The private sector is the most important vehicle for economic growth and regional integration, the Director of NEPAD and Regional Integration Division at the United Nations Commission for Africa told participants at the 5 th African World Business Congress (AWBC) and the 1 st IGAD Investment Forum 2009 (IIF). Addressing the closing session of the three-day congress, Mr. Abdalla Hamdok said that although the global economic crisis had seriously affected the continent in terms of trade, investment and remittances, Africa remains the best place to do business.
But he warned that countries of the region would need to create an enabling environment for business venture in order to strengthen economic growth, which is estimated be more than 3 percent this year.
He said that the current global economic downturn should not cause African countries to lose sight of the long-term goals of achieving Millennium Development Goals (MGDs) and diversification.
He urged African countries with large reserves to use them to finance projects such as infrastructure and other basic services to help increase domestic development and diversify economies.
“It is time to achieve our short and long term objectives and by focusing on diversification and achieving the MGDs Africa will be able to recover (from the economic crisis) in two to three years time”, Mr. Hamdok assured.The AWBC is a forum where experts brainstorm on topical issues with the view to coming up with useful recommendations for practical actions. It also provides a platform for doing business.
This year the conference was held in conjunction with the 1st IGAD (Intergovernmental Authority on Development) Investment Forum and the Government of Ethiopia hosted both events at the UN Conference Centre.
The African Business Roundtable and the NEPAD Business Group also participated in the Congress.
The Congress opened on 2 March under the theme “Achieving Economic Growth under Global Downturn ”.
Subjects discussed were: Investment opportunities in IGAD countries; Success Stories of Investments in IGAD countries; Roundtable meeting on issues of Trade and Regional Integration; Africa Readiness for the 21st Century Economy; Identifying Effective Infrastructure Projects to facilitate Inter-Regional trade and developing suitable financing mechanisms; Enhancing Africa's Industrial and Manufacturing Competitiveness, Output and Access to markets; African Economic Outlook: Achieving Growth under Global Downturn; and Privatization Programme and Investment in the mining and Energy Sector.
The meeting ended with a strong call on African governments and the business community to put the development of ICT on the national agenda to make Africa an active participant in the paperless and secured global economic interaction.
It also expressed the need for private sector investment and for creating value added African products, which allow for meaningful regional economic integration.
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