Economic outlook for Africa remains promising: Zuma

Despite the economic turbulence affecting the global economy, the economic outlook for Africa remains promising, South African President Jacob Zuma said on Thursday.

An integrated Africa has a potential market of 2.6 trillion US dollars and a prosperous and growing African economy is good for the continent's development, Zuma told a business forum taking place here on the sidelines of Zimbabwe's President Robert Mugabe's two-day state visit.

The forum provided an opportunity for business people of both countries to exchange views on how South Africa and Zimbabwe can work together to advance economic cooperation for mutual benefit.

An integrated Africa offers many opportunities for mutually- beneficial trade and investment partnerships between the two countries, Zuma said.

However, intra-regional trade and sustained growth on the continent must be preceded by enabling technical and transport infrastructure, Zuma stressed.

In addressing these challenges, various African countries have signed the Tripartite Free Trade Area (TFTA).

One notable initiative already launched under the arrangement is the Tripartite North-South Corridor Investment Programme.

With initial funding of 1.2 billion US dollars, a large proportion being funded from the African Development Bank and the Development Bank of Southern Africa, and strong support from the South African Government, actions are being taken to fast track this project, according to Zuma.

This programme supports some of Africa's busiest trade routes: linking the port of Dar Es Salaam in Tanzania to the Copper Belt in Zambia and into Lubumbashi in the Democratic Republic of Congo (DRC).

It then continues down through Zimbabwe and Botswana to Africa's largest and busiest port, Durban, in South Africa.

In effect, the North-South Corridor Initiative will service eight countries, Tanzania, the DRC, Zambia, Malawi, Botswana, Zimbabwe, Mozambique and South Africa.

Zuma said he was honored to champion the North-South Corridor initiative on behalf of the African Union.

"It (the initiative) will unlock many opportunities in the continent," Zuma said.

The business delegations gathering here have the requisite skills in the various sectors and hope that true partnerships will be established to advance the bilateral economic cooperation, said Zuma. Endi