Africa will host its own Davos in November in 2018. Named the African investment Forum the conference will provide an open platform to organise efforts among institutions, governments and private sector to improve projects and the economic situation of the African people.
The African Development Bank officially launched the continent first Investment Forum in Johannesburg earlier on Tuesday.
African Development Bank president Akinwumi Adesina says Africa holds enormous potential for private investors and this forum would bring in the much needed investors, developers, wealth funders and insurance companies.
Gauteng Province says it is ready to host the African Investment Forum. Inaugurating the Forum, Premier of Gauteng David Makhura says Africa needs to move from aid to investment, and the continent is ready for major investment.
Makhura says Gauteng based companies have invested more than thirty billion dollars in different regions across the African continent.
David Makhura says:”A portfolio of bankable projects that require more than 150 billion dollars over ten years and it is for this reason that as the provincial government we take the opportunity to convey our heat felt gratitude to president Adesina and the team from the African Development Bank for giving us this unique opportunity to host Africa’s first of its kind investment platform.”
Makhura says the forum has come to South Africa at the right time. The current government is looking for 100 billion dollars in investments
“So The Africa investment Forum comes to South Africa at a very important time, at a very interesting era and period in our country and that is a period of renewed hope and optimism.”
“Our country is back on track, public sentiment is positive and investment confidence is rising. So the November inaugural Africa Investment forum is very well with the investment drive that is led with our president. The investment forum is the Davos of Africa.”
African Development Bank president Akinwumi Adesina says the forum will have a strong focus on the African youth.
“This initiative we want to make Africa a place where the young people want to stay, every time I turn on news and I see young people hanging onto boats trying to get to the Mediterranean Sea to get to Europe, that’s not the kind of Africa we want to see for our young people.”
“We want an Africa that’s growing at fast phase with double digit growth with equitable growth, one that is able to create jobs for our people. But it requires massive amounts of investment in roads, rails, ports, in aviation.”
The African Development Bank’s ‘Africa Economic Outlook 2018’ indicates that Africa’s infrastructure requirements amount to US $130-$170 billion a year.
To address these challenges, the African Development Bank is championing the Africa Investment Forum as a platform to actively engage the private sector and to facilitate projects that have the capacity to transform the continent.
The bank wants to see the continent create 25 million jobs in the next ten years
“This is Africa’s time. God has always blessed Africa – we have minerals, we have oil, we have gas, agricultural potential, 65% of arable land to feed the world. And this Africa Investment Forum is to help Africa unlock its potential.”
David Makhura says:”We can’t guarantee real returns but as government we can guarantee that the investments are safe because investments by itself is risk and there are many actors that determine the rate of returns, so any government that tells you that you will get returns I think it’s really a government that doesn’t know what business entails.”
