An Overview: Middle East - Africa Economic Forum

 

The Middle East - Africa Economic Forum is going to serve as a platform or new instrument to promote economic relationship with mutual benefit between Africa and the Middle East. African states needs to implement reforms to improve the environment for investment and also encourage private investors to engage more strongly in Africa.

Africa’s potential as a growth market for business remains both underestimated and misunderstood as does the potential for business to play a transformation role in solving the continent’s biggest challenges. Its fast-growing population and markets present important opportunities for business in an environment of slowing global growth. At the same time, greater innovation and investment from business is essential to meet Africa’s unfulfilled demand for goods and services, close the gaps in its infrastructure, create jobs, and decrease poverty. 

According to researchers, Africa’s real GDP grew at an average annual rate of 5.4 percent in 2000–2010, driven in nearly equal measures by labor force growth and productivity growth.  After a slowdown prompted by the shocks of the Arab Spring in 2011 and the collapse of oil prices in 2014, Africa’s growth has yet recovered, though its future prospects look buoyant. 

 

It’s a positive shift that governments in the Middle-East region are proactively fostering a change in the economic models to suit the changes in the world. Historically, they have built their wealth on the basis of oil. but as they are shifting their focus away from hydrocarbons, technology is emerging as one of the major priorities in their economic development.

The Middle East and Africa region is generally rebounding from the surprisingly sharp tailspin that rocked the oil-rich area during the global 2009 recession. Boosted by rising oil prices, improving capital markets and gradual growth in lending, governments across the region are pursuing aggressive spending plans and actively courting international investments to spur job creation.

These gains point the way to a continued economic comeback for many Middle East and Africa countries, yet some wounds have been slow to heal. The overall region has been experiencing a “two-speed recovery,” say researchers.

The Middle East – Africa Economic forum which is organized by Globe Chamber of Commerce and Industry  will not only create a cohesive business space, but a more formidable business partnership that will help Africa to annex its potentials and give them a voice in the global community.

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