BUSINESS AU urges private investments for Africa’s growth
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.