The time to invest in Africa is now – Dr. Bawumia challenges Indian investors

Company News of Monday, March 18, 2019

Source: Jubilee House

2019-03-18

The Vice President of the Republic, Mr. Mahamudu Bawumia, challenged investors to engage their African counterparts in a constructive way, as governments and peoples of the continent prepare to take their destiny into their own hands. to occupy their rightful place in the courtesy of nations.

According to Dr. Bawumia, "Africa is on the move; a continent eager to rid itself of past failures due to blind alignments of settlements and the cold war and poor governance According to The Economist Magazine, the new rush to Africa is now led by a new generation of Africans determined to make the difference through technological innovations and the development of companies and markets.

"The Africa we want can only be built by Africans, in partnership with countries and investors who also believe in this paradigm of change."

Vice President Bawumia launched the challenge when he addressed delegates at the 14th CII-EXIM Bank Conference on the India-Africa Partnership in New Delhi, India on Sunday, March 17, 2019 .

The three-day Conclave, organized by the Confederation of Indian Industry (CII), in collaboration with the Export-Import (EXIM) Bank of India, on the theme "Partners for Development, Building New synergies ", brings together more than 500 delegates. including 33 ministers and heads of government from 41 African countries.

Over the last 13 years, the CII-EXIM Bank Conclave partnership on the India-Africa project has become a pioneering event for Indian and African governments and industry to meet and explore new partnership opportunities, enabling thus to the Indian and African leaders of partnership progress and meet future needs.

Describing a number of areas that would make investing in Africa attractive, Vice President Bawumia urged participants to "let our conversation about the future come out of old business barriers and old commitments between government and business" .

"Emerging markets in Africa offer tremendous opportunities for economic growth and prosperity, with more than 1.2 billion people and a combined GDP of 2.24 billion US dollars. It is the second largest and second largest in the world, and by 2050, it will be the most populous continent in the world, with an estimated GDP of $ 29 trillion. The continent is endowed with natural resources that, with the appropriate complementary factors, can be harnessed for accelerated and inclusive economic growth.

"Africa is home to ten of the world's 15 fastest-growing economies and this growth rate is projected to push consumer spending from $ 860 billion in 2008 to over $ 1.3 trillion by 2020," he said. said the Vice President.

The continent's leaders, said Vice President Bawumia, had already taken steps to ease trade on the continent with the African Union's Agenda 2063 statement, long-term vision of the African Union. 39, a continental organization for an integrated and prosperous continent.

"Given the importance of the free movement of goods, services and people from one country to another for socio-economic development, the Single African Air Transport Market (SAATM), a flagship project of the 'Agenda 2063 of the African Union, was launched to create a single market for air transport. transport in Africa. This will allow great freedom of air transport in Africa.

"On March 21, 2018, in the Rwandan capital, Kigali, the President of the Republic of Ghana, HE Nana Addo Dankwa Akufo-Addo and other African leaders had the pleasure of signing the Agreement Establishing the Free Zone. Exchange of the African Continent (AfCFTA).

"Improved air connectivity, improved intra-African trade, expanded markets through continental economic integration and free movement of people, offer greater business opportunities."

Vice President Bawumia continued:

"It is in this context that I encourage the relevant government officials from Ghana and India to engage in discussions that can pave the way for business-to-business cooperation and mutually beneficial partnerships. It is a sure way for both parties to explore the economic opportunities that abound in Africa and India. "

Vice President Bawumia, Vice President of CII-Exim Bank, called for constructive and productive dialogue at the 14th CII-Exim Bank Conclave:

"Let's start from here with concrete commitments in business partnerships in key strategic areas. Let us know what we do not do well as governments and what can be done to strengthen business partnerships.

"Together, let's make great efforts to improve the lives of ordinary citizens in India and Africa, so that they also realize that these industry discussions are also beneficial to them in the long run."