|
Africa needs heavy investment - Shein
2008-04-29 18:49:22
By Correspondent Felister Peter and Asiraji Mvungi Arusha
Vice President Dr Mohamed Shein has said Africa needs to spend about USD 20 billion per year over the next ten years to improve the investment environment and for its people to benefit from available natural resources.
``Africa has abundant natural resources but for its people to benefit, heavy investment must be done on infrastructure that is power, water and transport sectors``, said the Vice President when opening a China - Africa Business Forum held in Arusha yesterday.
Dr Shein also challenged African governments to develop the bridge of right mindset and strategies towards investors so that investing in Africa was not taken as a zero-sum game.
``Investors stand to win through enlightened self-interest by working with host countries for mutual benefits,`` he said.
He said Africa had investment opportunities and attractive investment environment but lacked capital, technology and managerial skills for harnessing its richness in natural resources.
He said the question was how the China Africa Business Forum could creatively innovate for economic development in Africa by enhancing productivity among the majority through a policy of empowerment for accelerated economic growth.
The Vice President said the emerging China, and the increasing trade between China and Africa should more than anything benefit both Africa and China as a productivity gain in one country alone might lead to a permanent loss in per capital income for the other trading partner.
He called on the international community to reform the trade system so as to do away with unfair and unequal business competition.
``Africa has abundant natural resources and has made strides in macroeconomic reforms, but it is still deficient in technology, science and managerial skills.
It can only catch up with other continents under elaborate business partnerships like the existing China Africa Business Forum,`` Dr Shein said.
He challenged the forum to promote development in Africa, a continent which lacks necessary conditions relating to technology, science and management skills, a situation that has resulted into most of its people remaining spectators of the development process within their own environment.
Dr Shein assured investors that Tanzania has a lot of trade and investment opportunities, a wealth of market for both local and foreign companies with an institutional support from the Tanzania Investment Centre (TIC).
The China - Africa Business Forum was organized by the China -Africa Business Council, United Nations Development Programme and the Tanzanian government. It aims at strengthening business ties between China and Africa, specifically Tanzania.
The Chairman of the Federation of Industry and Trade of China Huang Mengfur said Africa should borrow a leaf from China and other developed countries which properly utilized their resources to become what they are today.
The Minister for Industries, Trade and Marketing, Mary Nagu, said the meeting would give local traders an opportunity to discuss issues of common interest with their Chinese counterparts.
|
