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|DUBAI Oct. 1 (Xinhua) -- Africa should no longer be a symbol for poverty and turmoil Cheap Jerseys China Free Shipping , but instead should be seen as a burgeoning investment destination for the global community, the leaders of Ghana, Rwanda, and Ethiopia in the United Arab Emirates (UAE) on Wednesday.
"Ghana's gross domestic product has been increasing by seven percent in 2013," John Dramani Mahama, the president of Ghana said during the first day of the 2nd Africa Global Business Forum. However Cheap Jerseys China Wholesale , the growth is dampened by the lack of investment in the country, he said, adding that Ghana is facing an investment shortage of 1.5 billion U.S. dollars per year in infrastructure and power generation.
"Foreign investments are in particular needed in the utilities sector as demand for power grows by 12 percent per year," the president said.
Mahama said that many foreign investors believe there is a lack of regulatory frameworks in most African countries, which hinders financing. But he stressed that as African states transition from state-controlled businesses to private initiatives, foreign investments can support private businesses.
Rwandan President Paul Kagame emphasized the positive spillover effects for foreign countries and investors when banking on African growth Cheap Jerseys Online , especially infrastructure investments.
If Africa's power generation grid is upgraded with the support from outside, "and an African country can export energy to its neighbor countries then this will benefit global trade as sufficient electricity supports public and private companies in these countries which translates into more opportunities for transnational trade beyond the continent," he said.
President of Ethiopia Mulatu Teshome Wirtu highlighted that his country successfully transformed itself from a nation mostly based on agricultural products, such as coffee beans, potatoes and cereals, to a country with a significant light industry Cheap Jerseys Free Shipping , "also because we have implemented more corporate governance for the public sector and an anti-corruption drive."
Wirtu urged the global community to study the development and progress in Africa rather than focusing on the deficits. All three presidents agreed that Africa can no longer be a synonym for place of conflict but should be regarded as a place with huge growth opportunities.
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