SINGAPORE, July 15, 2010 –“Africa is turning the corner and I can say that it is on the path of an economic rebound.” So said World Bank Vice President for the Africa Region, Ms. Obiageli Ezekwesili, during the inaugural Africa Singapore Business Forum held in Singapore on July 14.
“If I had been invited to speak to you a few months ago,” Ezekwesili told the gathering of representatives from Asian and African businesses and governments, “my remarks would have been greatly influenced by the adverse impact from the food, fuel, and financial crises on Africa.”
But, Ezekwesili said, “I believe that the continent is perhaps at the about the same point now as where India was 20 years ago and where China was 30 years ago, just before their economic booms set in.”
This Business Forum, organized by International Enterprise Singapore and the Singapore Business Federation, comes at a time when there is increasing interest from Asian countries, beyond just China, in the myriad of opportunities opening up in Africa.
“Africa is the future of the global economy; and Singapore is, among all ASEAN countries, the largest investor in Africa in terms of cumulative FDI with US$3.5 billion invested across a broad range of industries,” Ezekwesili said. “Singapore is a trading nation and a vital node in global trade flows as the physical gateway to Asia.”
Having reached US$7.49 billion last year, Singapore-Africa trade still only represents 1.45 percent of Singapore’s total trade volume. According to participants at the event, much work is needed to increase awareness of the huge potential that exists in many countries in Africa and to facilitate greater interaction between the regions.
The “Economic Lion”
Just ten years ago, The Economist dubbed Africa “The Hopeless Continent”. This year, The Economist in recognition of the huge dividends that Africa is reaping after some tough choices—mobilizing domestic resources, redirecting wasteful spending, investing in basic education and health, reforming public utilities, and reducing protectionist policies—named Africa the “economic lion” ready to take its place beside the Chinese dragon and the Indian tiger.
Ms. Ezekwesili highlighted the success stories that have helped to open the eyes of the world to a different Africa from one of conflict and tyranny to one of reform and economic stability. Among the successes: Mali’s export sector led by the mango industry, “Nollywood”, Nigeria’s film industry, and Rwanda’s focus on tourism, which is helping boost its economy. Ms. Ezekwesili noted in particular the efforts of women in Kenya to bring Kenyan cut flowers on to the world market.
“These are stories that paint a robust picture of a continent that is clearly on the move,” she said. “Similarly, ICT has had a transformational impact on the continent by enabling access to finance, and enhancing the dynamism and efficiency of the markets.”
“These are stories that paint a robust picture of a continent that is clearly on the move,” she said. “Similarly, ICT has had a transformational impact on the continent by enabling access to finance, and enhancing the dynamism and efficiency of the markets.”
Many challenges do remain in Africa, and Ezekwesili pointed out infrastructure as a critical bottleneck.
“Less than 25 percent of the population of Sub-Saharan Africa has access to electricity,” she said. “This compares with 40 percent in other low income regions of the world.”
According to Ezekwesili, energy will be the key sector for future growth in Africa, with a huge deficit to fill. Filling the energy gap alone would increase GDP by two percent, she said.
Regional integration also is expected to support trade and infrastructure development in the continent.
Singapore’s Minister for State for Trade & Industry Lee Yi Shyan noted at the opening of the Forum that as Africa moves forward, Singapore’s experience has a lot to offer the continent.
“Singapore’s experience is a case study of relevance,” Yi Shyan said. “Our public and private sectors have accumulated knowledge in areas of mutual interest.”
One such area is in building and managing urban infrastructure.
Dr. Mo Ibrahim, Chairman of the Mo Ibrahim Foundation headquartered in London, also highlighted the importance of learning from such success stories. It is key, he said, that businesses coming into Africa ensure that they play a positive role in the sustainable development of the region; conduct business in an open and transparent manner and respect the environment.
Fonte: World Bank
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