By: Sintayehu Tamirat
The African continent is perceived as the “new frontier”, the “future paradise,” said Monique Nsanzabaganwa Deputy Chairperson African Union Commission (AUC).
Addressing the Presidential Breakfast Dialogue Sunday themed “Africa at the Forefront: Mobilizing African Investment and Financing for Implementing Agenda 2063,” the Deputy Chairperson emphasized the improvements in the continent’s business climate.
“Let me underline there has been significant improvement on Africa’s business and regulatory environment. Regarding these reforms of the business and regulatory environment coupled with highest return posted, the continent is perceived as the “new frontier”, the “future paradise” that sharpens a race to markets by an increasing number of investors,” Monique Nsanzabaganwa said.
The Presidential Dialogue is considered to be a dedicated platform for collaboration and for advancing solutions towards harnessing Africa’s development opportunities through strategic engagement with the private sector, Member States and all relevant stakeholders.
She also stressed that the moment is a favorable time for the continent to reform itself in several fronts.
“This is an exciting time for Africa, which has been stretching and renewing itself economically, politically, and socially in recent years. The immense potential of this diverse continent has become tangible and will drive further progress in years to come due to increasing domestic demand, driven mainly by the rising middle class, improving regional business environment and macroeconomic management, public investment, especially in infrastructure, a buoyant services sector and robust trade and investment ties with emerging economies,” the deputy chairperson said.
Reflecting high optimism, she said the grumpiest pessimists will bet against this new era of “Africa Time” for its economic and social transformation as envisioned under Agenda 2063.
She mentioned challenges the present day Africa is facing, including the lack of economic diversification and inclusiveness of its recent decade growth; climate change, geopolitical tensions and lack of long-term financing for development.
“I believe these challenges can and will be met. But finding optimal solutions will require harnessing the collective will and creativity of the private sector and of the policymakers who serve them,” she suggested.
She underscored the vital role the private sector will have in attaining Agenda 2063. “To achieve our transformative agenda in 2063, the private sector is needed as an investor in health and education, sustainable agricultural and industrial production if we are to meet the challenge of providing goods and services to our growing population.”
The transformation towards an inclusive green economy cannot be achieved without the private sector, she asserted.
“Through innovation and investment in infrastructure, energy and resource-efficient solutions, the private sector will have a major role to play in the transformation towards an inclusive green economy.”
She believes that the Alliance of African Multilateral Financial Institutions will play a critical role in unlocking massive and sustainable investment within the continent at this critical moment.