Saudi Arabia’s Investment Minister Khalid bin Abdulaziz Al-Falih stressed during a forum before the Future Investment Initiative event that Africa’s economic vibrancy has a significant impact on global stability.
Under the theme “Infinite Horizons: Investing Today, Shaping Tomorrow,” world leaders convened in Riyadh for the FII New Africa Summit to deliberate on the prospects and obstacles confronting the continent.
Al-Falih spoke to the audience and underlined the significance of acknowledging Africa’s expanding global role while promoting cooperative partnerships to unleash the continent’s abundant resources and economic potential.
“When Africa sneezes, indeed, the rest of the world catches a cold,” he said, underscoring the ripple effect of the continent’s economic health on global stability.
The Saudi minister underlined Africa’s demographic advantage, pointing out that the continent is home to 18% of the world’s population.
As the world ages and human resources become more limited, Al-Falih argued for a change in thinking about Africa’s expanding youth population by asking, “Is that a problem, or is that a dividend that Africa, and the rest of the world indeed, harness?”.
Al-Falih emphasised Africa’s abundant agricultural potential and referred to it as a “breadbasket and food basket for the rest of the world,” especially for areas like the Arabian Peninsula and the larger Gulf Cooperation Council, which place a great deal of strategic importance on its resources.
“We need to work together to mobilise finance,” Al-Falih urged, calling for targeted investment to drive sustainable development across the continent.
Al-Falih noted that investment in the region should be a partnership rather than an aid-based relationship.
“We don’t want to help Africa. We want to work with Africa to create opportunities for investors,” Al-Falih said.
Additionally, he emphasised that in order to draw in investors and promote long-term growth, the continent’s countries must improve their governance, transparency, and regulatory frameworks.
“Africa needs to first help itself,” Al-Falih added, stressing that sound public policy and regulatory environments are key for sustainable development.
Image Credit:misa.gov.sa