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Mutati urges Africa to focus on investment

Mutati urges Africa to focus on investment
By Ndinawe Simpelwe
Wed 13 Apr. 2011, 04:00 CAT

COMMERCE minister Felix Mutati says Africa should focus on investment instead of trade.

Speaking when he gave a keynote speech at the Zambian/Egyptian Business Forum yesterday, Mutati said in order for Africa to overcome the challenges of poverty, there was need to stop focusing on trade and start investing in sustainable businesses.

A delegation of 16 investors from Egypt is in the country to explore business opportunities.

Mutati said African countries needed to establish factories and manufacturing plants in order to provide employment to its people.

“The answer to Africa’s economic growth lies with Africa. We have to break the barriers that affect us in doing business,” Mutati said.

He said trade alone was not enough to overcome the challenges of poverty that many Africans faced.

He said despite having a good relationship between Zambia and Egypt, trade between the two countries did not exceed 5 per cent.

“We need to lead the way and move away from ware-houses to factories.
That’s the only way we are going to make trade contribute to fighting poverty in Africa,” he said.

He advised Egyptian investors to set up manufacturing plants and factories in Zambia in order to enhance trade between the two countries.

Mutati also said African countries should not rush to trade with European or American countries without taking advantage of their neighbouring countries.

“It is more cost-effective to do business with your neighbours or countries in the same region than it is to rush to trade with America.

We always rush to export overseas without realising that countries in our region can provide the market we need,” Mutati said.

And Egyptian ambassador to Zambia Salah El-Sadek said Egypt was coming out of its revolution stronger and ready to partner with many countries in investment.
He said the delegation was in Zambia in order to fulfil its commitment of investing in Zambia.

“Despite the political revolution in Egypt, we are still committed to ensure that the investment for Zambia is fulfilled,” Ambassador El-Sadek said.

He said Egypt had realised that Zambia was the right place for investment because of its political stability and its peaceful people.

He also advised Zambians to take advantage for being landlocked and trade with its eight neighbours.

“The issue of landlocked being a problem is long gone. You should consider yourself being land-linked because you have the potential to do business with all your eight neighbours,” said Ambassador El-Sadek.

Labels: FELIX MUTATI, INVESTMENT, REGIONAL INTEGRATION

posted by MrK @ 2:43 PM