With all the natural resources and human capital, Africa has all the necessary means to become one of the major economic superpowers in the world. The continent is naturally blessed with the untapped natural and human resources that can help to achieve the sought after economic, political, and social objectives.
It is important to understand the reason why the continent was the first place to get the attentions in the eyes of colonialists. It is its untapped resources. From the onset of the act of colonization up to the present day, the African continent has been highly exploited and it has been supplying all the necessary natural and human resources to the rest of the world. Even in the present climate, those former colonialists could not lift their hands as the continent still has that immense capacity to be exploited more and more.
Although the continent is highly exploited in the times of colonialism, Africa is still providing what the world needs. People might think that Africa and Africans are the poorest continent and people compared to the rest of the world. The reality, however, is the opposite. Rather, the continent is the one who supplies those developed continents and people both in resource and human capital.
In good truth, the African continent has been dealing with both positive opportunities and negative challenges that highly test the power of the people and nations from all corners of the continent. In many scenarios, it has been witnessed that African nations have been struggling to cope up the challenges when it comes to competitions. Due to numerous reasons, those nations have exerted their utmost potentials to reach to their objectives, but the outcome could be unsatisfying.
One of the questions to address it how can Africa and Africans start using their potentials and resources for their own goods. In order to change the things around, responsible bodies and those who have the power to shift the gear must take the chance to change lives. In addition, nations must work more on continental and regional institutions and platforms so as to gain more power and dominance in the world of competition.
In similar vein, African nations should also find out opportunities regarding trade and investment so that the continent can build its economic power, which is the supreme power. To this end, nations must build a common ground on how trade and investment should be highly treated to meet the goals of economic supremacy. Not only that, nations should also address the opportunities and challenges that businesses in Africa encounter.
Addressing the trade and investment coupled with other economic opportunities, establishing and supporting regional and continental organizations and platforms are the key. Such institutions like The Investment Center of Africa Ltd (ICOA) have the power to catalyze the progress of promoting trade and investment.
According to its home page, the Investment Center of Africa Ltd. (ICOA) was founded in 2020 and was officially launched on 2023. It also targets to take the responsibilities of facilitating connections, partnerships and the exchange of trade and investment opportunities among businesses, investors, professionals, organizations and governments.
The institution serves as Africa’s premier business platform, dedicated to fostering investment and trade across the continent. The platform has also aims to contribute to the long-term sustainable socio-economic development across the African continent.
Recently, the 2nd Africa Trade and Investment summit was held in Addis Ababa, which aims to showcase success stories and best practices from entrepreneurs and investors that are making a positive impact in Africa.
The summit was organized by the Investment Center of Africa (ICOA). It has also brought together government officials, investors, policy makers, entrepreneurs and diplomatic corps from Africa and around the world.
Based on the report from a local media, Chairman and CEO of Investment Center of Africa (ICOA) Abdinasir Turky said that there is an immense potential for trade and investment in Africa, while addressing the challenges and opportunities that lay ahead.
Speaking at the summit, Chairman and CEO of Investment Center of Africa, Abdinasir Turky said the summit aimed to provide a platform for meaningful discussions, networking and market information sharing to showcase specific sectors with high growth potential.
Moreover, he elaborated that together we can unlock new markets, increase productivity and promote innovation that will shape the future of this great continent.
Together we aim to foster an environment that encourages bilateral trade, investment and technology transfer, ultimately driving sustainable economic growth and prosperity in Africa.
Abdinasir Turky said, “We are here today because we recognize that trade and investment are a catalyst for economic transformation by fostering collaboration and strategic partnerships. We have the power to create jobs, reduce poverty and improve the quality of life for millions of people across Africa.”
Together we can build a bridge that connects Africa with the rest of the world, creating a favorable environment for trade and investment that will benefit all parties involved, he added.
There is immense potential for trade and investment in the continent while addressing the challenges and opportunities that lay ahead, the CEO stated adding, thus, the summit outcomes are expected to contribute to the ongoing efforts to promote sustainable economic growth, regional integration and attracting new partnership and the foreign investment in Africa.
A member of the Foreign Relations and Peace Affairs Standing Committee of the House of Peoples’ Representatives, Ambassador Dina Mufti for his part said Africa has enormous opportunities in business and investment.
There are various sectors like agriculture, agro-processing, mining, banking, and ICT among others that can bring huge opportunities for investors, he added.
However, he highlighted that there are challenges that face sectors, and need concrete efforts of investors and partners to overcome the challenges. Moreover, he reiterated that the government of Ethiopia’s commitment to supporting and encouraging investments and businesses within the country.
It is recalled that the first Africa Trade and Investment Summit was also held in Addis Ababa in June 2023 with the aim of promoting trade and investment opportunities in Ethiopia in particular and in the continent in general.
BY DANIEL ALEMAYEHU
THE ETHIOPIAN HERALD FRIDAY 15 DECEMBER 2023
