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African leaders seek investments to boost growth

African leaders seek investments to boost growth

Economic recovery

African leaders meeting at the economic summit in Egypt have vowed to push for more trade and investments on the continent despite the growing threat of terrorism.

More than 1,200 delegates including some heads of state were in talks to sign business agreements during the two-day summit, aimed at attracting private sector investment.

Analysts say despite an economic growth rate of more than four percent, Africa still accounts for only about two percent of global trade.

“You must have your own investors first, because when your own citizens invest, then the other investors get confidence. if you don’t invest and take the money out others don’t trust you,” Sindiso Ngwenya, head of the Common Market for Eastern and Southern Africa said.

According to Benedict Oramah, President of the African Export-Import Bank: “It takes energy and rail. The railway can help Africa as it served agriculture in Asia or even the United States.

“The roads are important, but the rails are even more important. If you have the energy and rail network, Africa will soar,”

Organisers hope the “Africa 2016” conference can build on a 26-nation free trade pact signed last year to create a common market.