http://www.engineeringnews.co.za
  SEARCH
Login
R/€ = 13.94Change: -0.04
R/$ = 12.63Change: 0.11
Au 1093.18 $/ozChange: 3.32
Pt 980.75 $/ozChange: -7.25
 
 
Note: Search is limited to the most recent 250 articles. Set date range to access earlier articles.
Where? With... When?








Start
 
End
 
 
And must exclude these words...
Close Main Search
Close Main Login
My Profile News Alerts Newsletters Logout Close Main Profile
 
Agriculture   Automotive   Chemicals   Competition Policy   Construction   Defence   Economy   Electricity   Energy   Environment   ICT   Metals   Mining   Science and Technology   Services   Trade   Transport & Logistics   Water  
What's On Press Office Tenders Suppliers Directory Research Jobs Announcements Letters Contact Us
 
 
 
RSS Feed
Article   Comments   Other News   Research   Magazine  
 
 
Apr 11, 2012

Africa to spend $72bn a year on infrastructure, but shortfall persists

Back
Port|Sun City|Africa|PROJECT|Projects|rail|Road|Tripartite Free Trade|Water|Africa|South Africa|USD|Manufacturing|Product|Services|Transportation|Infrastructure|Jacob Zuma|Power|Water
Port||Africa|PROJECT|Projects|rail|Road|Water|Africa|||Manufacturing|Services||Infrastructure|Power|Water
port|sun-city|africa-company|project|projects|rail|road|tripartite-free-trade|water-company|africa|south-africa|usd|manufacturing|product|services|transportation|infrastructure|jacob-zuma|power|water
© Reuse this



Africa is able to spend about $72-billion a year on infrastructure, but there remains a $480-billion shortfall over the next decade, President Jacob Zuma said on Wednesday.

He told delegates at the International Trade and Investment Conference hosted by the Department of Trade and Industry at Sun City, in the North West, that additional funding was required, particularly in water, power and transportation, and that much scope existed for private participation and investment.

“Should Africa continue to narrow its infrastructure gap, economic growth could be boosted by as much as 2 percentage points a year,” Zuma noted.

He commended initiatives geared towards promoting the African economy, such as the African Union’s (AU’s) Presidential Infrastructure Championship Initiative, a continental committee of eight New Partnership for Africa's Development heads of State and government, to champion high-level infrastructure projects.

The President also pointed out that South Africa chaired the North-South Road and Rail Corridor project that cuts across eight countries in eastern and southern Africa and aims to facilitate trade by upgrading road, rail, power and port facilities, as well as simplifying cross-border regulatory procedures.

“This will enable producers and traders to access regional and international markets more easily,” Zuma said.

The projects had passed the feasibility studies phase and were expected to reach the implementation stage by 2016.

Zuma stated the domestic infrastructure development programme, which he announced in his State of the Nation address, in February, would improve access to basic services, while boosting job creation and the competitiveness of the South African economy.

He also commended the AU’s decision to integrate and to promote intra-African trade, particularly through the Tripartite Free Trade area that unites the Common Market for Eastern and Southern Africa, the Southern African Development Community and the East African Community to create larger regional markets and increase specialisation, competition and manufacturing.

Zuma said the impact of an increased focus on major projects was evident, with International Monetary Fund figures showing that region-wide gross domestic product growth has averaged 5.5% from 2000 to 2010, more than double the rate during the 1980s and 1990s.

However, he pointed out that companies have been slow to enter Africa, with some questioning whether the continent’s rise was merely the result of a short-lived boost by the global commodities boom.

The South African president urged that this perception could be turned around if Africa’s people contributed to establish the continent’s reputation as a primary investment destination.

“We need Africans to stop being pessimistic about their continent, and to be the leading spokespersons and ambassadors.

“I challenge all Africans today, to accept the fact that their continent is changing. They must release themselves from the shackles of self-doubt and celebrate these new developments.”

Further, Zuma pointed out that Africa's demographic composition was bound to fuel long-term growth, as the continent will have the world's largest workforce of 1.2-billion by 2050.

“What is left for the business sector is to grab the opportunity and reap the rewards of this growth, in a manner that promotes inclusive growth and that creates decent work for the African people,” the president said.
 

