Wednesday, January 11th, 2006
New Prospects for Private Sector Development in Africa
Panelists Engage in Discussion to Promote Investment
"New Prospects for Private Sector Development in Africa", a public seminar organized by the World Bank Group and JETRO Institute of Developing Economies, was held at the TDLC on January 11,2006 with an audience of over 100 from development organizations, academia, government, media and the private sector. In addition to the panel in Tokyo, the Bank's South Africa Office was connected via video conference to bring local views into the discussion.
Left to right: Mr. Shigehiro Oba, Sumitomo Chemical Co. Ltd.; Mr. John Page, World Bank Chief Economist for Africa; Mr. Gobind Nankani, World Bank Vice President for Africa; Mr. Babatunde Onitiri, IFC Country Manager for Angola and Mozambique; Mr. Adamu Aliyu, Ambassador of the Federal Republic of Nigeria to Japan
An experience sharing session designed to highlight trade and investment opportunities in Africa, discussions shed light on the continent in a new, positive mood, characterized by the slogan "Africa on the move". The seminar is part of an effort by the World Bank and the Japan to accelerate development activities in Africa. The Bank places a high priority on the region, and the Japanese government has pledged to double its ODA in the next 3 years.
Mr.Gobind Nankani, the World Bank's regional Vice President for Africa who is visiting Tokyo as head of the Bank Group's Africa Mission to Japan, opened the seminar by emphasizing the pivotal role of the private sector in realizing economic growth and poverty reduction. Mr.Nankani described the WBG's efforts to support African countries, touching on the results-oriented "Africa Action Plan".
The panel discussion, moderated by Mr.John Page, World Bank Chief Economist for Africa, began with a presentation by Mr.Babatunde Onitiri, IFC Country Manager for Angola and Mozambique on the IFC's pro-active Africa Strategy. Mr.Onitiri explained how investment had gone up after moving the majority of staff from Washington D.C. to the field.
Mr.Adamu Aliyu, Ambassador of the Federal Republic of Nigeria to Japan, expressed regrets that one of the reasons for the "backwardness of Africa" was a heavy reliance on the wealth of national governments and negligence of the private sector, and reassured potential investors that the climate had improved, with "most African countries ready to guarantee investments".
The seminar was attended by a standing-room-only audience of more thaqn 100 people from development organizations, academia, government, media organizations, and the private sector
From the private sector, Mr.Shigehiro Oba, Director and Managing Executive Officer and President of the Agricultural Chemicals Sector at Sumitomo Chemical Co.Ltd discussed the company's role in the WHO's Roll Back Malaria Campaign, pointing out that in their case, it had been possible to balance social responsibility and profit motives through the local production of insect nets.
Mr. Katsumi Hirano, Director of the JETRO Johannesburg Center who joined via video conference, made a forceful pitch for the private sector. Based on observations and interviews with business leaders in the region, Mr. Hirano advocated that to produce results, the private sector should take the lead in Africa, with government taking a back-seat role.
A lively discussion followed with questions from the audience regarding the most dynamic sectors for investment, the growing disparity of wealth within Africa, and ways to attract more investment. Mr.Nankani and panelists suggested that there was a need to provide more inspiring stories about Africa on a continual basis to change perceptions and encourage investor confidence. The TDLC hopes to create opportunities and support activities to further such communications.
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