Source: China Daily

05-16-2007 18:20

Editor's note: Africa is ready for business and Asia's experiences and lessons learnt are paving the way for the continent. Chief Economist of the African Development Bank (AfDB) Louis Kasekende shares his views in a recent interview.

Q: This year's annual meetings are taking place in Shanghai. What is your message for the Chinese in particular, and Asians in general, as the Chief Economist of the Bank Group?

A: The key message we are taking to Shanghai is that Africa is ready for business. Indeed, Africa's landscape has changed in recent years to give credence to this message. The past six years represent one of the longest periods of sustained growth in Africa, with over 31 countries recording growth rates of over 4 percent on average. Of these, 17 countries recorded growth rates of 5 percent on average over the same period.

What is encouraging about the recent performance is that while cyclical factors such as the rise in the prices of energy and other commodities like metals, and a favorable global environment have been critical to performance, we are beginning to see fundamental factors play a role.

As you know, several countries across the continent have, over the last two decades, taken steps to introduce growth-oriented macroeconomic and structural reforms and also created good conditions for business in general and foreign direct investment (FDI) in particular.