Rwangombwa calls for regional integration – Points out need for increased FDI across Africa

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John-Rwangombwa

John Rwangombwa

Finance Minister John Rwangombwa has called for increased Foreign Direct Investment (FDI) in Africa, as a way of validating economic growth on the continent.

“It is worrying to know that Africa attracts less than nine percent of FDI. We need as much as possible to continue reducing the uncertainties about the evolution of our economies”, Rwangombwa was quoted as saying.

The Minister was speaking at the 7th annual African Economic Conference currently underway here in Kigali.

Rwangombwa further articulated that in the continued uncertainties of the global economy, Africa must present itself as the most profitable and secure destination for investors’ funds, as complications in Western economies has started to scare them off.

Experts at the conference agreed that Africa would need to strengthen regional integration in order to boost increased Foreign Direct Investment on the continent, because it creates larger domestic markets and stimulates trade, two elements that can attract FDI.

Andrew Mold, a senior Economic Affairs Officer at the Economic Commission of Africa (ECA), stressed that countries banding together through regional integration arrangements -particularly smaller, landlocked countries – can enhance their bargaining power in international economic relations.

“Such power can be especially beneficial in trade negotiations, particularly for small countries”, Mold said.

The African Economic Conference is convened annually by the Economic Commission for Africa (ECA) in collaboration with the African Development Bank, (AFDB) and the United Nations Development Programme (UNDP).

The conference is slated to come to a close Friday, and is being held under the theme “Inclusive and Sustainable Development in an Age of Economic Uncertainty.”

 

 

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About the author

Olive Ndaka is the Junior Editor for RwandaEye. An investor and young entrepreneur, she is a quick learner and has contributed many articles for RwandaEye in Kinyarwanda.

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