(3 minutes read)
- Business leaders and policymakers at the 4th edition of the EU-Africa business summit in Marrakech recommended that Africa’s arable land should be made available to investors to ensure sustainable agriculture to the continent
- Private sector investment and policy implementation are the key factors that can drive the agriculture in the continent to the sustainable standards, the meeting highlighted
- The EU has considerable investments and trade in Africa. It is one of Africa’s largest trade and investment partners. EU’s foreign direct investment (FDI) in Africa in 2020 was at €222 billion, compared to €42 billion from the US and €38 from China
Business leaders and policymakers at the 4th edition of the EU-Africa business summit in Marrakech recommended that Africa’s arable land should be made available to investors to ensure sustainable agriculture to the continent. Private sector investment and policy implementation are the key factors that can drive the agriculture in the continent to the sustainable standards, the meeting highlighted.
The meeting flagged that partners from all over the world should be motivated to come and invest in the continent. Against the backdrop of formation of The African Continental Free Trade Area (AfCFTA), investors may come forward looking at the size of the contiguous market.
The meeting also endorsed that various schemes for promoting agriculture as enshrined in the Malabo declaration aiming at agricultural transformation need to be implemented fully by the member states. Importantly, close to one-fourth of Sub-Saharan Africa’s GDP comes from Agriculture according to the World Bank. The meeting also laid importance to promoting small holdings.
The EU said that it stands ready to work with partners in the African union to generate the necessary finance the technical knowledge and all of the partnerships and the alliances to make this happen. But, it insisted that the farmer must be at the center of the action.
The EU has considerable investments and trade in Africa. It is one of Africa’s largest trade and investment partners. The EU’s foreign direct investment (FDI) in Africa in 2020 was at €222 billion, compared to €42 billion from the US and €38 from China.
