At the opening of the 9th Africa Business Forum today in Addis Ababa, Ethiopia, Claver Gatete, United Nations Under-Secretary-General and Executive Secretary of the United Nations Economic Commission for Africa (ECA), urges foreign investors not to ignore Africa’s potential focusing on the risks.
“…The question is not whether capital exists. The real question is: where will the next engines of global growth emerge? To answer that question, we must look not at today’s GDP size, but at tomorrow’s demand, workforce dynamics and market expansion. Growth will emerge where the world’s youngest workforce lives, where urbanization is accelerating, where digital adoption is expanding and where new consumer markets are forming. That place is Africa. Africa is no longer a continent waiting for transformation; transformation is already underway. Through the African Continental Free Trade Area, we are creating a single market of over 1.5 billion people,” said Claver Gatete.
“For decades, development debates focused on aid versus trade. Today the real issue is risk perception versus investment reality. Investors often ask whether Africa is ready for large scale capital. But we should rather ask: can the world afford to ignore the largest emerging workforce and consumer market of this century? The opportunity cost of not investing in Africa will soon exceed the risk of investing in it,” he said.
“This Forum is therefore not only about Africa. It is about the future structure of the global economy. We can build industrial value chains, digital markets and green energy systems with Africa, or confront migration pressures, supply disruptions and instability without Africa. The choice is collective. The responsibility is shared. And the moment is now,” he added, indicating that UNECA has been working and willing to continue its support to see jobs created, enterprises scaled and value chains financed in Africa.
Organized by UNECA, the Forum that focuses on investment climate of Africa and related topics, will be open for the coming days.
