Urgent Investment in Transport Infrastructure Needed to Spur Africa Growth
Investment in African transport construction - roads, railways and bridges - is set for rapid growth from US$47.1 billion in 2019 to US$69.0 billion in 2020. This growth is being driven by increasing investment in railway projects where road and rail links from East Africa's major ports will play an increasingly important role in connecting inland trade and the growing economies throughout the East and Central African region.
The coming into force of the African Continental Free Trade Area (AfCFTA) agreement in July this year - where member countries are expected to open their borders for free movement of people and goods - will be putting additional pressure on governments to invest in their railway and road infrastructure.
In particular, the Government of Tanzania has made the development of transport infrastructure its key priority to improve its internal and external trade and commercial activities. It has highlighted the improvements to the nation's roads, railways, ports and airport infrastructure as critical for the country as it strives to become a middle-income nation through Tanzania's Vision 2025 Plan.
Maggie Tan, CEO of the conference-organizing company, Magenta Global Pte Ltd (Singapore), added: "Africa has huge potential for growth, but the lack of infrastructure is a serious impediment to this growth and development. A report by GlobalData projected that an investment of some $3.54 billion is needed to make the network of transport infrastructure in Northern and Central corridors fully-functional. These two corridors serve the nine countries in East Africa: Tanzania, Kenya, Rwanda, Burundi, Ethiopia, DRC, South Sudan, Sudan and Djibouti). Concerted efforts by donor agencies and private sector participation are critically needed. The COVID-19 outbreak has created major uncertainty on such projects." She urged all stakeholders to join this Summit and contribute to the meaningful discussions on regional connectivity.
The event will be held at the Hyatt Regency Dar es Salaam, The Kilimanjaro, in Tanzania.
For Summit details, contact Jose at +65 6846 2366 or email jose@magenta-