Conclusions of the African regional conference of the International Chamber of Commerce
Abuja, Nigeria, 20-21 November 2000
The International Chamber of Commerce held its first Africa Regional Conference in Abuja from 20-21 November 2000. The theme was Africa's Role in the Global Economy.
The conference brought together government leaders and key decision-makers from the private sector in Africa and beyond.
Discussions focused on the role of the private sector in the economic development of Africa. Specific subjects covered were: attracting foreign direct investment through investment-friendly policies; information and communication technologies and electronic commerce; ICC tools for international trade, with emphasis on Incoterms 2000 and the Uniform Customs and Practice for Documentary Credits (UCP 500); and the future of arbitration in Africa.
A high point of the conference was the visit by delegates to the President of the Federal Republic of Nigeria, Chief Olusegun Obasanjo. He assured the international business community that the Nigerian government would continue to create an environment conducive to foreign direct investment. He emphasised that Nigeria is now unambiguously embarked on the path of a market economy, led by the private sector.
The conference identified constraints to economic development in Africa, occasioned by poor governance, weak commodity prices, political conflicts, civil strife, macro-economic instability, slow economic growth, small domestic markets, poor infrastructure, and the need for skills training and entrepreneurship.
The conference also examined trends in commercial arbitration in relation to the promotion of trade and investment. The conference noted that lack of information and materials on arbitration impedes its development in Africa.
The conference identified the following areas where progress would encourage foreign direct investment and economic development in Africa:
- Iinfrastructure improvements (power, telecommunications, etc.);
- Promotion of private entrepreneurship and competition;
- Creating a positive economic climate through such measures as the introduction of favourable tax and customs tariff regimes;
- Protection of investments and intellectual property rights and easy remittance of profits and dividends;
- Policies to ensure nutritional quality and combat disease;
- Continuous efforts to improve resources development for a rapid increase in productivity and technical capabilities.
The conference concluded that decision-makers should see Africa as a fertile ground for investment and developmental opportunities, to the mutual benefit of African economies and foreign investors.