BUSI­NESS AU urges pri­vate in­vest­ments for Africa’s growth

Daily Trust - - INDUSTRY -

The African Union Com­mis­sion, yes­ter­day, in Ad­dis Ababa, cap­i­tal of Ethiopia, urged for more pri­vate in­vest­ments to en­hance Africa’s eco­nomic growth and com­pet­i­tive­ness in the global mar­ket.

Dr. Anthony Mothae, AU Com­mis­sioner for Eco­nomic Af­fairs, said this at the open­ing of a three-day Africa In­vest­ment Fo­rum in Ad­dis Ababa. He said that the con­ti­nent was strength­en­ing its re­la­tion­ships with some strate­gic part­ners to at­tract in­vest­ments.

Mothae said the fo­rum was an op­por­tu­nity for Africa to in­crease trade be­tween it and the rest of world.

He said the fo­rum would also pro­mote fun­da­men­tal val­ues crit­i­cal to an evolv­ing econ­omy through net­work­ing and pro­mot­ing re­la­tion­ships for pros­per­ity, sta­bil­ity and se­cu­rity. He said process of democrati­sa­tion has taken root across the con­ti­nent with im­prove­ments in the busi­ness en­vi­ron­ment, adding that as a re­sult of the syn­ergy among trad­ing part­ners, there was sub­stan­tial im­prove­ments in the qual­ity of hu­man life. The com­mis­sioner said the de­vel­op­ment has pro­vided the plat­form for eco­nomic growth some African economies have ex­pe­ri­enced over the past decade.

Ac­cord­ing to him, the size of the African econ­omy has more than tripled since 2000, adding that the African econ­omy has wit­nessed pos­i­tive growth out­look of 4 per cent in 2013 while hop­ing to record 4.6 per cent in 2014.

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