Vusumuzi Dube
Foreign Affairs and International Trade Minister, Fredrick Shava on Wednesday called on investors to prioritize the Southern African Development Community (SADC) region, which had abundant opportunities and enjoyed political stability and create employment opportunities, which are the cornerstone of the region’s economic policies said cabinet minister on Wednesday.
Addressing delegates attending the Southern African Development Community (SADC) and the Arab Bank for Economic Development (BADEA) Investment Forum in the capital, he said the region was an investor’s preferred choice.
“We therefore call upon potential investors to make SADC region their investment destination of choice. Employment and job creation are the core of our economic policies as they provide the necessary avenue for socioe-conomic development and enhance the livelihood of our people,” he said.
He bemoaned the financing challenges faced by many businesses, particularly in the Small and Medium Scale (SMEs) sector in the region and expressed optimism that BADEA will assist them navigate the tough terrain.
He said regional integration requires predictable, measurable and sustainable financing, adding that it is in this regard that SADC, with the support from the African Development Bank, is currently working towards operationalizing the SADC Regional Development Fund aimed at providing an avenue for mobilizing resources for the region.
“We are deliberate in convening this particular forum on the margins of the Council and Summit meeting through which we want to express our political commitment to strengthen and deepen cooperation between the SADC region and BADEA including strengthening collaboration with our private sector,” said Shava.
He said the role of the private sector in the implementation of the regional integration agenda as prioritized in the regional indicative strategic development plan cannot be over emphasized.
Speaking at the same event, BADEA president, Dr Sidi Ould TAH said to show his bank’s commitment to Africa’s economic and social development, it has approved a tremendous capital increase of the bank from US$4.2 billion to US$20 billion of authorized capital this year.
He said BADEA’s resolve to contribute to Africa’s economic and social development in general, and to SADC in particular, has been unwavering over the years.
He said the bank, along with its sister institutions from the Arab Coordination Group, have committed US$16 billion over the last 50 years and as at June this year, over US$8 billion was disbursed to SADC member states in the areas of transport, telecommunications and energy.
New Ziana
Bongani Ndlovu