RIYADH: Member states of the Gulf Cooperation Council can play a vital role in developing African economies, the World Economic Forum (WEF) was told on Sunday in Riyadh.
Economic ties between Africa and the GCC are set to develop significantly in the coming years, economists have said, driven by common interests in economic investment, diversification, and sustainable development.
Denis Christel Sassou Nguesso, Congo’s international cooperation minister, said nations in central and western Africa had traditionally looked to Western countries, such as the US, France, and the UK, for assistance with their development but were increasingly looking to develop strong links with GCC countries.
He added that it is a good opportunity to begin this cooperation with Saudi Arabia, UAE, Qatar, Oman, and Bahrain. He said these countries can help Africa to develop their economies and infrastructure projects.
The minister said African nations are not looking for an equal economy with the GCC states, but like to build some bridges toward partnerships to promote the public-private partnership.
Boitumelo Mosako, CEO of the Development Bank of Southern Africa, told the meeting that the GCC and African Union were established on the same day.
She noted that this was a symbol of the strong partnerships that had evolved between Africa and GCC in recent years.
Africa trying to implement free-trade agreement
The South African banker said Africa is a continent with an infrastructure backlog, but the countries of the region are trying to implement a free-trade agreement.
Highlighting opportunities in energy investment from GCC countries, she added that South African and GCC companies have collaborated on a renewable energy program.
Ousmane Dione, vice president for the Middle East and North Africa at the World Bank, said that Africa is just 26 km away from the GCC region, but there is a much bigger gap in investment from the GCC nations into Africa, which is land of opportunity.
