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DR MANU CHANDARIA speaking at the

NORWEGIAN AFRICAN BUSINESS SUMMIT ON INVESTING IN AFRICA

THURSDAY 29th September, 2011

OSLO NORWAY


CHAIRMAN INVESTORS GUESTS LADIES AND GENTELEMEN THANK YOU VERY MUCH FOR INVITING ME TO SPEAK AT THE BUSINESS SUMMIT IT IS A GREAT HONOUR THE OTHER DAY I WAS ASKED A QUESTION BY A GROUP OF MULTI NATIONAL INVESTORS “WE WOULD LIKE TO INVEST IN AFRICA YOUR GROUP HAS INVESTED QUITE EXTENSIVELY WHY AFRICA? I SAID AFRICA’S COLLECTIVE GDP IN 2010 $1.7 TRILLION ROUGHLY EQUAL TO BRAZIL OR RUSSIA FORECAST FOR 2020 IS $2.6 TRILLION AFRICA’S COMBINED CONSUMER SPENDING 2010 $980 BILLION FORECAST FOR 2020, $1.4 TRILLION THE NUMBER OF MOBILE PHONE SUBSCRIBERS SIGNED UP IN AFRICA BY END OF 2010 2 BILLION AFRICA’S SHARE OF THE WORLD’S TOTAL AMOUNT OF UNCULTIVATED, ARABLE LAND IS 60% THE NUMBER OF AFRICAN CITIES WITH MORE THAN 1 MILLION PEOPLE IN EACH ARE 52 BY 2030 50% OF THE AFRICAN POPULATION WILL BE LIVING IN CITIES THE NUMBER OF AFRICAN COMPANIES WITH REVENUES OF $3 BILLION AND OVER ARE 20 THE NUMBER OF AFRICANS OF WORKING AGE IN 2040 WILL BE 1.1 BILLION THE NUMBER OF AFRICAN HOUSEHOLDS WITH DISCRETIONARY INCOME IN 2020 1


WILL BE 128 MILLION THE RATE OF RETURN ON FOREIGN DIRECT INVESTMENT IN AFRICA IS HIGHER THAN IN OTHER DEVELOPING COUNTRIES WHEN THE INVESTORS ASKED ME WHERE TO INVEST IN AFRICA I SAID IN SOUTH, SOUTH AFRICA IN WEST – NIGERIA IN NORTH – EGYPT IN EAST – KENYA HE ASKED ME WHY SOUTH AFRICA I TOLD HIM THAT SOUTH AFRICA IS ALMOST A MINI EUROPE THE INFRASTRUCTURE, THE INDUSTRY IS WELL DEVELOPED THERE IS AN IN BUILT CAPACITY TO HANDLE LARGE PROJECTS NIGERIA NIGERIA IS THE MOST POPULOUS COUNTRY IN AFRICA MORE THAN 150 MILLION PEOPLE AND ANOTHER FIFTY MILLION PEOPLE AROUND NIGERIA CHAOTIC BUT FULL OF RESOURCES OIL, FERTILE LAND AND PEOPLE ONE CANNOT GO WRONG EGYPT EGYPT HAD THE OLDEST STOCK EXCHANGE IN AFRICA WELL-DEVELOPED INFRASTRUCTURE BARING THE PRESENT SITUATION IT IS ONE COUNTRY IN THE NORTH TO BE RECKONED WITH KENYA NOT JUST BECAUSE I WAS BORN THERE BUT KENYA TODAY IS THE LEADER AMONGST THE EASTERN AFRICAN COUNTRIES IT DOES NOT HAVE MINERAL RESOURCES AS WE KNOW TODAY BUT HAS THE BEST CLIMATE

