NAIROBI, Kenya, May 27 – Industrialist Chris Kirubi has urged investors to disregard negative media reports while making decisions on coming to invest in Africa.
Speaking in Paris at an investor conference, Dr Kirubi said the negative headlines portrayed in the media on Africa do not necessary complement what is on the ground.
“I wish we can take the media from here and show them this hidden secret of the best part of the world,” he stated.
He says Africa is the future as it holds countries that are the fastest growing in the world among them Kenya.
“International investors need to come and understand the African culture and the people,” he said urging them not to come to Africa with preconceived ideas.
He said partnerships are the best way to invest in the continent.
“Partners will help you avoid big problems, and help you run smoothly as they understand the market. It’s only in Africa where you can get over 20 percent returns,” he advised.
Growth in sub-Saharan Africa (SSA) declined from 5.1 percent in 2014 to 3.8 percent in 2015.
This was attributed to the decline in the global economic growth and lower commodity prices.
Inflation in this region worsened from 6.7 percent in 2014 to 7.8 percent in 2015 owing to depreciation in value of currencies of the regions’ major economies.
Economic growth in the East African Community (EAC) also declined from 5.8 percent in 2014 to 3.4 percent in 2015.
This was mainly associated with political instability in Burundi and uncertainties associated with general election in Tanzania.
Growth in SSA is projected to increase by 4.3 percent in 2016 on the on the account of prices stabilization and decline infrastructure constrains.
Real GDP in the EAC is projected to grow to 6.6 percent in 2016.
Lower commodity prices and high expected investment costs are projected to increase the risk of delaying investments particularly in energy and mining sectors in the region.
“Don’t come to Africa to give us grants, we don’t want grants, we want partnerships, bring the money we show you how to multiply it, then you can take your profits back,” Dr Kirubi concluded.