Leaders from Asia and Africa pose for a group photo before the start of the Asian-African Conference in Jakarta

Infrastructure, energy most promising sectors in Africa

The Indonesian President urges business leaders attending the Asia-Africa Business Summit in Jakarta to invest in these two sectors, and for governments to ease licensing and protect investments.

Indonesia’s President Joko Widodo delivers an address at the Asian-African Business Conference in Jakarta on April 21, 2015. Indonesian President Joko Widodo emphasised that infrastructure and energy are the two most promising sectors that Asia shares with Africa, at the opening of the Asia-Africa Business Summit in capital Jakarta on Tuesday (Apr 21) .

Mr Widodo also suggested businesses should focus on these two sectors for growth, while urging governments to ease licensing and protect investments in order to attract investors to their respective countries.

According to the President, Jakarta has already simplified regulations and investment permits, while planning to invest more in infrastructure from the savings it has gathered from the cut in fuel subsidies.

Addressing about 600 Asian and African business leaders, Mr Widodo also called for greater trade and economic cooperation between the two continents, particularly in reducing tariffs.

Home to 75 per cent of the world’s population, both Asia and Africa have huge potential for growth, although currently hampered by ongoing conflicts and political graft. In 2013-2014, Asia grew by an average of 4.9 per cent whilst Africa’s average growth was reported at 4.3 per cent.

– CNA/pp