Africa ready for investment, continent’s leaders tell Asia

TOKYO – African leaders pitched Monday for more trade and investment from Asia, saying they were pushing through economic and political reforms that will open up business opportunities in the continent.

Nigerian President Olusegun Obasanjo, speaking as chairman of the African Union, told the opening of the two-day conference in Tokyo that the continent of more than 750 million people was rich with resources for Asian investors. “With on-going reforms in Africa, the continent represents a very fertile and rewarding ground for investment,” Obasanjo told the conference.Obasanjo is one of the main leaders of the New Partnership for African Development, a plan put forward with South Africa and other African countries to promote economic and political reform, in return for investment by developed countries.However, the Nigerian president said work was still needed at a government level to underpin business confidence.Kenyan President Mwai Kibaki said Africa had major opportunities for investment in infrastructure, as the continent was rapidly urbanising and improving its power supply, ports and railways.”Over the last decade, Africa’s great potential for attracting investment has been hampered by political instability and insecurity in some countries.However, this situation is changing rapidly,” said Kibaki.Hundreds of officials from nearly 50 African states, 14 Asian countries and 20 international organisations are taking part in the Tokyo conference.Japanese Prime Minister Junichiro Koizumi said in his opening speech that Africa could learn from Asia.More than half of Africa’s US$130-billion annual exports go to the European Union, with US-bound exports accounting for 19 per cent and Asia 16 per cent, according to UN data.But exports to Asia showed the highest annual growth rate of 10 per cent among the destinations from 1990 to 2001.-Nampa-AFP”With on-going reforms in Africa, the continent represents a very fertile and rewarding ground for investment,” Obasanjo told the conference.Obasanjo is one of the main leaders of the New Partnership for African Development, a plan put forward with South Africa and other African countries to promote economic and political reform, in return for investment by developed countries.However, the Nigerian president said work was still needed at a government level to underpin business confidence.Kenyan President Mwai Kibaki said Africa had major opportunities for investment in infrastructure, as the continent was rapidly urbanising and improving its power supply, ports and railways.”Over the last decade, Africa’s great potential for attracting investment has been hampered by political instability and insecurity in some countries.However, this situation is changing rapidly,” said Kibaki.Hundreds of officials from nearly 50 African states, 14 Asian countries and 20 international organisations are taking part in the Tokyo conference.Japanese Prime Minister Junichiro Koizumi said in his opening speech that Africa could learn from Asia.More than half of Africa’s US$130-billion annual exports go to the European Union, with US-bound exports accounting for 19 per cent and Asia 16 per cent, according to UN data.But exports to Asia showed the highest annual growth rate of 10 per cent among the destinations from 1990 to 2001.-Nampa-AFP