Investing in Africa: The Growth Engine of The Future

The Action Council on African Economic Integration: An Agenda for Global Business is a newly introduced Council this year and it is my pleasure to serve as the chair. The Council has been introduced along the lines of India’s Presidency of the G20 this year, that aims to reinforce the priorities of the Global South, with a spotlight on Africa.

Current global economic trends have made it amply clear that there is a strong need to develop resilience in international trade patterns. A key component of this is the advancement of regions like Africa that present tremendous potential for global economic growth and for the harnessing of emerging markets. 

The core purpose of putting together this Council is to bring a renewed global focus to the African continent. Africa as a region has made noteworthy strides of progress in recent years. The role played by several private and sovereign partners from across the world in this journey has been particularly noteworthy. On the other hand, vestigial gaps provide an opportunity for various players to address and work together to catalyze development for the African people through impactful economic integration. 

I have been involved in B20 proceedings for several years now and hold high regard for the immense value it holds in bringing together stakeholders from across to world, to work towards common goals and priorities. The goal here is to leverage the experience of the global business community to make relevant and actionable recommendations to our world leaders. With a rapidly growing economy of over US$ 3tn, Africa offers opportunities across dimensions – our approach and purpose is hence, to make recommendations that go beyond aid support to also catalyze private sector investment and engagement in this region.

With a very productive inception meeting on 24th January and constructive suggestions received from several members and stakeholders, our Council has identified 5 priority areas that we are working to formulate recommendations on trade facilitation; reinvigoration of the agriculture sector; structural transformation through promotion of industrialization; acceleration of physical & digital connectivity and strengthening of human capital through health, education & skilling interventions.

Coupled with additional themes of youth and women empowerment, it is exciting to think of the collective impact and potential accomplishments across our priority areas. Over the coming months, I look forward to interacting further with stakeholders from across the globe to work towards pushing the agenda for African Economic Integration. 

This article was contributed by Mr Sunil Bharti MittalFounder & Chairman, Bharti Enterprises Chair, Action Council on African Economic Integration: An Agenda for Global Business.

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