Int'l forum to deliberate on ways of boosting investment in Africa

A two-day international forum is set to open here on Tuesday to deliberate on ways of boosting investment in Africa, the World Bank (WB) said Friday.

Investing in Africa Forum is a collaborative effort of the Chinese government, the Ethiopian government, the World Bank Group (WBG), China Development Bank (CDB), the China-Africa Development Fund (CAD-Fund) and the UN Industrial Development Organization (UNIDO).

The forum is driven by the common belief that increased investment and industrialization would help to unlock the potential for sustainable and inclusive growth, job creation and poverty reduction in Africa, said a statement from WB.

The forum specifically aims to promote accelerated and responsible investment and investment partnerships in African countries, both from China and other parts of the world as well as within Africa, said the statement.

The discussions at the forum will place particular emphasis on the light manufacturing sector, according to the statement.

Against this background, the statement said the forum would consider the role of business climate, trade logistics and regional initiatives in Africa, and seek to identify a forward- looking and time-bound action plan.

The forum will also explore ways to strengthen existing partnerships and potential collaborations between China, African countries, other development partners, and the private sector, said the statement.

The forum will encourage dialogue between stakeholders including, policy makers, development partners, foreign and local private investors on how investment could be encouraged and industrialization accelerated.

The statement said that close to 200 people including ministers and central bank governors from both China and over a dozen African countries, high ranking representatives of regional economic and multilateral organizations, private firms and other development partners are expected to participate in the forum. Endi