Latest news with #EU-Africa
Business Insider
24-05-2025
- Business
- Business Insider
EU backs Central African trade growth with €40 million corridor upgrade
The European Union is reinforcing its commitment to Africa's economic development with a €40 million investment aimed at modernizing the Douala N'Djamena trade corridor. The EU is investing €40 million to modernize the Douala N'Djamena trade corridor, a key route in Central Africa. This initiative is part of the EU's Global Gateway strategy to promote sustainable infrastructure globally. Upgrading the corridor is expected to lower trade costs, increase efficiency, and strengthen EU-Africa partnerships. This strategic route connects Douala, Cameroon's largest port and economic hub, to N'Djamena, the capital of Chad, facilitating trade and transport across Central Africa. This investment is part of the EU's Global Gateway initiative, a comprehensive strategy to promote sustainable infrastructure projects globally by mobilizing public and private sector financing. Specifically, the funding for the Douala N'Djamena corridor is structured under a guarantee mechanism developed jointly by the EU and the International Finance Corporation (IFC). This mechanism is designed to reduce investment risks and encourage private sector participation in critical infrastructure projects. Koen Doens, Director General for International Partnerships at the European Commission, emphasized the broader objectives of this corridor upgrade. According to Doens, the project is not solely about improving trade logistics; it also aims to strengthen regional integration, generate employment opportunities, and enhance stability throughout Central Africa. These goals align with the EU's evolving approach towards Africa transitioning from traditional aid giving to fostering strategic partnerships and investments that support sustainable development and economic sovereignty. Inside the Douala-N'Djamena trade route The Douala N'Djamena corridor plays a crucial role in linking landlocked Chad with international markets through Cameroon's port facilities, thereby facilitating the movement of goods, services, and people. Enhancing this corridor is expected to reduce transit times and transport costs, which have historically hindered trade efficiency and economic growth in the region. While specific details of the infrastructure improvements were not outlined in the announcement, the investment likely encompasses upgrades to transport infrastructure and border management systems, given the corridor's role as a major trade artery. Improving these elements can significantly impact the ease of doing business, attract further private investment, and promote intra-African trade. Coordination between the European Union and the governments of Cameroon and Chad is central to the success of this project. The EU is focused on ensuring that financial resources are managed with transparency and accountability, supporting governance reforms to maximize the development impact. This initiative represents a clear shift in the EU's Africa policy, signaling a move away from one-way aid models towards partnership-based engagement.
Straits Times
23-04-2025
- Business
- Straits Times
Grow the pie instead of fighting over a lost slice: President Tharman at World Bank panel
President Tharman Shanmugaratnam told a World Bank panel on jobs that a billion people may be added to the global middle class by 2030. PHOTO: MDDI Grow the pie instead of fighting over a lost slice: President Tharman at World Bank panel SINGAPORE - 'We live in a world where the talk is about who's taking my slice of the pie or how I can get back the slice I believe is mine,' said President Tharman Shanmugaratnam in response to a question on job creation amid uncertain times. But leaders should take a step back to understand the larger context behind this jostling for growth. 'Starting from the g lobal f inancial c risis, through the 2010s and even more so in the 2020s, the pie has been growing more slowly,' he added, speaking at a panel on jobs in Washington DC on April 22. President Tharman is in the US on a working visit to co-chair a meeting of the World Bank's High-Level Advisory Council on Jobs and meet with UN Secretary-General Antonio Guterres, members of the diplomatic community and leaders from the financial sector and think-tanks. 'It's only natural that when the pie grows more slowly, the arguments get sharper about who's taking whose slice or the larger slice,' Mr Tharman said . 'Our real challenge, and our ambition, has to be to grow the pie… and grow the middle class especially,' he emphasised, highlighting that the world faces the prospect of expanding this segment by one billion people in the next five years, largely in the developing world. Mr Tharman's remarks come a day after global growth forecasts for 2025 were slashed by the International Monetary Fund to 2.8 per cent from 3.3 per cent, citing the new tariff measures by the US and countermeasures from trading partners injecting a major shock to growth. The same report showed that emerging economies in Asia, Sub- S aharan Africa, the Middle East and Central Asia, along with India and China retained higher-than-average growth projections. Meanwhile, Singapore's Ministry of Trade and Industry in mid-April cut the country's growth projection to zero to 2 per cent, down from 1 to 3 per cent. A task force to tackle the global uncertainties chaired by Deputy Prime Minister Gan Kim Yong was set up in April. 'There are a lot of legs left in… manufacturing and exporting to the world,' which offer high-productivity growth and a stronger skills ladder, one reason it remains the core of economic development, he said. Countries could also exploit the potential of regionalisation and the lowering of trade barriers between regional blocs including Asean- European Union , EU-Africa and Comprehensive and Progressive Agreement for Trans-Pacific Partnership countries and the EU, he notes. When asked whether artificial intelligence (AI) is more likely to complement or displace labour, he highlighted the prospects of leveraging AI to boost productivity and touched on using 'small AI' to improve productivity in every sector. In agriculture, for instance, AI can help in maintaining soil health, in using the right amount of water and the right type of fertiliser at the right time, and aid in moving people out of the trap of low-productivity agriculture. 'How things play out also depends on what we do now – in that whole stack of education and training, starting from the earliest years through a person's career, (and) what we do to use artificial intelligence,' he said. Lin Suling is senior columnist at The Straits Times' foreign desk, covering global affairs, geopolitics and key developments in Asia. Join ST's WhatsApp Channel and get the latest news and must-reads.
Zawya
19-02-2025
- Business
- Zawya
European Union High Representative for Foreign Affairs and Security Policy (HR)/Vice-President of the European Commission (VP) Kaja Kallas travels to South Africa
EU High Representative for Foreign Affairs and Security Policy/Vice-President of the European Commission, Kaja Kallas, will visit South Africa from 19-21 February. Her visit will aim to strengthen EU-South Africa relations and include participation in the G20 Foreign Ministers' meeting. The visit comes as this year marks the 25th anniversary of the EU-Africa partnership, culminating in a Summit with EU and African leaders. On 19 February, Kaja Kallas will co-chair the Ministerial Political Dialogue in Cape Town with South African counterparts to prepare for the 8th EU-South Africa Summit on 13 March. They will discuss key topics such as security, trade, and investment. The meeting will be followed by a joint press statement by High Representative Kallas and South African Foreign Minister Ronald Lamola. The High Representative will also engage with students, entrepreneurs, and civil society. On 20-21 February, the High Representative will participate in the G20 Foreign Ministers' meeting in Johannesburg, under the theme "Solidarity, Equality, Sustainability." The two-day gathering will focus on the global geopolitical situation and South Africa's G20 Presidency priorities. All audiovisual material of the visit will be available on EbS. Distributed by APO Group on behalf of European Union External Action: The Diplomatic Service of the European Union.