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BEST HUMAN RESOURCE SECOND LARGEST EXPORTER OF TEA EXCELLENT ARABICA COFFEE AND IN THE LAST TWENTY YEARS WE HAVE BUILT AN EXCELLENT FLORICULTURE AND HORTICULTURE INDUSTRY WE HAVE BEST UNIVERSITIES PRESENTLY SOME TWENTY STATE UNIVERSITIES AND TWENTY FIVE PRIVATE UNIVERSITIES EDUCATIONAL STANDARDS ARE TOP CLASS LABOUR FORCE IS TRAINABLE AND PEACEFUL KENYA HAS THE BEST MEDICAL SERVICES IN OUR REGION TOP QUALITY HOSPITAL OUR GAME PARKS ARE WORLD FAMOUS AND KENYA IS KNOWN FOR TOURISM IN THE WORLD KENYA HAS THE CAPACITY TO SERVE LANDLOCKED COUNTRIES LIKE UGANDA, RWANDA, BURUNDI, EASTERN CONGO, SOUTHERN SUDAN AND SOUTHERN ETHIOPIA ENTREPRENEURSHIP IN KENYA IS SECOND TO NONE KENYA’S CONTRIBUTION OF PROFESSIONALS LIKE DOCTORS, PROFESSORS, TOURISM MANAGERS ACCOUNTANTS, ENGINEERS CAN BE WITNESSED IN ALMOST ALL NEIGHBOURING COUNTRIES LET ME TELL YOU A STORY ABOUT HOW MY FAMILY SUCCEEDED IN AFRICA MY FATHER ARRIVED IN NINETEEN FIFTEEN TO GET OUT OF THE POVERTY TRAP IT TOOK A LONG TIME FOR HIM AND HIS BROTHERS TO GET SOMEWHERE BY NINETEEN FORTY WE WERE SMALL BUT A GROUP TO BE RECKONED WITH WE LOST ALMOST EVERYTHING WHILE SPECULATING IN INDIA AND WE HAD TO RE START SINCE NINETEEN FIFTY WE ARE A JOINT FAMILY SIXTY-FIVE MEN WOMEN AND CHILDREN

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PRESENTLY OPERATING IN FIVE CONTINENTS IN FORTY-FIVE COUNTRIES HAVING FAMILY PRSENCE WITH FAMILY OFFICES IN LONDON, GENEVA, NAIROBI, SINGAPORE AND TORONTO FROM A LITTLE PLANT IN KENYA EMPLOYING FORTY PEOPLE AND SIX MEMBERS OF THE FAMILY WE SUCCEEDED IN HAVING A MAJOR PRESENCE IN KENYA IN THE EARLY SIXTIES MOST OF THE AFRICAN COUNTRIES WERE GETTING INDEPENDENCE AND WE WERE ADVISED THAT THOUGH WE HAD OUR MARKET BUT THE GOVERNMENT OF INDEPENDENT COUNTRIES WOULD REQUIRE INVESTMENTS WE MOVED WITHOUT LOSING TIME BY NINETEEN SIXTY FIVE WE SET UP OURSELVES IN KENYA TANZANIA UGANDA ZAMBIA AND ETHIOPIA IN A SHORT PERIOD OF FIVE YEARS WE BECAME A EAST AFRICAN COMPANY WHAT DROVE US TO DO THIS? IT WAS VISION IT WAS ENTREPRENEURSHIP FIRE IN THE BELLY BUT WE TOOK IT AS A NECESSITY TO BUILD A PRESENCE IN THE MARKET AND PROVIDE BETTER ECONOMIC BASE FOR MY FAMILY WHY DID WE SUCCEED IN ALL THESE PLACES? WE SUCCEEDED BECAUSE THAT WAS THE ONLY WAY TO GROW WE KNEW OUR BUSINESS WELL AS WE CONTINUED OUR PRESENCE IN THE FIVE COUNTRIES WE THEN LOOKED AT WEST AFRICA BY ACQUIRING A SMALL PLANT IN NIGERIA

