To maximize Africa’s potential, the Prime Minister of Morocco today called for a high-level General Assembly dialogue on spurring investment in the continent, which is home to more than 900 million people and abounds in natural resources.
Africa, with its population and resources, could experience steady economic growth, Abbas El Fassi told the Assembly’s annual high-level debate.
“This potential notwithstanding, Africa remains largely on the sidelines when it comes to foreign direct investment [FDI] flows, a trend which has been compounded further by the global economic and financial crisis,” he added.
According to a recent report by the United Nations Conference on Trade and Development (UNCTAD), FDI flows to Africa fell by nearly 19 per cent to $59 billion in 2009, mainly due to a contraction in global demand for the continent’s exports.
Mr. El Fassi said today that “the magnitude of the challenges posed by globalization requires urgent, substantial reforms of the current global economic governance set-up as well as further mobilization to lay the foundations of a new, equitable, balanced and efficient environmental order that will enable us to safeguard our planet for the sake of current and future generations.”
The official’s address also touched on human rights, Western Sahara and the situation in the Middle East.