DP World CEO claims Africa should remove trade barriers for economic development

Sultan Ahmed Bin Sulayem, the Chairman and CEO of DP World Group, attended the Africa Emergence Conference 2019 in Senegal’s capital city, Dakar.

During the event, the CEO revealed what he thinks will help advance Africa’s economy.

According to Bin Sulayem, the removal of barriers and increased connectivity between nations and infrastructure development cold aid the continent’s success.

“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,” stated Bin Sulayem.

“The Removal of trade barriers is very important. In Africa tariffs are 50% higher in than in Latin America and Asia,” he said. “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,” he added.

SEE ALSO:

• Morocco’s WaystoCap attends World Economic Forum in Davos

• Standard Chartered claims trade increase between China and Africa following US tariffs

• Nigeria partners with Digital Trade Network for digital economy participation

• Read the latest issue of Business Chief, Africa edition, here

The CEO addressed the conference whilst on a panel with the President of Snegal, Macky Sal, and the Prime Minister of Malaysia, Mahatir Mohammed.

“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

"What the CEO said is the truth, in Senegal we have experienced a change because DP World was present before I became President with a concession of 25 years at the Port of Dakar,” added President Macky Sall.

“Country  stability is essential but also the stability of the contracts between the a state and the private sector to develop foreign investment. It is evident that the public investment cannot satisfy the basic needs of the population so we need to work with private sector,” he added.