NEW YORK, United States — The private sector will play a central role in driving global economic growth, creating jobs and connecting African economies to international markets, business leader Chris Diaz has said.
Speaking during a private sector forum and UN roundtable meetings held on the sidelines of the 81st United Nations General Assembly in New York, Diaz said Africa’s economic prospects would depend partly on stronger integration with global markets and increased private investment.
“Our future will be shaped by how we address the great opportunities for economic growth across Africa and connect stronger international trade with the rest of the global markets,” Diaz said.
Private Investment Driving Jobs And Innovation
Diaz said private sector investment was increasingly contributing to employment creation, entrepreneurship, manufacturing, sustainable business and poverty reduction.
He said stronger intra-African trade and international commerce could help African businesses access new markets while attracting global capital into the continent.
“Private sector leaders will drive investment, new technology and growth of global GDP and a bigger focus of integration of growth of Africa business with new global markets,” he said.
According to Diaz, investment in sustainable projects, food security and emerging technologies will also be critical as businesses respond to interconnected global challenges.
He said private investment was supporting new employment opportunities, entrepreneurship, green businesses, sustainability and greater gender diversity.
Aviation At Centre Of Climate Challenge
Diaz singled out aviation as an important driver of global connectivity and economic activity while warning that the sector must accelerate efforts to reduce its environmental impact.
“We need to decarbonize and reduce emissions by over 60 percent into the environment, by using sustainable aviation fuel and alternative cleaner fuels,” he said.
He noted that growth in commercial aviation would require major investment in infrastructure both on the ground and in the skies.
Diaz cited forecasts that the global commercial aircraft fleet could grow from about 20,000 aircraft to more than 40,000 over the next decade, increasing the movement of passengers and cargo.
He said the expansion would generate economic opportunities and employment but would also require stronger environmental measures to support global net-zero ambitions.
Africa And Middle East Seen As Growth Markets
Diaz said Africa and the Middle East were expected to experience strong business growth, creating opportunities to connect more people and goods with international markets.
He acknowledged persistent global challenges, including conflict, inequality, climate change, food insecurity and the need for greater investment in technology.
However, he said these challenges should also be viewed alongside opportunities to attract investment and expand economic partnerships in Africa.
With appropriate policies, regional investments and stronger partnerships, Diaz said the private sector could contribute to a more sustainable and inclusive global economy.
Participants at the UN private sector leaders’ session and investors forum also highlighted the importance of collaboration between governments, investors, businesses and international institutions in addressing global economic challenges.
The discussions placed private-sector investment and cross-border partnerships at the centre of efforts to expand trade, innovation and sustainable economic development.
