Press Release Nº343/ 2014

7th African Private Sector Forum gets underway:
“Time has come for the Private Sector to unlock Africa’s potential”

Nairobi, Kenya, 03rd December 2014 – The 7th African private sector forum, spear headed by the department of economic affairs of the African Union Commission (AUC) got underway today in Nairobi, Kenya with aims to enhance understanding of the role of the private sector in the development of the Continent as well as to define innovative financing mechanisms for SME/SMI and propose recommendations on way-forward..

Held under the theme “Promoting Africa’s Private Sector for inclusive growth: Exploring innovative mechanism of funding”. the forum aims to engage policy makers and representatives of the private sector in policy dialogues and various interest specific debates on emerging issues identified within the growth trajectory of the Continent..

Dr. Mustafah N. Gunay, Secretary General of the Confederation of Businessmen and Industrialists of Turkey expressed his instituition’s readiness to enhance and promote private sector development by exchanging best practices, key skills and expanding already fruitful business opportunities as well as increased investment.

Speaking on behalf of H.E. Dr. Khaled Al Aboodi, CEO of the Islamic Corporation for the Development of the Private Sector (ICD), the representative expressed the need for enhanced collaboration between the two regions through the implementation of a framework that would streamline complementary efforts and promote resource mobilization and investment that would effectively involve the private sector in the developmental ideals of the two regions.

“Time has come for the Private Sector to unlock Africa’s potential” said Dr. (Eng) Karanja Kibicho, Principal Secretary, Ministry of Foreign Affairs and International Trade of Kenya in his welcomie remarks. He stressed the need to translate sometimes inflated double digit growth numbers recorded in numerous countries in the Continent into tangible changes at grass roots level through increased job creations, proper wealth distribution and effective poverty reduction..

Opening the forum, the Deputy Chairperson of the AUC, H.E. Mr. Erastus Mwencha insisted on the need to get concrete initiatives to effectively place the private sector at the forefront of continental developmental agendas such as Agenda2063 and PIDA. He further stressed the need to develop relevant skillsets through targeted education, build proper infrastructure and avail inclusive but regulatory policies to curb unemployment and push Africa towards sustainable socio-economic development.

In his comprehensive keynote speech, H.E. Anthony M. Maruping, AUC Commissioner for Economic Affairs highlighted known challenges and policy red tapes that have hindered private sector development and entrepreuneurship. He insisted on the need for an improved Pan African Investment network, a classification of top African companies and the creation of an enabling environment through the AU Private Sector Development Strategy for 2015-2017. He mentioned the need to increase credit flow, reenforce financial institutions, implement consistent policies at the macro and sector levels, “No Active Indigenous Private Sector, No “Africa Rising”, No Inclusive and Transformative Growth.” Said the Commissioner.

In line with cooperative initiatives within the Continent, the Forum witnessed the signature of two memorundom of understandings between the AUC and Islamic Corporation for the Development of the Private Sector (“ICD”) as well as between the AUC and the NEPAD Business Foundation on regional and development cooperation aimed at accelerating cooperation and the development of the African Private Sector.

In attendance are African Trade and Industry Ministers, representatives of the African Private Sector, RECs, United Nations agencies, Pan-African financial institutions, African academics and research institutions, development partners and other intergovernmental organizations.

For more information please contact the following AUC Officials:
Mr. Djamel Ghrib, Head of Division, Private Sector Development, Investment and Resource Mobilization, Email: DjamelG@africa-union.org
Mr. Liwaaddine Fliss, Senior Policy Officer, Private Sector Development, Investment and Resource Mobilisation, Email: Liwaeddinef@africa-union.org
Mr Islam Swaleh, Policy Officer, Private Sector Development Investment and Resource Mobilization, Email: SwalehI@africa-union.org
For Interviews and media related queries please contact:
Mr. Michael Fikre, Directorate of Information and Communication, Email: MichaelF@africa-union.org, m_fikre@hotmail.com, Cell: +254 727 548 983

Or visit: http://pages.au.int/7apsf