Edited by: Mariaan Webb
Creamer Media Senior Researcher and Deputy Editor Online
© Reuse this Comment Guidelines (150 word limit)
 
 
 
 
 
 
 
 
 
Latest News
Updated 52 minutes ago Embattled South African steel producer ArcelorMittal South Africa (AMSA) has offered insight into the “fair pricing model” it has tabled before government in return for tariff protection and a government stipulation that locally manufactured steel be designated for...
Updated 1 hour 1 minute ago Telecommunications group Telkom on Friday said it had posted a 1.7% uptick in net revenue for the three months to June 30, on the back of a strong performance by mobile on data revenue and higher fixed-line subscription revenue. Mobile net revenue for the first three...
Updated 1 hour 26 minutes ago Dangote Cement revised its 2015 spending plans to $1-billion from the $700-million estimated nine months ago after it commissioned two new African plants this June, Nigeria's biggest listed company said on Friday. The company, majority owned by billionaire Aliko...
More
 
 
Recent Research Reports
Real Economy Year Book 2015 (PDF Report)
There are very few beacons of hope on South Africa’s economic horizon. Economic growth is weak, unemployment is rising, electricity supply is insufficient to meet demand and/or spur growth, with poor prospects for many of the commodities mined and exported. However,...
Real Economy Insight: Automotive 2015 (PDF Report)
Creamer Media’s Real Economy Year Book comprises separate reports under the banner Real Economy Insight and investigates key developments in the automotive, construction, electricity, road and rail, steel, water, gold, iron-ore and platinum sectors.
Real Economy Insight: Water 2015 (PDF Report)
Creamer Media’s Real Economy Year Book has been divided into individual reports under the banner Real Economy Insight and investigates key developments in the automotive, construction, electricity, road and rail, steel, water, coal, gold, iron-ore and platinum sectors.
Real Economy Insight: Construction 2015 (PDF Report)
Creamer Media’s Real Economy Year Book has been divided into individual reports under the banner Real Economy Insight and investigates key developments in the automotive, construction, electricity, road and rail, steel, water, coal, gold, iron-ore and platinum sectors.
Real Economy Insight: Electricity 2015 (PDF Report)
Creamer Media’s Real Economy Year Book has been divided into individual reports under the banner Real Economy Insight and investigates key developments in the automotive, construction, electricity, road and rail, steel, water, coal, gold, iron-ore and platinum sectors.
Real Economy Insight: Road and Rail 2015 (PDF Report)
Creamer Media’s Real Economy Year Book has been divided into individual reports under the banner Real Economy Insight and investigates key developments in the automotive, construction, electricity, road and rail, steel, water, coal, gold, iron-ore and platinum sectors.
 
 
 
 
 
This Week's Magazine
Daimler truck test engineer Dirk Stranz pushes one button, and then retracts his hands from the steering wheel of the Mercedes-Benz Future Truck 2025. “And now the truck is driving itself.”
The statutory body responsible for skills development and support in the banking sector, BANKSETA, was investing R68-million in the capacity building project of the University of Venda (UniVen), announced Bankseta company secretary Caroline King at a media event in...
LIONEL MOYAL Cloud services providers must compete against other cloud services providers for business by providing up-to-date systems and services
Legacy information technology (IT) systems are becoming increasingly obsolete because of the maturity, efficiencies and cost effectiveness of cloud-based IT services, says information and communication technology major T-Systems subsidiary Intervate head Lionel...
ARMANDÉ KRUGER Balancing the collection and processing of data must be aligned to strategy
Many complementary services enable companies to derive broad value from data inside and outside them. The complexity of data management means that companies’ strategies determine the various data systems and functions they will use, says PBT Group regional sales...
The South African Civil Aviation Authority (SACAA) has announced that it had awarded the country’s first remotely piloted aircraft systems (RPAS) pilot’s licence. It was issued on Friday, July 10, to SACAA employee and qualified commercial pilot Nicole Swart,...
 
 
 
 
 
 
 
 
 
Alert Close
Embed Code Close
content
Research Reports Close
Research Reports are a product of the
Research Channel Africa. Reports can be bought individually or you can gain full access to all reports as part of a Research Channel Africa subscription.
Find Out More Buy Report
 
 
Close
Engineering News
Completely Re-Engineered
Experience it now. Click here
*website to launch in a few weeks
Subscribe Now for $96 Close
Subscribe Now for $96