KIGALI Rwanda (Xinhua) --
African government and business leaders have
called for increased private investments in Africa in order to
boost economic growth on the continent.
They made the call
on Monday at the opening of Global African Investment Summit (TGIAS)
in Rwanda’s capital Kigali.
Rwanda hosts the
high-level investment forum from Sept. 5 to 6, aimed at
delivering international trade and investment to Africa’s most
“Africa is ripe for
investments in several sectors of the economy. There are lots of
untapped business prospects for both local and foreign
investors. Increased private investments will explore these
investment opportunities and help accelerate growth,” said
Uganda President Yoweri Kaguta Museveni.
He added that Africa
has realized the importance of private capital in expanding and
growing the mining sector on the continent, given its mineral
bring the required capital and essential skills that sustain the
growth of economic sectors. Without the mobilization of private
capital specifically to fund the mining and infrastructure
sectors on the continent, such economic development would not
have been possible, at least at the rate at which it occurred,”
The summit organized
by the Common Market for Eastern and Southern Africa (COMESA)
and the government of Rwanda has attracted about 1,000
delegates, including some African heads of state and government,
ministers and private sector businesses leaders.
The two-day meeting
is held under the theme “Transforming African Economies for
Global Competitiveness” and will cover sectors including
infrastructure, power, agribusiness, fast-moving consumer goods
(FMCG), tourism and natural resources.
According to the
Rwanda President Paul Kagame, Africa’s huge investment potential
remains largely unexplored due to lack of commitment to ensure
the ultimate goal of seeing Africa thriving.
“Africa cannot just
remain a story about huge potential that never materializes.
Postponing our priorities and delaying our commitments are the
most expensive mistakes that Africa can make,” he added.
meeting also focuses on promoting intra-regional trade, which is
at a low level compared to other regions across the world.
levels of intra-Africa trade remain at under 15 percent compared
to regions such as Asia where it is over 40 percent.
analysts, despite an economic growth rate of more than 4
percent, Africa still accounts for only about 2 percent of
argued that regional integration will provide big market for
investors and unlock unnecessary trade and investment barriers
in African countries.
President of the Eastern and Southern African Trade and
Development Bank commonly known as PTA Bank, said that
mobilization of private capital and the consequent
infrastructure development will give Africa prominence globally
as a developed region.
infrastructure and human resource development will unlock the
true potential of Africa. The continent has become the most
attractive investment destination in the world and investors
should bank on the opportunities available and explore Africa’s
potential,” he said.
The summit will
engage the private sector on the Tripartite Free Trade AREA (TFTA)
initiative, and explore how public and private sectors can
collaborate to realize the aspiration of Africa’s largest single
TFTA aims to
economically integrate Africa’s three major regional economic
communities—the Common Market for Eastern and Southern Africa (COMESA),
the Southern African Development Community (SADC), and the East
African Community (EAC).
Together, the three
economic blocs will create the largest trading bloc in Africa,
comprising 26 countries, about 620 million consumers and a
combined GDP of almost 1.2 trillion U.S. dollars.