COMESA WOOS US INVESTORS

COMESA Secretary General, Sindiso Ngwenya, and ACTESA CEO, Cris Muyunda, have made earnest appeals to US investors to invest in Africa. Mr. Ngwenya and Dr. Muyunda were speaking separately in Washington DC and Kansas City in the USA at the ongoing AGOA 2010 Summit.
Mr. Ngwenya said Africa has potential to produce enough food for internal needs and international trade. During a panel presentation entitled, ‘Food Security: opportunities for Africa,’ Mr. Ngwenya said the African market provided a huge opportunity for growth in agricultural development and trade.
“We can produce enough for our needs and for the rest of the world as long as all challenges facing the farmers are dealt with, when farming is considered a business and when farmers get the necessary support from their respective governments and private sector,” he said.
Quoting the Mckinsey and Company 2010 report, “Lions on the move”, Mr. Ngwenya said in 20 years, Africa’s collective GDP would be $2.6 trillion, its consumer spending $1.4 trillion, the number of Africans of working age would be 1.1 billion, and 50% of Africans would be living in cities by 2030, showing the huge potential of the continent.
He further said regional integration through the tripartite COMESA, EAC and SADC agreement had created a bigger market which should be exploited.
Mr. Ngwenya said COMESA was addressing the challenges to agricultural development like infrastructure, technology and market related constraints through the Comprehensive Africa Agriculture Development Programme (CAADP).
He said the way forward was to embrace new innovations and technologies that would efficiently support farming practices for higher and better quality yields, citing the continent’s huge irrigation potential.
Meanwhile, Alliance for Commodity Trade in Eastern and Southern Africa (ACTESA) CEO, Cris Muyunda told American investors it was time to ‘board the plane on flight Africa 1.’
Addressing the AGOA Forum in Kansas City on August 5, during the main Business Roundtable discussion on trading and investing successfully in Africa, Dr. Muyunda, who quoted from the Barrons’s business and financial weekly and Africain Invester, stated that it is time to invest in the “final frontier – Africa” and that “Africa is richer than you think”, respectively, told the forum that key areas ready for investment included agro-processing, warehousing and various commodities including, roots and tubers, oil seeds, livestock and fisheries, forest and natural products, tree and plantation crops and agriculture inputs.
He thanked CARGILL and Pioneer, companies that were already investing in Africa and urged others to emulate them.
“Those remaining, you do have in your hands the boarding card for flight Africa 1, it’s time to board the plane,” he said to thunderous applause.
Dr. Muyunda said ACTESA provided a platform for investors to interact with policy makers in trade and investment.
Meanwhile, Dr. Muyunda was among two dozen senior African leaders who met President Barak Obama at a moving and memorable ceremony at the White House in Washington DC. The occasion was specifically reserved for Africa's top leaders visiting America during the AGOA Forum week.
Among the other leaders in the delegation to the White House were Zambian Minister of Commerce, Trade and Industry, Hon. Felix Mutati, AU Vice Chair, His Excellency Erastus Mwencha, Mauritian Minister of Foreign Affairs, Dr. Arvin Boolel, former Namibian Prime Minister Hage Geingob, EAC Secretary General, Ambassador Juma Mwapachu, Burundese Agriculture Minister and other senior leaders. The US President met the African leaders in the presence of US Trade Representative Ambassador, Ron Kirk.
Earlier during the day, the senior African officials were part of the AGOA meeting that was addressed by US Secretary of State, Hillary Clinton.
The 2010 AGOA Forum was held in two states, Washington and Kansas city. The Washington forum brought together senior US administration officials, African government ministers and senior officials, the AU, RECs, US and African businesses.
The second part of the forum in Kansas City focused on agribusiness, meetings with US business leaders and site visits to US local business. Participants had opportunities to engage with US companies in order to attract investors.
Zambia will tentatively host the next AGOA Forum in 2011.

Courtesy of ACTESA