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AND NOW OPERATE IN FIFTEEN AFRICAN COUNTRIES WHAT WERE THE FACTORS FOR OUR SUCCESS? FEW SELECTED PRODUCTS STRONG TECHNICAL KNOWLEDGE EXTREMELY GOOD RELATIONSHIPS WITH SUPPLIERS OF BOTH MACHINERY AND RAW MATERIALS BANKS AND DEVELOPMENT CORPORATIONS AND AMPLE FAMILY MAN POWER TO WIN IN AFRICA REQUIRES EXECUTIVES TO UNDERSTAND THE BUSINESS ENVIRONMENT IN EACH COUNTRY TAILOR THEIR PLANS ACCORDINGLY IT DEMANDS INNOVATION THE WINNERS ARE OFTEN COMPANIES THAT TACKLE COMPLEX CHALLENGES CREATIVELY IN OUR WORK WE HAVE FOUND FOUR ELEMENTS CRITICAL TO SUCCEED IN AFRICA

1) PICK THE RIGHT ENTRY STRATEGY IDENTIFY THE COUNTRIES AND INDUSTRIES IN WHICH PRESENCE IS NEEDED CHOOSE AN APPROACH SHOULD IT BE A GREEN FIELD PROJECT AND GROW? SHOULD IT BE BY ACQUISITION? SHOULD IT BE BY A STAKE IN EXISTING PAN-AFRICAN PLAYER? THE ANSWER DEPENDS ON WHAT IS THE BEST TODAY IN AFRICA IN RELATIVELY WELL DEVELOPED SECTORS SUCH AS RETAIL BANKING AFRICAN BANKS, SUCH AS ECOBANK AND STANDARD BANK, AS WELL AS FOREIGN BANKS LIKE STANDARD CHARTERED AND BARCLAYS, HAVE ALREADY SPENT DECADES ESTABLISHING OPERATIONS IN MANY COUNTRIES MORE RECENTLY SOME HAVE ESTABLISHED THEIR FOOTPRINTS BY BUYING UP LOCAL BANKS ANOTHER WAY IS ACQUIRING

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AN EXISTING PAN AFRICAN SET UP BUY A STAKE IN A BIG AFRICAN BANK LIKE CHINA’S ICBC BOUGHT 20% OF STANDARD BANK IN 2008 ZARA, THE SPANISH RETAILER HAS OPENED 12 STORES ACROSS NORTH AFRICA IN THE PAST FIVE YEARS SHOPRITE LARGEST FOOD RATAILER OF SOUTH AFRICA IN 1995 HAD JUST ONE STORE OUTSIDE SOUTH AFRICA BUT HAS SINCE BECOME THE CONTINENT’S LARGEST FOOD RETAILER, OPENING 71 STORES IN OTHER AFRICAN NATIONS IN TELECOM THERE ARE HUGE POSSIBILITIES FOR EXAMPLE SAFARICOM’S MOBILE-PHONE-BASED MONEY-TRANSFER SERVICE, M-PESA, WHICH ENABLES CUSTOMERS TO DEPOSIT AND WITHDRAW MONEY FROM A NETWORK OF AGENTS THIS WAS LAUNCHED IN KENYA IN 2007 M-PESA CAPTURED 6.5 MILLION CUSTOMERS IN JUST TWO YEARS’ TIME AND IT HAS SINCE BEEN LAUNCHED IN TANZANIA AND SOUTH AFRICA AS WELL AIRTEL FROM INDIA HAS TAKEN OVER ZAIN’S NETWORK IN 15 AFRICAN COUNTRIES AND IS MAKING INROADS FOR A LARGER MARKET SHARE 2) GET TO KNOW CUSTOMERS CONSUMER PREFERENCES VARY ENORMOUSLY ACROSS AFRICA SO COMPANIES MUST INVEST IN MARKET INTELLIGENCE BRAND-CONSCIOUS CONSUMERS WILL SAVE UP TO BUY PREMIUM ITEMS HOWEVER MOST PEOPLE HAVE LOW INCOMES AND LACK ACCESS TO CREDIT USING IMAGINATIVE STRATEGIES— SELLING PRODUCTS IN SMALL QUANTITIES OFFERING CREDIT, HIRE PURCHASE AND EDUCATING CONSUMERS— IS ESSENTIAL DEVELOPING INNOVATIVE, LOW-PRICED CONSUMER PRODUCTS AND SERVICES IS OFTEN CRITICAL

