By Lawrence Audu
President of the Central African Republic, Prof Faustin Archange Touadera says the private sector remains one of the vectors of growth, wealth and job creation for inclusive and sustainable development in Africa.
He added that, Africa, because of its enormous potential in terms of mining, agricultural and demographic resources, offers significant investment opportunities.
Prof Touadera who made the remarks in Tunis at the Eighth Tokyo International Conference on African Development, TICAD 8, noted that Agriculture, identified as the key sector for economic recovery and development, will have to integrate and promote at the continental level, a global and coherent approach.
“This is why I would like to proudly highlight the convergence between regional and international commitments, focused on agricultural policy such as the Africa Agricultural Transformation and Food Security Program for the period 2015-2025.
“Moreover, a firm look at the transition based on the green economy can promote growth centered on the sustainable management of natural resources and continue efforts to preserve biodiversity in the Congo Basin”
He stated further that, the Central African Republic has set itself the priority of improving the business environment and promoting foreign direct investment in the productive sectors, through the implementation of trade and industry strategies.
“Within the framework of our partnership with Japan, the success of private sector development in Africa is linked to the mastery of key factors such as peace, security, political stability, the quality of national and regional institutions, and the put in place flexible financial mechanisms to support the private sector.” He added.
Leaders from Japan and African countries at the Tokyo-led conference have stressed the importance of what they call “sound development finance.” This is coming at a time when China has been offering huge loans to African nations.
The leaders adopted the Tunis Declaration and concluded the Eighth Tokyo International Conference on African Development, or TICAD 8, in Tunisia on Sunday.
The declaration calls private-sector investment “critical for Africa’s inclusive and sustainable economic growth and development.”
It says the leaders reaffirm the importance of Japan-Africa partnership to promote innovation from the private sector through technology transfer and to strengthen industrial human resources development.
It says they “recognize the transformative roles of start-ups and private companies, including youth and women entrepreneurship, as emerging driving force to resolve social challenges in Africa.”
The declaration says the leaders “stress the importance of sound development finance adhering to international rules and standards.” They “urge all major creditors including private lenders to adopt and follow fair and open lending practices.”
The declaration says the leaders “fully commit to achieving universal health coverage in African countries” as the COVID-19 pandemic exposed gaps in the health sector.
It says they “highlight the need to address Africa’s limited access to vaccines and medical products, especially in crisis circumstances.”
The declaration says that to achieve sustainable development in Africa, the leaders emphasize “the pressing need to address environmental issues,” such as climate change, natural disasters, waste management and desertification. They call for “scaled-up international support” for Africa to tackle the challenges.
The declaration says the leaders “express serious concern about the situation in Ukraine and its impact on African and global economies.”
It says they “emphasize the importance of the preservation of peace, security and stability, through dialogue and respect for the principles of international law.”
They also “call upon all international partners to support African countries to overcome the increasing food and energy prices.”
The declaration says the leaders reaffirm their “commitment to realizing a world without nuclear weapons” and recognize “the catastrophic humanitarian consequences of the nuclear weapons use.”
It says they “are committed to maintain and strengthen the Treaty on the Non-Proliferation of Nuclear Weapons as the cornerstone of the international nuclear disarmament and non-proliferation regime.”
The declaration also says the leaders are determined to cooperate to accelerate the reform of the UN Security Council.
Japanese Prime Minister Kishida Fumio spoke online at a joint news conference at TICAD on Sunday. He canceled his in-person attendance after testing positive for the coronavirus.
Kishida said Japan aspires to be a partner that grows together with Africa. He said Japan contributes strongly to the continent’s development by jointly overcoming challenges.