Fundamentals are in place to attract FDI, say African leaders

Wednesday November 18, 2015

advertisements

Presidents of African countries Rwanda and Somalia said fundamentals are in place to attract foreign investment despite challenges.

Mohammed Ibrahim Al Shaibani, executive director and chief executive officer, Investment Corporation of Dubai, said that in terms of investment, Africa is very important to Dubai. Dubai is always looking for opportunities and synergies, with three key entities demonstrating this: DP World, dnata and Emirates airline, Al Shaibani said.

Speaking at a session, Paul Kagame, president of Rwanda, said when it comes to foreign investment in his country, the fundamentals are in place - such as political stability, structural reforms, macro-economic stability, increasing capacity and skills of people.

"Looking at demographic trends, we see continued urbanisation. All these elements set the stage for economic growth," Kagame added.

Kagame said Rwanda is moving towards regional integration and this necessitates continued investment in infrastructure. To set the right environment, there is a need to focus on private investments supported by the public sector.

Hassan Shaikh Mohamoud, president of Somalia, said his country faces tremendous challenges, but in the last three years, it has seen robust institutions being established, with more to follow.

The president added that all necessary institutions are now in place to transform the economy, such as a functioning central bank, financial governance bodies to oversee elements such as procurement, dispensation of government and investment to grow money laundering regulation.

"The country has achieved much, but still has a long way to go. There are specific factors that put Somalia in a good situation, but it takes significantly more than a decade to restore a country in a post-conflict environment," Mohamoud said.

Home
Email

Hiiraan Online