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FOR EXAMPLE, NOKIA FOCUSES ON PHONE MODELS PRICED FROM $20 TO $50 AFRICA’S INFRASTRUCTURE IS POOR MORE SALES OCCUR THROUGH INFORMAL CHANNELS SUCH AS VENDORS AND FAMILY-RUN BUSINESSES THAN THROUGH STORES AND MALLS COMPANIES CAN OVERCOME THESE CHALLENGES ONLY BY BEING FLEXIBLE GLOBAL BENCHMARK MANY A TIMES DOES NOT WORK ONE MUST BE PATIENT BUILDING A LOGISTICS NETWORK IN AFRICA TAKES TIME COKE HAS CREATED A NETWORK OF MICRO DISTRIBUTION CENTERS TO REACH INFORMAL RETAILERS IN BOTH RURAL AND URBAN AREA IT COMPRISES 2,800 SMALL BUSINESSES THAT USE BICYCLES AND MANUAL PUSHCARTS TO DELIVER PRODUCTS OVER UNPAVED ROADS INFRASTRUCTURE GAPS DEMAND CREATIVE SOLUTIONS FROM SERVICE PROVIDERS FOR EXAMPLE TO ENSURE THAT IT HAS CONTINUOUS ELECTRICAL POWER AFRICA’S LARGEST CELLULAR SERVICES OPERATOR MTN HAS BUILT GENERATORS INTO EACH OF ITS 5,000-PLUS TOWERS IN NIGERIA IT USES A FLEET OF TRUCKS TO FEED THEM DIESEL AND OTHER ESSENTIALS BECAUSE MTN PROVIDES BETTER SERVICE IT HAS ACQUIRED 31 MILLION SUBSCRIBERS AND BUILT A $4.5 BILLION BUSINESS IN NIGERIA 3) FILL THE SKILLS GAP – HIGH-SKILLED WORKERS IN AFRICA ARE SIMILAR TO THOSE IN OTHER EMERGING ECONOMIES THE BEST EDUCATED ATTEND TOP UNIVERSITIES OFTEN OVERSEAS THERE’S ALSO LITTLE DIFFERENCE BETWEEN AFRICANS AND WORKERS FROM OTHER DEVELOPING ECONOMIES ONE STUDY FOUND THAT FACTORY WORKERS IN KENYA ARE AS PRODUCTIVE AS THOSE IN CHINA AND INDIA BUT THE OVERALL PRODUCTION COST IN KENYA IS HIGHER BECAUSE OF POOR REGULATION

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AND INFRASTRUCTURE WHAT IS MISSING IS MIDLEVEL MANAGERS THE SHORTAGE REFLECTS THE WEAKNESSES IN AFRICA’S SECONDARY AND TERTIARY EDUCATION SYSTEMS TO FILL UP THE GAPS MULTINATIONAL COMPANIES USE SEVERAL STRATEGIES BRINGING IN MIDLEVEL EXPATRIATES PARTICULARLY IN THE EARLY YEARS MOST OF THE FOREIGN COMPANIES BRING EXPATRATIATE MANAGEMENT TO START OPERATIONS AND GROOM LOCAL TALENT SUCCESSFUL ORGANIZATIONS CREATE AVENUES FOR TALENT DEVELOPMENT DRAW UP TARGETS AND MONITOR PROGRESS MULTINATIONALS USUALLY FIND THAT EMPLOYEES AT ALL LEVELS IN AFRICA NEED TRAINING SOME INVEST IN THE LOCAL EDUCATION SYSTEM TO DEVELOP PEOPLE WITH THE SKILLS THEY REQUIRE SUCH PROGRAMS MAY ALSO HELP THEM WIN SUPPORT FROM GOVERNMENTS 4) MANAGE RISKS POLITICAL INSTABILITY IS ONE OF THE TWO BIGGEST RISKS FOREIGN COMPANIES FACE ON THE CONTINENT THE OTHER IS ADVERSE ACTIONS BY GOVERNMENTS PASSING LEGISLATION THAT HAMPERS OPERATIONS ABRUPT CHANGES IN IMPORT TARIFFS INTRODUCTION OF QUOTAS ALSO AFFECT OPERATIONS TO MITIGATE SUCH RISKS IT IS BETTER TO DIVERSIFY ACROSS GEOGRAPHIC MARKETS COMPANIES CAN CREATE COALITIONS OF STAKEHOLDERS THAT HELP THEM DETECT POTENTIAL PROBLEMS EARLY

