Forum on investments in north Africa calls for sub-regional economic coalition

A forum on investment in North Africa, held here Feb.7-8, called for the creation of an economic coalition in the sub-region in order to speed up the development of communication infrastructure as part of partnership between the private and public sectors.

The call was part of a series of recommendations adopted by the Forum geared toward encouragement of private investments and consolidation of an economic and social atmosphere conducive to increasing foreign private investments in north African countries.

Participants say countries ought to carry on and intensify macro-economic reforms, improve enterprise good governance, promote human capital and coordinate various bodies in charge of investments in order to standardize laws toward the development of a single investment law.

Governments were also called to consolidate infrastructure, mainly transport and communication, to facilitate integration in the sub-region and enlarge the goods and services markets.

Participants further said it is necessary to increase the role of stock markets, reform the banking sector and coordinate policies of the countries' central banks, the long-term goal being to reach currency convertibility and create an investment pole able to finance joint projects in North Africa. The forum called for encouraging the emergence of a new generation of entrepreneurs adopting new management and governance practices, and develop risk-capital structures within banks. Other recommendations include the promotion of women entrepreneurs, business alliances and partnership among women through the creation of web sites and the exchange of businesswomen delegation.

Participants also say north African countries ought to encourage their expatriates to repatriate their capital.