DUBAI, United Arab Emirates, Oct. 3, 2014 /PRNewswire/ — President Paul Kagame says Africa needs to embrace regional integration to achieve economic transformation. He said, "African countries standing alone cannot go far."
Photo – http://photos.prnewswire.com/prnh/20141002/150068
Kagame was speaking at the 2nd Annual Africa Global Business Forum in Dubai on "Leading the Continent Towards Change". Africa, Kagame said, faces intra-trade deficit and lack of infrastructure to facilitate economic development. Trade between African countries stands at 15%, according to the United Nations, yet in other regions such as European intra-trade is 72%, Asia at 52% and 48% in North America.
Other obstacles hindering Africa's economic development include non-tariff barriers, such as travel visas. Travelling between countries is a nightmare in Africa. But President Kagame is confident that economic transformation is possible. He said, "Africa's challenges are also opportunities."
Mohammed Dewji, CEO of Tanzania's multinational conglomerate, MeTL Group, agreed and said Africa indeed has unlimited opportunities. "Everywhere you turn in Africa, there is money to be made," Dewji said. He said East Africa is an example of the benefit of regional integration. "To be successful in textiles, you need cotton, power, and cheap labour, East Africa has all the three," he said. East Africa has formed the East African Community, a regional block made of five countries, Kenya, Uganda, Tanzania, Burundi and Rwanda.
The region, with a population of more than 120 million people, has signed protocols including the common market and customs union. Utilizing these, a single tourist visa to Rwanda, Uganda, and Kenya has been conceptualized. Citizens from the three countries are also allowed to seamlessly work anywhere without a work permit. The region is also able to negotiate trade agreements with European and American markets.
Sultan Al Mansouri, Minister of Economy in the United Emirates Arab said his country is interested in Africa due to the continent's minerals. Africa has over 80% of the world mineral reserves, such as diamond and cassiterite. Sir Tim Clark, the President, Emirates Airline said the continent also offers a virgin airline market. The Emirates Airline carried 4.5 million passengers through African routes in 2013.
During the forum, which brought together more than 600 business executives from Africa and the Arab region, the concession was that Africa is an emerging frontier with abundant opportunities that remain untapped.
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