Some of the participants of the November,2008 conference posing for a picture at Hilton, Addis
North African participants of the November, 2008 meeting at an Intercontinental Hotel reception
The emerging globalized economic order offers new opportunities as well as poses new challenges. In order to benefit from the opportunities and cope with the challenges, African businesses must be prepared to compete effectively and win market share.
Even though in the past five years Africa has recorded a fast and encouraging growth due to improved governance and policies, Africa still has not claimed its due place in the world trade scene as attested by the low share of world trade of 2 percent.
Africa’s economy comprises about one billion people and is largely rich in natural resources albeit the economy being among the weakest in the international economic scene. It possesses 40 percent of the hydro-electric potential of the globe yet its share per capita energy is the lowest in the world. Even though Africa’s historical past and its legacies are the root cause for the present difficulties, it is also true that the efforts made to develop the African nations during the past half century of independence has been weak due to internally induced and externally aggravated problems.
Reversing this insignificant trend through integrating the continent within and into the global economy remains a key challenge that needs to be addressed individually and collectively. This calls for a concerted effort in addressing the high costs of doing business due to corruption, ineffective bureaucracy, an uncertain legal environment, high taxes, high cost of capital, shortages of skilled labor and transport and security. Efforts must also be geared towards improving the negative image of Africa as an unfriendly environment for doing business.
The Chambers of Commerce in Africa individually and collectively have indispensable and critical role in addressing these challenges through private public dialogue. However, this presupposes the existence of strong Chambers of Commerce in Africa. Therefore, building the capacity of the Chambers of Commerce at all levels in Africa and empowering them is of utmost importance so they could play their much demanded role as true representatives of the private sector...Click here for more
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