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AND DRAW UP CONTINGENCY PLANS COMPANIES CAN DO THIS IN THREE WAYS 1)BUILDING PARTNERSHIPS WITH LOCAL BUSINESS PEOPLE WHO KNOW THE POLITICAL LANDSCAPE

2)WOOING THE INFLUENTIALS SMART COMPANIES IDENTIFY KEY INFLUENCERS WHO HAS ENTRE TO TALK TO THE AUTHORITIES 3) INVITING KEY PUBLIC AND PRIVATE SECTOR STAKEHOLDERS TO JOIN THE COMPANY BOARD IN MANY WAYS AFRICA HOLDS THE SAME POTENTIAL THAT CHINA DID 20 YEARS AGO A LARGE RURAL POPULATION WHICH IS MOVING TO THE CITIES GETTING JOBS WITH HIGHER INCOME AND STARTING TO ENJOY DISCRETIONARY SPENDING CREATING A DEMAND FOR PRODUCTS FOREIGN DIRECT INVESTMENT HAS SOARED IN AFRICA FROM $9.4 BILLION IN 2000 TO $59 BILLION IN 2009 TODAY THERE ARE TWO CONTINENTS WHERE STRONG GROWTH IS POSSIBLE SOUTH EAST ASIA AND AFRICA AFRICA IT HAS HUGE OPPORTUNITIES IT HAS UNTAPPED RESOURCES BOTH MINERAL AND HUMAN AND A STRONG GROWTH POTENTIAL IT IS LOOKING FOR INVESTORS IN INFRASTRUCTURE MANUFACTURING AGRICULTURE TOURISM EDUCATION HEALTH

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THERE IS NO LIMIT MANY OF THE COUNTRIES ARE NOW BECOMING PART OF ECONOMIC ZONES LIKE EAST AFRICAN COMMUNITY PRESENTLY MADE UP OF FIVE COUNTRIES AND BEFORE LONG SOUTHERN SUDAN WOULD BE NEXT TO JOIN SADAC WITH SOUTH AFRICA, MOZAMBIQUE ANGOLA, ZAMBIA, TANZANIA AND MALAWI COMESA – EMBRACING BOTH COUNTRIES OF EAST AFRICAN COMMUNITY AND SADAC MINUS SOUTH AFRICA IN THE EAST WE HAVE ECOWAS NIGERIA AND OTHER NEIGHBOURING TERRITORIES AND THE WEST AFRICAN ECONOMIC MONETARY UNION (UEMOA) OF FRENCH SPEAKING COUNTRIES TODAY IN AFRICA THERE ARE AMPLE MINERAL RESOURCES IN MOST OF THE COUNTRIES STARTING WITH OIL AND OTHER MINERALS ALL OF THIS ARE HUGE SOURCE FOR NEW BUSINESSES TODAY MAJORITY ARE EXTRACTED AND EXPORTED AS RAW MATERIALS THOUGH THERE ARE SIXTY THREE COUNTRIES IN AFRICA EACH OF THEM HAVE THEIR SPECIALITY AND SOMETHING TO OFFER TO INVESTORS WHAT IS MY ADVICE TO THE NORWEGIAN BUSINESS COMMUNITY FOR INVESTING IN AFRICA NORWAY HAS IMPORTANT POSITION IN MANY SECTORS WHERE THEY CAN BUILD BUSINESS IN AFRICA TO ACHIEVE OBJECTIVE OF MAKING A PROFIT WITH A SOCIO ECONOMIC IMPACT

