The two-day Africa Partnership Conference (APC), organised by the Economic Development Board, Mauritius, in collaboration with the Ministry of Finance, Economic Planning and Development of Mauritius, concluded successfully on the 3rd of October. This event marked the third edition of the APC, focusing on the theme — Unity in Partnership: Enabling Sustainable & Inclusive Investment.The main goal of this conference was to foster connections between project promoters from various African nations and venture capitalists. By encouraging collaboration between fund managers, institutional investors, and entrepreneurs, the APC aimed to drive growth in Africa.
Want a Loan? Get cash against your Mutual Funds in 4 hoursDistinguished attendees included investment promotion agencies from 25 African countries, C-level executives, including Ministers from Africa, investors from Europe, the USA, and Asia, project promoters, policymakers, Heads of Investment Promotion Agencies across Africa, financial institutions, and global business representatives from Europe, Asia, and the USA.
The conference emphasised the vital role of Mauritius, with its International Finance Centre (IFC), Mauritius Freeport, and manufacturing capabilities, in assisting Africa to move up the value chain and achieve developmental objectives.
Dr. Renganaden Padayachy, Minister of Finance, Economic Planning, and Development for Mauritius, while addressing the event, stressed upon the significance of unity and partnership in fostering sustainable and inclusive investment in Africa.
Padayachy also highlighted Africa’s enormous potential, with a growing GDP, abundant natural resources, and a rapidly expanding middle class. He also stressed upon the importance of the African Continental Free Trade Area (AfCFTA) in enhancing economic engagement and trade in the continent.
Furthermore, he pointed out that Africa represents a substantial market for businesses and investors, with over 400 companies generating annual revenues exceeding one billion USD. He noted that Africa’s entry as a permanent member to the G20 was a historic milestone.
Andrew Selous, MP and Prime Minister’s Trade Envoy to Mauritius, discussed the UK’s Strategic Trade Partnership (STP) with Mauritius and highlighted Africa’s potential as a global economic growth engine. He reiterated the UK’s commitment to long-term partnerships with African countries, particularly in renewable energy and resources.
Sanjeev Sanyal, Member of the Economic Advisory Council,India also addressed the Conference. He emphasised on the importance of having structured ESG norms for a sustainable development.
Wamkele Mene, representing the African Continental Free Trade Area (AfCFTA), discussed the potential of AfCFTA in driving sustainable and inclusive investments in Africa. He emphasised the significance of investment facilitation, dispute resolution mechanisms, and policies to attract foreign direct investments to the African region.
Mahen Kumar Seeruttun, the Minister of financial services and good governance, Mauritius, pointed out that Africa possesses significant untapped resources, including 30% of the world’s mineral resources, 17% of the world’s population, and vast cultivable land. Despite this, Africa receives only a 3% share of the world’s foreign direct investments.
Seeruttun also said that Africa is a multi-billion-dollar opportunity, and Mauritius, through its International Finance Centre, can play a pivotal role in driving direct investments on the continent.
During the two-day event, Investment Promotion agencies from 25 African nations presented their investment pitches and showcased projects seeking funding. The APC succeeded in bringing together key stakeholders to discuss and promote investment and collaboration in Africa, paving the way for a brighter and more prosperous future for the continent.
(You can now subscribe to our Economic Times WhatsApp channel)
Source link : https://m.economictimes.com/news/international/world-news/mauritius-hosts-africa-partnership-conference-to-boost-investments-and-intra-africa-trade/amp_articleshow/104163294.cms
Author :
Publish date : 2023-10-04 07:00:00
Copyright for syndicated content belongs to the linked Source.