Africa May be Next Factory to World
October 28, 2013
Mthuli Ncube, chief economist and vice president of the African Development Bank, speaks during session of the World Economic Forum on Africa, Cape Town, May 9, 2013.
The three-day (10/28-30) African Economic Conference is underway in Johannesburg, South Africa. Heads of state, business leaders and development experts are discussing how regional integration can boost economic growth.
African countries have seen high levels of economic growth over the past decade. That’s despite the global economic crisis that struck in 2008 and 2009. But conference organizers say growth could have been even better had countries made it easier to do business with each other. They say that’s where regional integration plays a major role.
It means investing in infrastructure, education, labor and technology – ensuring good management of shared natural resources – and having uniform rules, standards and regulations so goods and services don’t get delayed or blocked at the border.
Professor Mthuli Ncube, African Development Bank Vice President and Chief Economist, said, “Regional integration basically is about really facilitating movement in a region, in a zone, in a country, within a country. It’s about moving people. It’s about moving goods. It’s about connecting people through infrastructure. It’s about movement of talent. It’s about making sure that our seaports function well so as to service the countries where they are located, but as well as the hinterland. So it’s about movement of investment within Africa and capital as well. There are many facets to facilitating movement all with the view to developing business and growing the economies.”
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