'Removal of trade barriers' key to African prosperity

dubai - DP World executive stresses increased connectivity between nations and infrastructure development

The key to African economic emergence lies in removal of barriers, increased connectivity between nations and infrastructure development, DP World's Group Chairman and CEO Sultan Ahmed bin Sulayem told African leaders and top executives in Dakar Senegal.

"We believe in the viability of Africa. We believe in investing in the continent. During our investment in Senegal, we improved efficiency and volumes 135 per cent in 10 years," bin Sulayem told the audience at the Africa Emergence Conference 2019.

Addressing a panel on how private institutions can help support emergence in Africa with President Macky Sall of Senegal and Prime Minister Mahatir Mohammed of Malaysia, bin Sulayem explained how economic emergence is dependent on increasing inter-African trade and infrastructure development.

"The removal of trade barriers is very important. In Africa, tariffs are 50 per cent higher than in Latin America and Asia," he said.
"Intra-regional trade in Africa is only 12 per cent while in Europe, Asia and Latin America, it is over 50 per cent. We need to improve this to prosper," he added.

Bin Sulayem reiterated the company's commitment to supporting the economic growth of Senegal and developing Dakar into a major logistics hub and gateway for West Africa.

He stressed that as a smart trade enabler, DP World has the extensive expertise and know-how that can help African countries realise their trade and infrastructure goals, while assisting countries to address national ports and logistics infrastructure challenges.

- business@khaleejtimes.com