NORWAY HAS EXTRAORDINARY EXPERIENCE TO SHARE FROM THE MANAGEMENT OF STATOIL SPECIFICALLY IN THIS SECTOR

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LOT CAN BE DONE IN AFRICA THE SECOND KNOW HOW NORWEGIAN HAVE IS FISHING AFRICA HAS A LONG SHORE LINE FISH IS A MAJOR DIET NORWAY HAS LONG EXEMPLIFIED RESPONSIBLE MANAGEMENT OF FISHERIES NORWEGIAN BUSINESS HOUSES CAN DEVELOP AND OFFER THE FISHING INDUSTRY IN AFRICA GREAT HELP TO CONFRONT THE SHIFT TO MODERN METHODS AND COEXISTING WITH THE NEED TO MANAGE FISHERIES SO THAT THEY LAST FOR GENERATIONS NORWEGIAN EXPERIENCE IN BI-LATERAL AND MULTILATERIAL INTERNATIONAL AGREEMENTS TO SUSTAIN FISHING IS INVALUABLE TO AFRICAN STATES THIRDLY NORWAY IS STRONG IN ALUMINIUM HYDRO ALUMINIUM IS INVOLVED IN SMELTING TO FINISHED PRODUCTS THEY HAVE ALSO BUILT A SMELTER IN QATAR BAUXITE IS AMPLE IN AFRICA AND IT IS THE PRINCIPAL RAW MATERIAL FOR ALUMINIUM NORWAY IS ALSO WELL KNOWN FOR ITS PAPER AND PULP INDUSTRY THERE IS AMPLE OPPORTUNITY FOR MANUFACTURING PAPER BUT WITH A PLANNED PROGRAMME OF MAKING SURE THAT FORESTS ARE CONTINOUOSLY REPLANTED SO THAT THE FORESTS ARE NOT DEPLETED TODAY AFRICA IS SUFFERING BECAUSE FOREST COVER HAS GONE LOW AT THIS RATE TO SUSTAIN ENVIRONMENT IS NOT POSSIBLE IN AN ENVIRONMENT SPACE WHICH IS TOTALLY NEW FOR AFRICA NORWAY HAS LOT TO OFFER LIKE CARBON CREDIT NORWAY CAN PLAY AND IMPORTANT ROLE

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THROUGH NORFUND IN HELPING THE DEVELOPING WORLD EXPAND ITS BUSINESSES ONE EXAMPLE IS THE ENCOURAGEMENT OF SMES THROUGH NORFUND AND ITS PARTNERSHIP WITH BRITAIN’S CDC, AUREOS CAPITAL INVESTORS SHOULD WORK CLOSELY WITH NORFUND TO FIND OPPORTUNITY IN AFRICAN COUNTRIES AS THEY HAVE EXPERIENCE IN INVESTMENTS IN AFRICA RECENTLY I SAW ANOTHER CASE WHERE NORFUND SUPPORTED A VERNTURE CAPITAL WHICH IN TURN SUPPORTED THE SOFTWARE BUSINESS TODAY 75 PERCENT OF KENYA’S SOFTWARE EXPORT IN MICRO BANKING AND BANKING IS DONE BY THIS COMPANY NORWAY IS KNOWN FOR ITS SUPPORT IN SOCIAL WORK THROUGH NORAD AND SUPPORT TO PRIVATE BUSINESSES THROUGH NORFUND NORAD CAN PLAY A SIGNIFICANT ROLE PARTNERING WITH PRIVATE SECTOR THROUGH DESIGNED PROJECTS TO PROVIDE SERVICES WHICH ARE NEEDED I REMEMBER WHEN I SET UP THE LIMURU GIRLS CENTRE I GOT THE FIRST PRINCIPAL SUM FROM NORAD TO BUILD INFRASTRUCTURE FOR THE CENTRE AND SUBSEQUENTLY MONEY FOR A FLORICULTURE GARDEN TODAY IT HAS TURNED INTO STAREHE GIRLS CENTRE WHERE WE GET GIRLS FROM ALL OVER THE COUNTRY FROM VERY POOR BACKGROUND BUT VERY INTELLIGENT FOR THEIR SECONDARY EDUCATION STAREHE REPRESENTS A MINI KENYA CHILDREN FROM ALL THE PROVINCES AND SLUMS WE STARTED WITH INTAKE OF EIGHTY GIRLS NOW WE HAVE 320 AND IN FOUR YEARS TIME

