Power of Partnership Can Unlock Africa’s Potential
DP World Group Chairman and CEO Sultan Ahmed Bin Sulayem met with President Filipe Nyusi of Mozambique at a summit in Maputo recently and highlighted how partnerships can unlock Africa’s economic potential.
Bin Sulayem and Nyusi discussed Mozambique’s growing trade and logistics sector, sharing views on the opportunities and challenges that lie ahead.
Finding solutions to develop and connect Africa’s intra-regional trade routes to unlock the continent’s huge potential was a common underlying theme of the discussions.
“I have been to Mozambique many times and on another recent tour of Africa I’ve seen first-hand how each country is unique,” said Bin Sulayem, as part of his summit keynote address. “Development solutions lie in partnership of governments, trading blocs in Africa, and the private sector. Investors want to see policy frameworks, regulations and governance that are promoting trade and development.”
Eight of the world’s top 20 fastest growing economies are located in Africa, Bin Sulayem noted. “Intra-regional connectivity through multi modal infrastructure, supported by investor friendly policies and regulation, and coupled with innovation are the keys to Africa’s potential,” he added. “We’ve always expressed our readiness to support the development of ports and logistics centres in Africa. We’ve partnered with local governments in all seven of our ports in six African countries and look forward to developing our trade relations further in future years.”
According to Bin Sulayem, major indicators show a promising future for a vast continent filled with opportunities. There has been six-percent growth in the number of foreign companies investing in Africa and they are thinking long-term with investments in infrastructure sectors like power, construction, and information and communications technology have accounted for 44 percent of total foreign direct investment in the region. He added that there is still a need to address the soft infrastructure gap and better internal trade integration is key.
Trade between Dubai and Mozambique was valued at over $197 million in 2015 and over $211 million in the first six months of 2016, while showing a significant increase in re-export trade in the last six months.