Ireland should look into a 15% increase in investment to Africa. This is according to African Development Bank Group President Dr. Akinwumi Adesina during the 7th Africa Ireland Economic Forum in Dublin,
In 2020, Ireland joined the African Development Bank Group as its 81st shareholder and has continuously showed increased interest in strengthening it’s economic ties with Africa however it has not reached its full potential.
“If you are not investing in Africa, you’re not in business.”
“Foreign direct investment of Ireland in Africa was $572 million at the end of 2020 and represented only 0.05% of Ireland’s total net foreign direct investment,” Adesina said. “This is too low. Ireland should invest a lot more in Africa. Let’s set a target of 15% of Irish investments in Africa,” Adesua added
Adesina’s remarks were received with much enthusiasm by Irish officials with Irish Minister of Foreign Affairs and Minister of Defence Simon Coveney talking about Ireland’s deepening economic and cultural links with Africa. Coveney noted the prospects for closer trading links with the continent, pointing out that trade between Ireland and Africa would likely reach over $5 billion by 2025.
Irish President Michael D. Higgins congratulated Adesina for AFDB’s work on the recent establishment of the African Pharmaceutical Technology Foundation and spoke about his long-time interest in Africa with so much optimism for its economic advancement.
During his address Adesina thanked the Irish government for joining the African Development Bank and the African Development Fund, the Bank Group’s concessional lending arm, and he expressed appreciation for Ireland’s contribution announced by Foreign Affairs and Defence Minister Coveney of $2.05 to the African Development Bank for climate adaptation.
Adesina also spoke about the work of the Bank in particular the High 5 Strategic Priorities that he is credited with developing for the institution and how he saw these priorities as the fulcrum for both transforming Africa and helping to achieve the UN Sustainable Development Goals. In this regard, he invited officials and private sector leaders to the next edition of the Bank’s Africa Investment Forum, taking place in Abidjan in November.
