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Tuesday,August 11,2020 17:27 PM

Africa Heads Woo Investors

By Vision Reporter

Added 22nd August 2001 03:00 AM

KAMPALA, Wednesday - African political and business leaders plan to publicise positive aspects of the continent’s investment environment to attract investors, they said Wednesday.

KAMPALA, Wednesday - African political and business leaders plan to publicise positive aspects of the continent’s investment environment to attract investors, they said Wednesday.

KAMPALA, Wednesday - African political and business leaders plan to publicise positive aspects of the continent’s investment environment to attract investors, they said Wednesday. Nine African presidents and captains of industry who ended an international investment conference here Tuesday called for “more attention to sell Africa as the new investment destination of the world.” During the Global 2001 SMART Partnership International Dialogue, the African leaders and Malaysian Prime Minister Mahathir Mohamad joined other political and business leaders from Africa and the Caribbean to map out strategies for attracting more investment to the continent. Ken Kwaku of the World Bank said many African countries had little public or private capacity for identifying competitive sectors and profiling business opportunities.“African diplomats have little or no capacity regarding economic or business diplomacy and seem more concerned with other issues than procuring business deals,” he said. Dialogue participants agreed that while Africa offered high returns on investment, African governments must work to reduce risks. Participants also said, in resolutions read out to the press on Wednesday, that African countries will have to maintain growth rates as high as seven percent or higher if they are to bring prosperity and to attract foreign direct investments. These investments should be a complement as well as a stimulus to domestic investment, they added. “One of the keys to building an effective African private sector is conscious government actions that promote African business in the manufacturing and service sectors to supply foreign investors,” one resolution read. South African President Thabo Mbeki attended the talks. Ends

Africa Heads Woo Investors

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