African Union: STC New Economic Objective | News

This July 21 culminates the sixth Specialized Technical Committee of the African Union, with new economic objectives raised and agreed upon.

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After several days of sessions between ministers, central bank presidents, specialists in economic issues, and investors, the meeting has managed to specify several areas of work and understanding. The central purpose is to implement the collective development aspirations that define the continent’s integration agenda.

One of these areas of work was the establishment of strategies to take advantage of the sustainable economy, the democratizing potential generated by these investments, the saving of resources as an economic gain, and the sovereign support that allows respect for the environment.

Another area was the structural change in African economies. The link between politics and economy, with a view to implementing investments that spill prosperity for the population and society as a whole. Structure the democratization of economic development by giving participation and rights to African workers in close interrelation with employers.

Issues of globalization, bilateral relations, and the international economy were agreed upon through the sharing of individual and collective experiences on how the feedback between Africa and the world market takes place. New ways to expand international economic ties, giving priority to just and respectful relations, ensuring protection from international crises, and deepening debt negotiations.

“There is an urgent need to use debt to finance the most productive projects that generate sufficient growth to pay the debt in the future”, were the words of Neal Rijkenberg, Minister of Finance of Eswatini and president of the STC Bureau, as quoted from Africanews.

The newspaper reports that the participants also discussed the strategies needed to increase investment from 20 percent of gross domestic product to 40 percent, as well as the search for initiatives to boost intra-African and private investment. AU Trade and Industry Commissioner Albert Muchanga and the African Stock Exchange Association signed a memorandum to promote the development of the continent’s capital markets.

“Africa beyond the crisis: developing an agenda for investment, sustainable growth, and shared prosperity,” but that also allowed exposing to the member states of the African Union their economic potentialities and the productive capacities created.

It has been possible to identify attractive capital and potential investors with a view to achieving a comprehensive and inclusive development of African nations and economies amid a panorama of deep insecurity and widespread poverty.