UN Secretary General Ban Ki-moon decries Africa trade disparity

By VITALIS KIMUTAI

YOKOHAMA, JAPAN: The United Nations and World Bank are working with African countries to bridge trade imbalance.

UN Secretary General Ban Ki-moon and President of World Bank Group Jim Yong Kim said unnecessary trade barriers impede companies and businessmen from Africa to market goods to other continents.

They were speaking on Sunday during a meeting to address issues relating to private sector, trade and investment as engines of development in the ongoing Tokyo International Conference on Africa development in Yokohama, Japan.

Mr Ban said there was need for governments, players in the private sector and civil society organisations to enhance peace to create favourable environment for economic development. “Exports from Sub-Saharan Africa to Europe, Asia and the West are still minimal. There is need for paradigm shift to integrate Africa in the world economies,” Mr Ban said.

He added UN supports the African Union’s push for enhanced trade among members and that there was need to improve infrastructural development to boost economic growth.

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However, Mr Jim said there was need for investors to respect human and property rights in Africa.

“African countries have been denied compensation for their rich resources. The matter remains a big issue in the region,” Mr Ban said.

He said World Bank and UN were working with 8,000 companies in Africa to address climate change and access to water for communities.

He said African countries need to market their goods and services to other continents and move away from traditional markets.

Make profits

“There is a huge potential for private sector investments in Africa. There is need for expansion of intra-African and international trade,” Kim said. Uganda President Yoweri Museveni said the bone marrow of business is lowering costs to maximise profits.

Museveni noted that African countries were working on market integration. “Infrastructural development, especially electricity, rail and water transport needs to be fast-tracked to create an enabling environment for investors to make profits from their investments,” Museveni said.

Mr Adan Mohammed, Cabinet Secretary for Industrialisation, said African businessmen and women have no access to markets for their goods because of physical barriers. Mohammed said governments and donor agencies should stop giving lip service and focus on creating an enabling environment for small and medium enterprises.