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WE HAVE NOW BEEN ASKED TO DOUBLE THE CAPACITY TO 640 THIS YEAR THE THIRD BATCH OF GRAUDUANTS FROM THE SCHOOL NUMBER SEVENTY EIGHT ATTAINED GRADES B AND ABOVE ALL ARE ELLIGIBLE FOR UNIVERSITY SEVENTY FOUR ARE ALRADY IN STATE UNIVERSITIES WE ARE LOOKING FOR SUPPORT FOR THE REMAINING FOUR IN THE FIRST 3 YEARS 225 GIRLS GAVE FINAL EXAMS OUT OF WHICH 210 ARE AT UNIVERSITIES I SALUTE NORAD FOR PLANTING THE SEED FOR A VERY SUCCESSFUL SCHOOL FOR THE GIRL CHILD THE EUROPEAN INVESTMENT BANK GAVE US NINE MILLION US DOLLARS LOAN AND WE GOT 11 MILLION FROM IFC FOR OUR EXPANSION CONDITION FOR LENDING BY EUROPEAN INVESTMENT BANK WAS INTEREST SIX PERCENT PER ANNUM OUT OF WHICH WHEN WE PAY 1.75 PERCENT COMES BACK TO US FOR USING IT IN SOCIAL WORK WE ADDED OUR CSR FUNDING TO THIS AND BUILT A MABATI TECHNICAL INSTITUTE WHICH TODAY GRADUATES TWO HUNDRED STUDENTS PER YEAR GOING THROUGH TWO YEARS OF SKILLS TRAINING WHICH ARE CERTIFIED BY THE GOVERNMENT THIS IS A AGAIN A CLASSIFCAL CASE OF SUPPORTING A PRIVATE SECTOR BUSINESS MY FAMILY HAS INVESTED THROUGH CHANDARIA FOUNDATION 1) IN MABATI MEDICAL CENTRE SPECIFICALLY SUPPORTING HIV AIDS PATIENTS 2) CHANDARIA SCHOOL OF BUSINESS AT THE UNITED STATES INTERNATIONAL UNIVERSITY (USIU) 3) CHANDARIA BUSINESS INNOVATION AND INCUBATION CENTRE AT THE KENYATTA UNIVERSITY – SECOND LARGEST UNIVERSITY IN KENYA 4) CHANDARIA ACCIDENT AND EMERGENCY CENTRE AT THE NAIROBI HOSPITAL IN NAIROBI AND PANDYA HOSPITAL IN MOMBASA 5) SET UP FIFTEEN RURAL CHANDARIA CLINICS

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THE NEXT TWO DECADES ARE GOING TO BE AFRICAN DECADES THIS IS THE RIGHT TIME TO EXPLORE AND MOVE WITH SOME SPEED TO INVEST IN SECTORS LIKE MINING, OIL, GAS, DEVELOPMENT OF INFRASTRUCTURE LIKE POWER, WATER, TELECOM MY REQUEST TODAY IS TO TAKE PAIN IN YOUR HEART FOR THE POVERTY OF AFRICA BY EXTENDING YOURSELF THROUGH INVESTING SUPPORT VENTURE CAPITAL INITIATIVES FOR SMES THROUGH NORFUND AND SOCIAL FOOTPRINTS THROUGH NORAD 29TH SEPTEMBER 2011

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Dr Manu Chandaria - Key note speech: Business advice to Norwegian companies  

Chairman of the Comcraft Group, Kenya, Dr. Manu Chandaria, speaking at the Norwegian-African Business Summit 2011

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