April 27, 2011
Business Calls for Better Investment Climate in Africa to Improve People’s Lives and Foster Social Stability
“Creating favorable conditions for foreign and domestic private investment in Africa is essential to provide new engines of growth and employment, which will help improve social conditions,” said Marie Gad, chair of the Africa Group of the Business and Industry Advisory Committee to the OECD (BIAC), USCIB’s affiliate, at a conference in Dakar, Senegal.
Much of Africa has experienced strong growth over past years, but increasing food prices, a lack of jobs (particularly among young people), pervasive corruption and ageing infrastructures pose a risk to stability and development. These problems need to be tackled if Africa’s development is to be sustained and strengthened.
At the fifth ministerial conference of the NEPAD-OECD Africa Investment Initiative, Ms. Gad advised ministers that “the large generation of young people in Sub-Saharan Africa is a fantastic resource for development. However, the lack of access to productive employment, together with the difficult economic situation including rising food prices, could lead to social unrest, which would disrupt political and economic stability and deter investors.”
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Staff contact: Chris Martin
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