UAE- Strategic agreements signed at forum

11/26/2015 12:33:29 PM

(MENAFN- Khaleej Times)

The third Africa Global Business Forum witnessed more than 100 meetings and a number of agreements being signed. The event concluded on Wednesday.

It was attended by more than 1300 delegates from 50 countries. Dubai Chamber organised the event under the theme 'New Drivers New Partners'.

Speakers on the second day of the forum focused on infrastructure development and diversification to attract foreign direct investment (FDI) into the continent.

The day started with a conversation with Ameenah Gurib Fakim president of Mauritius in a session titled 'The Innovation Leapfrog'.

She said that in 1970 92 per cent of Mauritius' economy was dependent on sugar but today due to economic diversification it only represents two percentage points.

In the second session which focused on 'Africa's Future Factories' Jay Ireland president and CEO of General Electric Africa and member of US President Obama's advisory council on doing business in Africa said manufacturing is a huge job generator in many countries. For example manufacturing contributes six per cent of all jobs in sub-Saharan Africa compared to over 15 per cent in Asia. To increase this share investment is needed to ensure a secure supply of electricity logistic capabilities and skilled labour.

Tarek Sultan CEO and vice-chairman Agility Kuwait said Africa has seven of the 10 fastest growing economies in the world with a population of over one billion people rapid urbanisation and massive flows of infrastructure investment. Access to stable cost effective power is a major challenge and this is something that needs to be addressed.

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