Prime Minister Amama Mbabazi is in Cape Town, South Africa for the 23rd World Economic Forum on Africa.
Prime Minister Amama Mbabazi
Several heads of State are expected to attend a three-day Forum under the theme: “Delivering on Africa’s Promise”.
“The Forum provides an important platform for regional and global leaders from business, government and civil society to deepen the continent’s integration agenda and renew commitment to a sustainable path of growth and development by addressing critical issues,” McGee said.
The issues include accelerating economic diversification, boosting strategic infrastructure and unlocking Africa’s talent. McGee said the continent’s fastest growing economies show that both resource-rich and agricultural economies were driving growth across the continent.
The economies include those of Angola, Cote d’Iviore, Democratic Republic of Congo, Ethiopia, Ghana and Mozambique. Others are Niger, Nigeria, Rwanda, Sierra Leone and Zambia.
With rapidly rising consumer spending, non-resource-intensive sectors such as retail, energy and telecommunications are attracting growing numbers of regional and global investors. The Forum would focus on expanding the required enabling environment for local and global investors.
Economic, social and soft infrastructure gaps remain critical constraints to growth, regional integration and development. Analysts say investments in strategic infrastructure are expected to increase business productivity in the region by about 40%.
Home to the world’s fastest growing youth population, the continent faces a demographic dividend if its human resources can be equipped with the capacity to manage and deliver growth effectively.
Observers say with an estimated demand of over 10 million jobs annually, efforts to promote innovation and entrepreneurship also need to be intensified. The Forum would consider solutions to transforming Africa’s entrepreneurs to global champions to scale up job creation.
