The African Union Commission, and Department of Economic Development, Trade, Industry, and Mining (ETIM) has organized a Technical Workshop to develop a Comprehensive Strategy for the Mobilization of Quality and sustainable Investment in Africa.
The workshop was organized to develop a comprehensive Strategy for the Mobilization of quality and sustainable Investment in Africa, which the AU Member States would then use to attract domestic and foreign direct investments (FDIs) into their respective countries.
On behalf of H.E Albert Muchanga, Commissioner for ETIM, Mr. Hussein Hassan, Head of Industry and Mining division, conveyed a welcoming statement to participants and highlighted the impact of domestic investment and FDI in African economies.
He said, “many countries are stepping up their efforts to attract FDI flows through liberalization of FDI entry requirements such as improving policy credibility, transparency of the legal and regulatory framework, property rights, transaction costs, risks, and removing other impediments to attracting investments.”
He disclosed that the African Union Commission, in close collaboration with the African Governments, the African Investment Promotion Agencies, and other relevant stakeholders, has embarked on developing a continental Strategy to mobilize Quality and Sustainable Investment in Africa.
Over the past few years, domestic and foreign direct investment (FDI) has come to play an increasingly important role in the economic development of many countries. Moreover, it is now widely recognized that FDI can offer significant advantages for recipient economies. In addition to capital inflows, FDI can lead to the transfer of technology and know-how, improve access to international markets, and spur competition.
The strategy is expected to enhance the attractiveness of the continent and enable more significant flows of both domestic and global multinational corporations (MNCs) into the continent, which will ultimately lead to increased economic growth and sustainable development through the creation of wealth, new employment opportunities, and improvement of the living standards of the African people.
African Independent experts from private sectors, civil societies, and academia from East, West, South, and Northern African countries attended the workshop.
The workshop is steered towards achieving Africa’s AGENDA 2063. Agenda 2063 is Africa’s blueprint and master plan for transforming Africa into the global powerhouse of the future. The continent’s strategic framework aims to deliver on its goal for inclusive and sustainable development and is a concrete manifestation of the Pan-African drive for unity, self-determination, freedom, progress, and collective prosperity pursued under Pan-Africanism and African Renaissance.