Business leaders identify ways Africa can attract foreign investors
Abuja, 21 November 2000 - Business leaders attending a two-day conference on Africa's role in the global economy said foreign investors should see Africa as a fertile ground and identified key areas where progress would improve prospects for attracting investment funds.
Announcing the conclusions of the first Africa regional conference of the International Chamber of Commerce, ICC listed constraints to economic development in Africa, among them poor governance, weak commodity prices, political conflicts, civil strife and macro-economic instability.
A high point of the conference, according to the ICC statement issued at its close, was a visit to Nigerian President Olusegun Obasanjo, who assured the business delegates that Nigeria is now unambiguously embarked on the path of a market economy, led by the private sector.
A statement said progress in the following areas would encourage foreign direct investment and economic development in Africa:
- Infrastructure improvements (power, telecommunications, etc.);
- Promotion of private entrepreneurship and competition;
- Ccreating 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 ICC statement added: "The conference concluded that decision-makers should see Africa as a fertile ground for investment and development opportunities, to the mutual benefit of African economies and foreign investors."
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Full programme of ICC Africa regional meeting
ICC African national committees
Business in Africa
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