Removing barriers and increasing connectivity between nations and infrastructure development is key to boosting the African economy, according to DP World’s Group Chairman and CEO Sultan Ahmed Bin Sulayem.
Bin Sulayem spoke at the Africa Emergence Conference 2019 in Dakar, Senegal and addressed a panel on how private institutions can help support the continent’s economy, alongside Senegalese President Macky Sall and Prime Minister Mahatir Mohammed of Malaysia.
He went on to explain how Africa’s economic emergence is dependent on increasing inter-African trade and investing in infrastructure development.
In doing so he reiterated DP World’s commitment to supporting the economic growth of Senegal and developing Dakar into a major logistics hub and gateway for West Africa.
“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 percent in 10 years,” Bin Sulayem said.
“The Removal of trade barriers is very important. In Africa, tariffs are 50% higher in than in Latin America and Asia.
“Intra-regional trade in Africa is only 12% while in Europe, Asia and Latin America is over 50%, we need to improve this to prosper.
“We believe in connecting landlocked nations to the world and international markets. Our logistics park in Rwanda will reduce costs across the country and region.
“The Price of container moving from Shanghai to an East African port is anywhere between USD $500 to USD$1000, the price of same container from the port to Kigali is USD$5000,” he added