Demand for power, roads, railways, internet and other infrastructure in Africa is set to soar in the coming years, providing investment opportunities and socio-economic benefits across the continent
With a sharp drop in commodity prices and a slowdown in China’s economy, global economists have been expressing increasing concern about Africa’s development prospects in the short and medium-term future. In sub-Saharan Africa, economic expansion has slowed significantly and is now forecast at 3.75% this year and 4.5% in 2016, compared to 5% in 2014, according to the International Monetary Fund (IMF). The IMF blames the economic headwinds not only on the aforementioned commodities rout, but also on the tightening of financial conditions globally, while crediting a “much improved business and macroeconomic environment” for helping to stabilize the economic environment across the continent.
Ethiopian and Egyptian metallurgical industry companies are looking for opportunities to work together, Ethiopian Herald reported.
According to Egyptian Ambassador Abou Bakr Hefny Mohamoud, Egypt’s export to Ethiopia in the first half of 2015 raised by 33 percent compared to the same period in 2014. Similarly, Ethiopia’s export to Egypt has increased by 15 percent compared to the same period in 2014.
Embassy Commercial Office Counselor Waleed El Zomor said metallurgical industry is one of the oldest companies in Egypt ever since the 1950s. There are some 14 companies in the metal sector.
Industry leaders and policy makers seek to tap global value chains
The sea change this year in global commodities markets has profound implications for Africa, a continent endowed with an abundance of natural resources and highly dependent on the export of raw materials. With many economists forecasting a difficult panorama ahead for petroleum and metals producers, they are also drawing on lessons from past commodity booms. Compared to other regions, Africa has failed to create long-lasting periods of economic progress and researchers have seen a strong correlation with market shifts. Half of the continent’s cycles of economic expansions have been linked to booming commodity prices, according to the IMF.
The Pan African Chamber of Commerce and Industry (PACCI) together with the Seychelles Chamber of Commerce and Industry (SCCI) hosted the 2015 African Prosperity Conference in Seychelles from November 10 to November 12, 2015.
President James Michel met three high level delegates of the African Prosperity Conference, at State House yesterday afternoon.
Over 70 representatives of business, regional bodies and financial institutions involved in trade and investment issues from 30 African countries and African Union (AU) Commission officials are meeting in Seychelles to assess and analyze the business growth and development on the African continent.
Victoria, Seychelles, 10 November, 2015 – A conference hosted by the Pan African Chamber of Commerce and Industry and the Seychelles Chamber of Commerce to help Africa’s business to succeed in Africa and abroad was opened today by Vice President of the Seychelles Republic His Honorable Mr. Dany Faure, in Seychelles today.