Trade and Investment Forum
Promoting Intra- and Inter-regional Trade and Investment in Africa
Africa faces major socio-economic and political challenges in its quest to accelerate growth, reduce poverty, strengthen its human resources and create employment opportunities. Trade and investment has long been considered primary instruments in attracting foreign direct investments (FDI). Trade is a key driver of economic growth. Without increased investment and employment opportunities, poverty eradication will not be attained and Africa will remain underdeveloped and run the risk of becoming marginalized. Helping Africa attract foreign direct investments and implement policies conducive to economic growth is central to the New Partnership for Africa’s Development’s (NEPAD) goal of mobilizing resources for poverty reduction and development. The challenge confronting Africa at large requires a fundamental shift in approach from all sectors of society, government, established and emerging business and labour, to commit to the goals encapsulated in NEPAD initiatives.
Most African countries are primary extractive producers; small in terms of population and per capita incomes; have undiversified beneficiation economies; lack both effective economic leverages and political clout in world-wide decision making; have limited markets; face the threat of exclusion from the benefits of trade by external restrictions on access to markets from rich countries. As a result, the progress in diversifying production and exports is impeded. The economic progress of a country is also determined by the development of its infrastructure. Without FDI, the development of essential infrastructure is also limited. Consequently, most African countries welcome and actively seek FDI. African countries have made substantial efforts over the past decade to improve their investment environment and the economic performance of the continent as a whole. Despite this, FDI inflow into Africa is low relative to other developing countries. The question that can be asked is what are the evolving trends that can be used to change the negative perception about the investment climate on the African continent?
Therefore, NEPAD Council strongly promulgates that potential investors should guard against stereotyping the African continent and rather analyse Africa more closely, country by country, industry by industry, opportunity by opportunity. This requires decisive actions in many areas (by African government/NEPAD and other interest groups) that include resolving conflicts, improving governance, greater equity and more investment in African people, increasing competitiveness, diversifying in economies and in support from the international community.
In an attempt to promote growth and development in Africa, the overall purpose of this International Conference on Trade and Investment is to deliberate on how to reverse the trend of international divestment from Africa, sluggish intra- and inter- African trade, to promote Africa as a favourable destination for FDI and to identify practical strategies and solutions to promoting development in Africa. The challenge that NEPAD Council faces is one on how to translate intellectual and scientific capital into concrete strategies to promote development in Africa.
“Through NEPAD, Africa has resolved to challenge criticisms from those who see the continent as dependent and unable to take its destiny in its own hands. We must succeed, we have to show the world that we can indeed take the development of the continent to a higher level.”
Dr. Birahim Seck, Former NEPAD Council President (2004)
Contact Person
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The Conference Secretary Alida Phielix |
| Faculty of Business and Economic Studies | ||||
| PO Box 77000 | ||||
| Nelson Mandela Metropolitan University | ||||
| Port Elizabeth | Tel: | +27 41 5043789 | ||
| 6031 | Fax: | +27 41 5049789 | ||
| South Africa | Email: |
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International Trade and Investment Conference 25-27 May 2005 >>>