“Africa and Europe need each other to assert their sovereignty” declares Benoit Chervalier

As global rivalries reshape Africa’s place in the world, Europe faces a decisive question: can it build with Africa a “third way” beyond the gravitational pull of Washington and Beijing? Ahead of the ESSEC Institute for Geopolitics & Business event “Bienvenue dans la post-mondialisation: l’Europe et l’Afrique sont-elles capables d’inventer une troisième voie entre Washington et Pékin?” (11 September 2025), we spoke with Benoît Chervalier—investment banker, President of the Africa Network at Business Europe, Vice-President of the Africa Committee at MEDEF, and Executive Director of the ESSEC Chair “Business & Industry in Africa.” In this interview, he argues that Europe and Africa share not only geography or history but also common interests, and that their ability to forge sovereign industrial and strategic partnerships will define their role in the post-globalization era.

In the context of post-globalization, Africa has become a strategic arena for global powers. How do you see the current competition between Washington, Beijing, Moscow, and others shaping the continent’s economic trajectory?

Benoit CHERVALIER - First of all, it would be wrong to think this is something new. During the Cold War, the logic of blocs was clearly played out on African soil—with countries from Angola to Guinea in the Soviet camp, and others, from Côte d’Ivoire to Gabon, in the European one, particularly France. Relations with the United States were more complex. What distinguishes the current situation is its intensity and the multiplicity of actors.

The EU often presents itself as Africa’s “natural partner.” From your perspective, what structural changes would be required for the EU–AU relationship to move beyond rhetoric and deliver real strategic autonomy for both sides?

B.C. - The fundamental difference between Europe and the other “big beasts” (United States, India, China, Russia) lies in geography. Europe is separated from Africa by barely 14 km, unlike the others, who see the continent primarily as an extension of their interests. From this perspective, Europe and Africa share a common destiny. More importantly, beyond history and geography, European and African countries today share many common interests. As explained in my latest book, Ce qu’attend l’Afrique: ressources locales, tensions mondiales (Éditions de l’Aube). Europe and Africa need each other if they are to assert their sovereignty.

Financing industrialization remains one of Africa’s greatest challenges. In a post-globalization world of higher interest rates, sanctions, and fragmented capital flows, how can African economies secure sustainable financing for infrastructure and industry?

B.C. - This is the absolutely fundamental issue for the coming years, and it is precisely the purpose of the Africa Chair successfully launched last year at ESSEC. On the one hand, African countries—just like European ones—can only ensure their prosperity and independence on the basis of a strong industrial base. These are undoubtedly the two major lessons from the Covid crisis and the war in Ukraine. It would be a mistake to think that Africa can prosper through services alone. On the other hand, given the continent’s rich natural resources, local processing of raw materials is essential. It is the necessary condition for value creation, job creation, and the fight against climate change.

China has invested heavily across the continent through the Belt and Road Initiative, while the U.S. has recently sought to re-engage. How can European companies differentiate themselves and create mutually beneficial partnerships that are not seen as purely extractive?

B.C. - Let’s first recall some facts and figures. The European Union remains by far Africa’s leading trading partner, with trade exceeding €400 billion annually. China follows, with $295 billion in 2024. The United States has consistently “underperformed”—given the size of its economy—with trade around $70 billion, more or less equivalent to trade between Africa and France. At the investment level, the trend is even more pronounced and represents a true European singularity. Many emerging countries trade with Africa, but few have so far invested in a long-term way by creating predominantly African subsidiaries and teams. That is the next step.

With geopolitical rivalries intensifying, African states are under pressure to take sides—or at least manage multiple partnerships simultaneously. How do these dynamics affect European business strategies on the continent?

B.C. - This is one of the major developments of the 21st century. All countries want to be sovereign, and none want to find themselves in a position of dependence. That is Africa’s stance, but I also see it as Europe’s. This has become even truer since the war in Ukraine and the U.S. disengagement, which actually began under the Obama administration. A country such as France is now strengthening ties with English-speaking African countries, with which it has historically been less close. At the same time, African countries are expanding links both with Eastern European countries and, of course, with emerging powers.

From your vantage point at both ESSEC and MEDEF, how are African and European private sectors adapting to this post-globalization context—whether through new forms of industrial cooperation, regional value chains, or digital innovation?

B.C. - As I mentioned, most African and European countries share the same geopolitical compass. We must go further by building genuine strategic partnerships in the economic, military, scientific, cultural, and industrial fields. This requires new instruments, a new approach, and a shift in mindset. The European Commission, for example, is moving in this direction ahead of the European Union–African Union summit to be held in Luanda, Angola, at the end of November 2025. But this is only the beginning—we must push the ambition much further and much faster.

Looking ahead to 2035, what is the most plausible scenario for the Europe–Africa partnership: a genuine third way between Washington and Beijing, or a patchwork of competing influences where companies must navigate fragmented opportunities?

B.C. - The timeframe is appropriate, because I believe the next 5 to 10 years will be decisive in shaping the 21st century, and in any case the world of 2050. I think it is risky to speak of Africa as a single entity—let alone predict what the whole continent will look like in 2035. Some countries will prove virtuous, efficient, and dynamic, while others may remain trapped in poverty and conflict, combining poor governance, exponential demographics, and ideological rigidity. I therefore believe in a coalition of goodwill and ambition, capable of writing a fruitful new chapter between European and African countries.

ABOUT THE ESSEC INSTITUTE FOR GEOPOLITICS & BUSINESS

Created in 2024 by ESSEC, the Institute for Geopolitics & Business examines how geopolitical shocks reshape companies’ economic models.

Operating across ESSEC Business School’s campuses in France, Morocco, and Singapore, it brings a tri-continental perspective to what drives corporate competitiveness in the post-globalization era: vigilance, resilience, independence.

It feeds into ESSEC’s degree programs, executive education, and research to foster a new generation of geopolitics-proof business leaders capable of steering and growing companies amid an increasingly brutalized world.

Rooted in ESSEC’s academic excellence, the Institute draws on 4 flagship centers:ers:

• the IRENE Center for Negotiation & Mediation,
• the Center for Geopolitics, Defense & Leadership,
• the Center for European Law & Economics, and
• the Chair Business & Industry in Africa.

Contact: Thomas FRIANG, Executive Director of the ESSEC Institute for Geopolitics & Business - friang@essec.edu