Introduction

In the current era of globalization, the role of the private sector in addressing rapid and sustainable economic development and meeting the Millennium Development Goals has become critical. Noting the critical role that the private sector is expected to play in the development and integration of the African economy, in particular its contribution to poverty reduction through investment and employment creation, the AU Commission undertook to organize on an annual basis a private sector forum. This is inline with the AU Executive Council Abuja Decision Number EX/CL/Dec.183 (VI), which institutionalized the African Union Private Sector Forum as part of the AU structures. The AU-Private Sector Forum is a key instrument of interface and partnership between the African Union policy makers and the private sector. The Forum also acts a vehicle for empowering the African Private Sector through advocacy, sharing business and market information and skills. This gives emphasis to the significant role African private sector can play in the implementation of the AU Strategic Plan and the New Partnership for Africa's Development (NEPAD) Programme, which is a flagship of the plan.

Theme

The theme of the AU Private Sector Forum is "Empowering the African Private Sector and Promoting MADE in AFRICA"

Objective of the Forum

The key objective of the African Private Sector Forum in Cairo, Egypt is to elaborate a development strategy and action plan to empower and promote a proactive and vibrant African private sector that can play a significant role in energizing the African economies to achieve, among others, poverty reduction and other Millennium Development Goals (MDGs). This would be done through creative and productive processes of African made goods that accelerate economic growth, sustainable development, increase intra-Africa trade and promote deeper integration of the African economies into the global economy. Parallel to the seminar type deliberations, there will an exhibition by a variety of companies to showcase MADE IN AFRICA across the board.

The development strategy and action plan would specifically address the following strategic objectives:

a) Empower the African private sector to make its contribution to policy formulation and implementation, which would create an enabling environment for increased private investment for sustainable growth and meeting the Millennium Development Goals (MDGs);

b) Highlight the investment opportunities in Africa that could bring in new and appropriate science and technology into the production process;

c) Identify policies that would lead to the economic empowerment of African Women;

d) Define the role of the media in promoting MADE IN AFRICA in order to increase intra-Africa trade in African produced products;

e) Advise Member states and local authorities on the regulatory framework for the operations of Small, medium and micro enterprises and the provision of business services and micro-finance facilities to the economy;

f) Make recommendations on enhanced transparency of the Member States' regulatory approach to private investment including public-private partnership (PPP) projects in order to generate more interest and to build capacity in both the private and public sector to handle PPP contracts;

g) Propose new instruments for financing African Private Sector projects and programmes; and

h) Propose ways and means to promote micro-credit and micro-finance with a view to supporting private sector development in Africa. >>more

 

 

desined by Communication&Information Division www.africa-union.org