Removal of trade barriers crucial for Africa’s economy: DP World
The removal of trade barriers is key to improving economic development in Africa, according to DP World, which has reaffirmed its commitment to infrastructure investments in Africa.
Sultan Ahmed Bin Sulayem, group chairman and ceo of DP World, told an audience at the Africa Emergence Conference 2019 in Dakar, Senegal that DP World remains committed to supporting the economic growth of Senegal and developing Dakar into a major logistics hub and gateway for West Africa.
In a panel together with Senegal president Macky Sall and Malaysia prime minister Mahatir Mohamad, Bin Sulayem explained how economic emergence is dependent on increasing inter African trade and infrastructure development.
“The removal of trade barriers is very important. In Africa tariffs are 50% higher in than in Latin America and Asia,” Bin Sulayem said.
“Intra-regional trade in Africa is only 12% while in Europe, Asia and Latin America is over 50$, we need to improve this to prosper,” he noted. He said that during DP World’s investment in Senegal it saw efficiency and volumes improved by 135% in 10 years.
He also highlighted the importance of developing a logistics infrastructure reflecting DP World’s activities in Rwanda and Mali.
“We believe in connecting landlocked nations to the world and international markets. Our logistics park in Rwanda will reduce costs across the country and region,” he said. “The price of container moving from Shanghai to an East African port is anywhere between $500 to $1,000, the price of same container from the port to Kigali is $5,000,” he added.
DP World has operations in Senegal, Egypt, Mozambique, Somaliland, Rwanda and Algeria and has recently signed an agreement with Mali to develop a logistics platform and the Democratic Republic of Congo for the countries first deep-sea port.