ECA to launch online investment information tool in more African countries for investment

0 Comment(s)Print E-mail Xinhua, December 11, 2019
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ADDIS ABABA, Dec. 11 (Xinhua) -- The Economic Commission for Africa (ECA) on Wednesday announced that it is currently working with more African countries in developing the joint online information project, dubbed "iGuide", an easy-to-use tool providing potential investors with useful information concerning investment opportunities, costs, and applicable laws and procedures.

With a view of supporting investment flows and by jointly working with the UN Conference on Trade and Development (UNCTAD), the Commission has already launched the iGuide projects in seven countries, including Ethiopia, Nigeria, and Zambia.

The Regional Integration and Trade Director at ECA, Stephen Karingi, said progress has been registered in the area of investment in many African countries though the regional distribution show that foreign direct investment (FDI) is concentrated in a handful countries, including Egypt and South Africa.

He underlined the need to change the existing situation by doubling up efforts to attract greater and more qualitative investments flows on the African continent.

The director was speaking at the opening of the first meeting of the Committee on private sector, regional integration, trade, infrastructure, industry and technology on the premises of ECA in Ethiopia's capital Addis Ababa, whereby private sector and digital economy are emphasized to boost regional integration of Africa.

Stating the progress in the area of investment, Karingi said amid the global uncertainty during the year 2018, with FDI falling in other regions of the world, Africa has managed to reverse the trend of falling FDI in 2016 and 2017, registering an 11 percent increase in FDI to the tune of 45.9 billion U.S. dollars.

Despite the positive trends, Africa's global FDI share improved only marginally from 2.8 percent in 2017 to 3.5 percent in 2018, he has noted.

The Director has also urged full implementation of the African continental free trade agreement (AfCFTA) and the conclusion of following phase protocols to support more investment flows in Africa.

ECA said the iGuide, providing clear, relevant and reliable information, seeks to serve both the national and international investment community. Enditem

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