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Africa’s foreign direct investment (FDI) decline by nine percent in 2010 to US$ 55 billion, the 2011 World Investment Report by the UN Conference on Trade and Development (UNCTAD) has revealed.
But the report launched in Addis Ababa, Ethiopia, on Wednesday notes that global FDI modestly increased to US$ 1.24 trillion in 2010.
The growth was still 15 percent lower than the level recorded before the onset of the global economic crises in 2008.
“Furthermore, on a year-on-year basis, FDI flows to Africa fell by nine percent to US$55 billion in 2010 while the continent’s share in total global FDI remained largely stagnant compared to the previous year,” said the report.
UNCTAD projects that full recovery in non-equity sources of international financial flows will occur this year.
The report also urged African countries to take policy measures to attract more FDI.
“Going forward, one thing that is clear is that African countries should reposition their policies and programmes to ensure that they attract an increased share of global financial flows, so crucial in underpinning robust growth and prospects for transformational development,” reads part of the report.
It notes that Africa needs to deepen political and regional integration in ways that enhance intra-regional trade and investment within the continent.
“These efforts will help consolidate intra-Africa and intra-regional FDI flows and further provide a stronger base for enhancing south-south cooperation and in attracting greater international financial flows onto the continent,” the report adds.
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