Vice President Guy Scott has called for long-term investment in Africa if the continent is to sustain its economic growth.
According to Scott’s reporter Effie Mpande of ZNBC, the vice-president noted that the promotion of long-term investments in African countries will breed economic transformation.
He observed that African countries can learn from India’s promotion of economic components such as family business, long term investments and innovation which have proved to be sustainable.
Effie Mpande reports that the Vice President made these remarks when he presented a special address at the official opening session of the 9th CII-EXIM BANK Conclave on India-Africa Project Partnership in India last evening.
“In Africa, we need to do the same and we believe that partnership with Indian investors is a prime means to get there,” he said.
Dr. Scott said despite the rich natural resources that Africa is endowed with, the continent has not fully exploited its resources due to fixed short-term measures which do not result into sustainable benefits.
He has meanwhile reminded Indian investors that it was important for Asia and Africa to take into account the agreements aimed at enhancing investments without making unnecessary surprises.
“We need to make sure that we understand what you are promised and that there are no nasty surprises,” stressed the Vice President.
The Vice President said African has lost a lot of time in terms of investment hence it was ready to increase its business linkages with Indian counterpart.
Dr. Scott noted that business linkages were important economic measures that should be thought out if partnership in development between the two continents was to thrive.
And Indian Minister of Commerce, Industry and Textiles Anand Sharma described his country as an emerging economy and the largest democracy in the world.
Mr. Sharma added that Africa and India were running a partnership which has redefined itself.
He explained that the CII-EXIM BANK Conclave on India Africa Project Partnership is not a borrowed institution but one which requires the two continents to offer and learn from each other.
“It is not something that we are learning but that we actively consolidate the views of our leaders,” he noted.
Meanwhile, Confederation of Indian Industry president Adi Godreji said technology and sustainable management of the two continents’ natural resources were key in creating an effective partnership.
More than 30 African countries are attending the high level meeting where Dr. Scott is representing President Michael Sata who was unable to travel due to poor health.
Among the countries attending the conclave include Cameroon, Rwanda, Burundi, Botswana, Cote D’ lvoire, Niger and Guinea Bissau.
Both the private and public sectors are participating in the conclave.
India’s current investment in Zambia is estimated to be in the excess of US$3