• Thursday, February 29, 2024
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Africa needs initiatives to encourage private entrepreneurship – Mohammed VI

Africa needs initiatives to encourage private entrepreneurship – Mohammed VI

Mohammed VI, king of Morocco has said Africa needs bold and innovative initiatives to encourage private entrepreneurship and unleash the full potential of our continent.

Read also: Kingsley Moghalu to headline AfCFTA event in Cairo

He said at the Africa Investment Forum 2023 which was held on November 8, 2023, in Palace Congress, Marrakech that given the unprecedented situation and the scale of development financing needs in Africa, the role of the private sector has been gaining greater importance in achieving African countries’ development objectives.

“State budgets alone cannot cover all the investment needed, especially in high-potential, job-intensive sectors,” the king of Morocco said.

He said that is why initiatives such as the African Investment Forum, which is sponsored by the African Development Bank, are commendable because they help direct private investment towards the most promising economic sectors, thus reinforcing the integration of African economies into global value chains.

The king of Morocco commended the work done by pan-African institutions concerning the setting up of the African Continental Free Trade Area (AfCFTA). “It is fully in line with my vision for an integrated, prosperous Africa. As this African dream comes true, it will help us pave the way for the creation of regional value chains.”

Read also: Nigerian ports begin full automation to tap opportunities in AfCFTA

Akinwumi Adesina, president of African Development Bank Group said investors should put their monies where the future is.

“The future is in Africa,” Adesina said while adding that investors should see Africa not from what they hear, but from what the facts say.