Business leaders showcase Africa's potential in Germany

AFRICA'S vast economic and human resources have again been held up to the world with some of its business elites particularly urging investors in Europe to take more advantage of the continent's potential.They spoke at the African-German Investors' Conference in Berlin, at the weekend.Florian Witt, Managing Director and Head of Africa, Wholesale/Financial Banking Unit of Commerzbank said Africa was a market that has benefited from increased wealth creation and distribution through stable economic policies.He urged international investors to develop a positive mindset about Africa.'It is time to finally change perception and to view African markets and countries not only as sales markets, but also as investment destinations,' he said.The Group Managing Director/Chief Executive Officer of the United Bank for Africa (UBA) Plc, Mr. Phillips Oduoza, whose keynote address dwelt on investment opportunities in Africa, said the continent's outlook was very positive, with increased commodity prices; FDIs; demographics and increased remittances as some of the factors fuelling growth. According to him, there are vast and untapped investment opportunities in agriculture, consumer goods, mining, telecoms, infrastructure and banking sectors.He said growth prospects remain favourable for many developing countries in sub-Sahara Africa, especially commodity producers in the regions.'While food and fuel price increases are 'serious risks' to the positive outlook, improved harvests in many countries are providing a 'cushion' and African governments have better economic policies in place to mitigate the impact,' he stated.With stable politics, Oduoza emphasised that the government reforms and the attendant multiplier effects of the linkages between them will be very significant in the years ahead with UBA playing critical roles for individuals, businesses, institutions and governments.'Our superior coverage of the African continent positions us as the preferred partner for international businesses with interest in Africa leveraging our integrated trade and remittances platform across our 19 African countries of presence as well as our locations in three global financial centres of New York, London and Paris,' he told the investors, financial analysts and advisers.He added that UBA, 'as Africa's global bank, has built strong links and working partnerships with DFIs, international financial institutions and multilateral agencies across Africa and the rest of the world with whom we share similar goals, values and aspirations.
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