17 July 2014: Participants recognized Africa’s promising growth potential at a UN General Assembly (UNGA) High-level Thematic Debate on the role of investment in the region. The debate focused on ‘Promotion of investment in Africa and its catalytic role in achieving Africa’s development objectives, including those of the New Partnership, particularly the eradication of poverty and the achievement of inclusive and sustained economic growth and development.’
The debate focused on, inter alia: strategies to promote and attract domestic, foreign and intra-African investment; policies to encourage infrastructure investment; strategies and policies to promote investment to achieve agricultural objectives and the commercialization of African agricultural products; and the role of international cooperation in enhancing Africa’s business climate and promoting investment. The event included an interactive panel discussion on ‘Promoting investment in Africa for achieving sustainable development objectives and how to improve business environment in support for African Union Agenda 2063 and the economic transformation of the continent.”
Opening the debate, UN Secretary-General Ban Ki-moon said Africa needs three things to end extreme poverty and provide inclusive prosperity: “enabling environments that promote investment and risk; the right kind of investment; and wise management of the proceeds so they support sustainable development.” Noting that “Africa is desperately energy-poor,” Ban stressed the importance of modern energy in reducing poverty and achieving successful industrialization. Ban highlighted the importance of, inter alia: new renewable resource technologies to make energy affordable; communication technology; increased agricultural yields of African smallholder farmers; and functional road and rail systems.
UNGA President John Ashe said, “Africa needs to bridge a huge financing gap” in agriculture, industrialization and infrastructure development to sustain economic growth, meet global development goals and support Agenda 2063. He suggested innovative financing could come from domestic resources, private sector investment, public-private collaboration and initiatives such as the Comprehensive Africa Agriculture Development Programme (CAADP). Ashe concluded by underscoring the adoption of the post-2015 development agenda as an “opportunity to ensure that investment in Africa benefits the poorest and most vulnerable,” stressing the post-2015 financing framework “must be as ambitious as the goals that will define it.”
The UNGA requested the President to convene this high-level thematic debate in a Resolution on New Partnership for Africa’s Development: Progress in implementation and international support (A/RES/67/294). The debate is expected to result in a President’s summary. [UN Secretary-General Remarks] [UNGA President Remarks] [Debate Concept Note] [Debate Programme] [A/RES/67/294]