{"id":39488,"date":"2021-10-26T15:49:51","date_gmt":"2021-10-26T15:49:51","guid":{"rendered":"https:\/\/www.africa-press.net\/tanzania\/?p=39488"},"modified":"2021-10-26T15:19:00","modified_gmt":"2021-10-26T15:19:00","slug":"africa-needs-investments-not-aid-prof-mkumbo","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/tanzania\/all-news\/africa-needs-investments-not-aid-prof-mkumbo","title":{"rendered":"Africa needs investments, not aid – Prof Mkumbo"},"content":{"rendered":"

Africa-Press – Tanzania. <\/strong><\/span>MINISTER for Industry and Trade Prof Kitila Mkumbo has said time has come for the rest of the world not to look at African nations as beggars but rather as serious partners in business and investments.<\/p>\n

Speaking at the just concluded Turkey-Africa Economic Business Forum (TAEBF) at Istanbul Convention Centre (ICC) in Istanbul, Turkey over the weekend, Minister Mkumbo insisted that Tanzania and Africa at large, must strive to attract serious investors in value addition and manufacturing, other than engaging traders of African raw materials.<\/p>\n

\u201cWe have a bitter history in Africa… that of being colonised. Therefore, we have always seen friends from America, Europe and other countries with a suspicious eye. We look at them as our former colonisers and exploiters. We need to change, we have to see them as serious investment and trade partners,\u201d he said.<\/p>\n

He added, \u201cThey are coming to work with us as partners rather than masters…. that is very important for ourselves. And, our friends should also change their attitude. They need to see us as serious trade partners not just like people who are looking for aid or help. \u201cI\u2019m telling you, Africa is no longer interested in aid. Africa is interested in serious investors, who can add value to our raw materials. As you come to us, don\u2019t look at us as beggars, no, we are not beggars …we are friends, colleagues, serious in business, serious in investments,\u201d Prof Mkumbo said amid thunderous applause from the fully packed meeting room.<\/p>\n

On his side, Commissioner for Economic Development, Trade, Industry and Mining African Union Commission (AUC) Ambassador Albert Mushanga, said the forum provided yet again, with a golden opportunity to underscore the increasing socio-economic dynamism of Africa-Turkey cooperation, which is anchored on the principle of mutual benefit.<\/p>\n

Moreover, it demonstrates the emerging role of Africa as a dynamic player in the global business landscape. He said the future of entrepreneurs in the Africa market is enormous, as the continent enhances market access and attracts large scale investments.<\/p>\n

\u201cOf course even small scale manufacturers can play their role … they can be supplying to the large companies by way of producing intermediate goods or products,\u201d he said. He gave an example of a small-scale manufacturer of leather, which can be transformed into car seats and supplied to the large companies or car manufacturing assembly. In such a scenario, there is mutual gain, he said.<\/p>\n

\u201cSo, those are the possibilities that we are undertaking and as the results of that, what we foresee is the development of regional and continental trade, export diversification, growing potential of agro processing, growing potential of manufacturing and making the African economy more competitive. This will accelerate the rate of economic growth of African countries,\u201d Amb Mushanga said. He said the African Continental Free Trade Area (AfCFTA) really is going to change the landscape of Africa as he anticipated a speedy growth.<\/p>\n

\u201cBefore the Covid-19 pandemic, World Bank (WB) released a report that indicated that if effectively implemented, AfCFTA is going to reduce poverty among 39 million people in Africa and it is going to increase Gross Domestic Product (GDP) by 450 billion US dollars, so you can see the huge potential,\u201d he said.<\/p>\n

With a young population, growing middle class and large market space of the AfCFTA, Africa is repositioning herself as an attractive market for trade and investments to both investors and traders in Africa and the rest of the world.<\/p>\n

This position is a call to Africa-Turkey Cooperation to be broadened and deepened, he asserted. He said the private sector is a major source of growth and development. At the same time, the public sector has the key responsibility of creating the enabling environment for business to thrive.<\/p>\n

\u201cWith an enabling environment, the private sector will be prepared to face the challenges of today\u2019s stiff global competition by strengthening capacities, embracing innovation, and working hand in hand with governments to invest in areas that are critical to the socio-economic progress of the people of Africa and Turkey,\u201d he said.<\/p>\n

For More News And Analysis About Tanzania<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Tanzania. MINISTER for Industry and Trade Prof Kitila Mkumbo has said time has come for the rest of the world not to look at African nations as beggars but rather as serious partners in business and investments. Speaking at the just concluded Turkey-Africa Economic Business Forum (TAEBF) at Istanbul Convention Centre (ICC) in […]<\/p>\n","protected":false},"author":84,"featured_media":39487,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,8,12,16],"tags":[6990,6991,711],"class_list":["post-39488","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-homepage-english","category-policy","category-twitter","tag-africa-press-2","tag-africa-press-tanzania","tag-tanzania"],"yoast_head":"\nAfrica needs investments, not aid - Prof Mkumbo - Tanzania<\/title>\n<meta name=\"description\" content=\"MINISTER for Industry and Trade Prof Kitila Mkumbo has said time has come for the rest of the world not to look at Afric ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/tanzania\/all-news\/africa-needs-investments-not-aid-prof-mkumbo\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Africa needs investments, not aid - 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