Languages —

Thursday, May 30, 2024

More

    Intra-Africa trade and collaboration key in driving economic growth, says Morocco’s King

    Share This Post

    Somali Magazine – Morocco’s King Mohammed VI opened the 2023 Africa Investment Forum Market Days on Wednesday with a call for Africans to work together to attract the levels of private investment needed to drive the continent’s inclusive development.

    The forum advances projects to bankability, raises capital, and accelerates deals toward financial closure.

    “Africa needs now more than ever bold, innovative initiatives to encourage private entrepreneurship and unleash the full potential of our continent,” King Mohammed VI said in a keynote speech read on his behalf by his advisor Omar Kabbaj, a President Emeritus of the African Development Bank.

    The King said Morocco could serve as a model for other African countries’ efforts to overcome their infrastructure gaps. “Over the past two decades, Morocco has made infrastructure development a priority in all economic sectors,” he said.

    He also informed the gathering that the country was pushing toward its goal of deriving over 52% of its national electricity mix from renewable energy by 2030.

    The King also stressed that African countries should enhance “coordination and cooperation mechanisms to drive regional integration.” As an example of the country’s push to partner with neighbors, he cited the Morocco-Nigeria Gas Pipeline Project. The project will “enable all countries along the pipeline route to have access to reliable energy supplies and to be more resilient to exogenous energy price shocks.”

    Several heads of state and over 1000 participants including CEOs, heads of multilateral and regional financial institutions, business leaders and project developers and government ministers are attending the 2023 Market Days.

    Heads of state and government took the opportunity to make the case for investment in their countries by participating in deal-focused boardrooms and thematic plenaries. They include Azali Assoumani, President of the Union of Comoros and current chairperson of the African Union, Tanzania’s President Samia Suluhu Hassan, the President of Sierra Leone Julius Maada Bio, Rwanda’s Prime Minister Eduardo Girente and the Prime Minister of Barbados Mia Mottley.

    Dr Akinwumi A. Adesina, President of the African Development Bank Group, highlighted Africa’s prospects as a prime investment destination.

    “The continent is not as risky as perceived and is growing and showing resilience despite global challenges, he said, offering reasons for global investors to pursue high-risk-adjusted returns in Africa. As investors, put your monies where the future is—The future is Africa,” said Adesina.

    The President of Comoros, Azali Assoumani, pointed out that manufactured African exports account for just 1% of world exports. “We export them to developed countries and these countries re-export them to us processed and sell them back to us at ten times the price. Despite the obstacles, there are enormous opportunities for the development of value chains in Africa.”

    President Samia Suluhu Hassan of Tanzania said technological and aviation “connectivity is a problem in Africa. We need to invest in the continent’s connectivity.” She noted that she recently had to travel via Paris from her country in East Africa to her destination in Dakar, West Africa.

    President Julius Maada Bio of Sierra Leone said, “Obstacles are opportunities and how we turn obstacles into opportunities is the most important thing. Our economies are not sufficiently diversified and as soon as there is a shock, we suffer the consequences. And we are at the mercy of fluctuations in commodities like oil.”

    Adesina, who is also the chairperson of the Africa Investment Forum, praised the platform.

    He said, what makes the Africa Investment Forum unique and remarkable is that it is highly innovative, and 100% transactional. Adesina “We develop and curate projects, reduce transaction costs and risks and accelerate the closure of deals.Our goal is simple: make investments to land in Africa smoothly.”

    The theme of the 2023 Market Days is Unlocking Africa’s value chains. The forum helps connect investors with bankable deals in several sectors including renewable energy, agribusiness and the manufacture of lithium-ion batteries for electric vehicles.

     

     

    Share This Post