Ruto calls for increased investments in Africa

The Deputy President said entrepreneurship remains a key driver of economic growth, socio-economic transformation, job creation and social inclusion.PHOTO: COURTESY

Deputy President William Ruto has called for increased investment in infrastructure and energy development for global competitiveness in Africa.

He said Africa needs more investment, collaboration and transfer of knowledge than it needs loans. The DP noted that increased investments in railways, roads and energy will spur growth in the continent.

He said infrastructural development would ease movement of people and goods, create employment and attract businesses. He made the remarks while opening the Japan-Africa Business Forum at the Kenyatta International Convention Centre (KICC) yesterday, ahead of the Tokyo International Conference on African Development (TICAD) today.

Africa Development Bank (AfDB) President Akinwumi Adenisa, Industrialisation Cabinet Secretary Adan Mohammed, Japanese Minister for Economy, Trade and Industry and Japan External Trade Organisation (JETRO) Chairman Hiroyuki Ishige were present.

Ruto said Africa’s economic transformation could be enhanced through industrialisation and diversification. He said the Government will continue working with the private sector in agro-processing, value addition and manufacturing as the only way to increase exports of finished products.

“This forum is therefore a very timely contribution by the business community to ongoing efforts to make our private sector not only more dynamic, but also effectively integrated into the global market,” said Ruto.

The Deputy President said entrepreneurship remains a key driver of economic growth, socio-economic transformation, job creation and social inclusion.

Adenisa said it is through investments in energy and infrastructure that Africa could attract investments.