA), which organises missions to various countries in addition to Africa Day. Next year, a delegation will travel to South Africa. This enables us to go further by creating synergies, developing concrete partnerships and encouraging bilateral investment. African entrepreneurs see Monaco as a trusted partner, and we, as a bank, are there to support them in their growth projects.
Edmond de Rothschild Monaco has a long-standing commitment to Africa...
Africa is an integral part of Edmond de Rothschild's DNA. We have deep roots on the continent, which can be seen through our historical commitment and our relationships with many African countries. Edmond de Rothschild Monaco is now the bank with the largest department dedicated to Africa in the Principality. We have a team of twelve people entirely dedicated to this market, which testifies to the strategic importance we attach to it.
Africa is a complex market, with great economic, political and cultural diversity. But we believe in its rise, thanks to its youth, its capacity for innovation and its natural resources. We are convinced that Africa will play a major role in the global economy in the decades to come, and Edmond de Rothschild wants to be a key player in this transformation by supporting African entrepreneurs in their growth.
What type of clients do you target in Africa and what services do you offer specifically to these clients?
It's important to understand that Africa is not a homogenous block. Each country has its own particularities and dynamics. We concentrate some of our expertise on West Africa, for historical and linguistic reasons, but we are also developing in other regions of the continent, such as East Africa and Southern Africa. Our dedicated teams have a thorough knowledge of local markets and adapt to the realities of each country, whether in terms of regulations, taxation or the specific needs of our customers. Our local knowledge is essential if we are to offer customised solutions. We remain highly flexible in our approach and develop long-term relationships with our customers.
Our African clients are mainly entrepreneurs, men and women who face sometimes unstable environments, whether political or economic. They are looking to secure their assets, and Monaco, with its stability and reputation as a safe financial centre, is a privileged refuge. We offer wealth management services tailored to their specific needs, particularly in terms of asset diversification and capital protection.
We have also developed partnerships in private equity, enabling us to offer direct investment solutions on the African continent. These funds support infrastructure and innovation projects, key sectors for Africa's development. At the same time, we are helping European companies to explore new markets in Africa, which is becoming an increasingly attractive market for foreign investors.
All this enables us to keep in step with developments on the continent and to provide our clients with the best possible support in their development or asset protection projects.
Africa is the continent of the future, and we are determined to be part of its history.
