Italian minister promotes Africa investment
11 Dec 2018 - by
Europe’s future lies in the South and not in the North,” Giovanni Tria, Italian Minister of Finance and Economy told delegates at a conference on challenges and opportunities in Africa held in conjunction with the African Development Bank in Rome recently.
“Africa is currently home to five of the world’s fastest growing economies, and only four African countries out of 54 will record negative growth in 2018, compared to eight in previous years,” he said.
In Tria’s view, the current narrative about Africa is all wrong. “Africa has five distinct advantages,” he said. “These include a huge land mass of 30 million square kilometres, huge resources, a fast-growing population, fewer conflicts, major developments in education, and an economy that has consistently expanded over the last 15 years, even though it still accounts for only 3% of global GDP.”
“With a growing middle class and rapid urbanisation, consumer demand from a burgeoning middle class will turn the continent into a prime collective investment opportunity that cannot be ignored,” said Akinwumi Adesina, president of the African Development Bank.
“Africa is the new international investment frontier,” he added. With $11.6 billion, Italy was the largest European investor on the continent in 2017, and the third largest after China and the United Arab Emirates.