Infrastructure investment needed: Mbeki
Bathandwa Mbola
29 May 2008
African countries need to direct more resources and investment into infrastructure if they are to ensure higher and sustainable economic growth for the continent, President Thabo Mbeki told delegates at the fourth Tokyo International Conference on African Development (Ticad) being held in Japan.
Referring to measures that were needed to be put in place for reducing poverty and inequality in the continent, Mbeki said increased revenues to improve the business environment, build infrastructure, increased access to finance for entrepreneurs and improved health and education where needed.
These, he said, would ensure Africa's integration into the global economy, especially with regard to helping the majority of Africans to have access to and be proficient with modern information and communication technologies.
"These measures will help to unlock growth right down to the bottom of the pyramid - the rural poor," he told the summit, taking place in Yokohama this week.
Investment vital to growth
He said that the continent's economic growth was dependent on private sector investment that was broad-based and long-term, and contributed to the development of productive capacity and improved infrastructure - well beyond the marginal flow of investment that the continent currently attracts.
Access to new technologies at affordable prices and investment in research and development, technology and innovation is equally imperative to our ability to sustain and boost the current rates of growth, he said.
"Undoubtedly, the issue of technology transfer remains critical and better ways have to be found to assist developing countries build capacity."
The African continent has experienced sustained economic growth that has seen average growth of over five percent in the past four years, aided by the creation of several development programmes such as the New Partnership for Africa's Development and the Pan African Infrastructure Development Fund.
Towards a vibrant Africa
The conference is attended by leaders and representatives from 52 African countries and development partners and is discussing sustained growth and long-term development for the African continent.
Under the theme "Towards a Vibrant Africa: Continent of Hope and Opportunity", the leaders will among other things focus their topics on boosting economic growth, ensuring human security and addressing environment and climate change issues.
The summit also provides a valuable opportunity to promote the African Agenda as a priority with Japan and its development partners.
It also aims to consolidate peace, human-centred development and poverty reduction through economic development; boosting growth, achieving the Millennium Development Goals; consolidating peace and democratisation and addressing environmental issues.
Since the establishment of Ticad, there has been the Africa-China, Africa-India and EU-AU summits. This year's Ticad has attracted more than double the number of leaders compared to the previous summit.
Japan has also involved itself in the war against poverty in Africa but the global goal of reducing poverty by half in seven years seems unlikely for most African countries.
Like Africa, Japan believes trade can act as a catalyst in reducing poverty. With the global upsurge in food prices, Japan has pledged more than $50-million over the coming three months to improve the situation.
Source: BuaNews
