President Hakainde Hichilema today, has participated in the inaugural Africa Forward Summit, held under the theme “Africa–France Partnerships for Innovation and Growth”.
The President Hichilema urged investors to take full advantage of the policy and legal reforms the Government has introduced across various sectors.
The Head of State specifically highlighted reforms in the energy sector, which he said paved the way for investment.
The Head of State noted that there was need for investment in a power interconnector connecting the southern African region to North Africa whilst highlighting that energy was key to driving sustainable economic development on the continent.
He encouraged the French private sector to invest in Africa and help create opportunities for its people.
The President emphasised that investments models should create a win-win situation for the investors and the people of the African continent.
He however noted that Africa will only be developed by Africans.
He stressed the importance of Africa leveraging its own resources and that the continent must strengthen its capacity to finance key infrastructure, including roads, energy projects, and logistical corridors.
He specifically highlighted reforms in the energy sector, which he said paved the way for investment adding that investors can support development of power generation and transmission lines across the continent.
This is according to a statement issued by State House Communication Specialist Clayson Hamasaka in Nairobi today.
And speaking in his opening speech, Host President William Ruto observed that Africa has the capacity to fund its own development and finance its own development by leveraging its vast human and natural resource.
He said Africa must play a central role in shaping the future global economy amid growing geopolitical and economic uncertainty.
He said Africa must take its rightful position amid a rapidly changing world shaped by deepening geopolitical divisions, persistent conflicts, economic volatility, climate pressures, and widening inequalities.
“The foundations of international order are being reshaped, old assumptions about global stability and prosperity are now under pressure.” President Ruto said.
“Africa needs stronger global cooperation because fragmentation cannot be the answer, nor is isolation the strategy.” He said.
President Ruto said Africa must move away from relationship with the rest of the world that are built on donor aid to partnership based on respect for sovereignty and shared benefits.
“Africa needs for partnerships built not on dependency, but on sovereign and equality,” and “not on aid or charity, but on mutually beneficial investments.” Said President Ruto.
He also highlighted Africa’s growing global significance, noting that by the year 2050, one in every four people on earth will be African.
The Kenyan Head of State further highlighted Africa’s youthful population as a major comparative advantage, saying it presents immense opportunities for innovation, entrepreneurship, and accelerated economic growth across the continent.
“Africa’s greatest asset is its youthful population which should be looked at as a strategic advantage to be invested in through education, skills development and technological innovation that will lead to economic transformation and industrialisation of Africa.’’ He said.
During the same event, co-host Emmanuel Macron said Africa must unite in order to strengthen its voice on the global stage.
He said France wants to engage Africa in partnerships that are based on mutual benefit, respect for sovereignty and equity.
Mr Macron said in renewing France- Africa relations, his country will support Africa’s voice in various sphere ranging from economic development to strengthening peace and security.
And United Nations (UN)Secretary General Antonio Guterres echoed the need for Africa to mobilise its own resources to meet its development needs.
Mr Guterres said this is because the global systems have historically been structured to disadvantage the continent in many spheres.
‘’Africa must mobilise its own resources for its own development. Let’s face it Global systems operating with the exclusion of Africa is what is standing in the way of Africa’s development.” He said.
The UN Secretary-General said Africa must confront longstanding systems that continue to fuel the exploitation of its resources, including unfair financial structures such as excessively high borrowing costs compared to countries on other continents.
“… Africa faces borrowing costs twice as high as other continents a pattern which continues exploit its resources.” He said.
