AU praise Zambia’s well-managed economy, conducive investment environment The African Union (AU) has attributed the conducive investment environment in Zambia to the Government’s good management of the economy and peace. Chief of Staff of the Bureau of the Chairperson of the African Union Commission (AUC), Ambassador Jean-Baptiste Natama, made the remarks at the opening of the High-Level Thematic Debate of the United Nations General Assembly on the “Promotion of investment in Africa and its catalytic role in achieving Africa’s Development objectives” at UN Headquarters in New York on Thursday. Highlighting the investment inflows to the continent, Mr Natama said Africa had seen an increase in Foreign Direct Investment (FDI), with more expected in coming years. “Credible estimates show that Foreign Direct Investments in Africa totaled US$55 billion in 2010, clocked US$80 billion in 2013, and are expected to rise to US $ 150 billion by 2015,” Ambassador Natama said. “For example, in recent years, Zambia witnessed a substantial 93 per cent rise in investments compared to 2011, a feature attributable to a well-managed economy and a peaceful transfer of power.” The AU official said Ghana, Botswana, Tanzania, Cabo Verde (formerly Cape Verde) and Mauritius had also registered high FDI inflows. The Ambassador said Africa offers some of the most attractive investment opportunities, and that the continent has in recent years boasted of some of the fastest growing economies in the world. Mr Natama said although intra-Africa investments have been low over the years, there has been a tremendous upsurge in the last five years, the drive being led by Kenya, Nigeria and South Africa. He said private and public investments are critical prerequisites for sustainable socio-economic development in Africa. Mr Natama called for more investment in infrastructure to promote sustainable development, create jobs and reduce poverty in Africa. The AU official said remittances from the African Diaspora offer huge potential for Africa to invest in human development especially in education, health and agriculture, including in start-up of small-scale and micro-scale businesses. However, Mr Natama said the high charges on remittances were depriving families of investment funds and retard Africa’s development. Mr Natama, therefore, called for reduction of charges on remittances this is contained in a statement issued to Zibani Zambia by First Secretary for Press and Public Relations Permanent Mission of the Republic of Zambia to the United Nations Chibaula D. Silwamba.
Posted on: Fri, 18 Jul 2014 17:21:37 +0000
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