Gerd Müller, Federal Minister for Economic Cooperation and Development. (picture alliance/SadakSouici/dpa/archive)
Germany’s development minister, Gerd Müller, wants to see more German companies investing in Africa. "We want to achieve more local production," Müller told dpa on Tuesday. The minister, who is a member of the Christian Social Union, is currently taking part in a German-African business conference in Accra, the capital of Ghana. "There are great investment opportunities for German companies, for example in renewable energies,” he said.
Müller praised the reforms taking place in Ghana. The country is an "African reform champion," with a growth rate of 8 percent, he said, adding that much work had been done on improving legal security, fighting corruption, and respecting human rights.
However, he argued that more private investment is needed. The German government is providing an investment fund of up to 1 billion euros.
According to Müller, the rapid population growth in Africa is both an opportunity and a challenge. "New jobs must be created for millions of young people. This is also a huge potential for the German economy. But if this does not succeed, there is a risk of unrest and violence, and ultimately of refugee movements as well."
The German-African Business Association also called on companies to invest on the continent. Six of the world’s 10 fastest growing economies are in Africa, said the association's chairman, Stefan Liebing. "Over the next 10 years as much will be built there as during the last 100 years in Europe.”
Notice: No person, organization and/or company shall disseminate or broadcast the above article on Xinhua Silk Road website without prior permission by Xinhua Silk Road.
A single purchase
