THE African Union (AU) partners have met at the AU Headquarters for the second Strategic Partners Dialogue (SPD) in Addis Ababa, Ethiopia.
The two-day dialogue, which ended yesterday had been scheduled to hold at the AUC Headquarters and the UNECA Conference Centre under the theme: "African Integration and Co-operation: Building the foundations for growth, development and prosperity"
"Integration for us is an essential condition for Africa to optimise its potential," said Erastus Mwencha, AUC Commission Deputy Chairperson at the opening of the dialogue.
He said Foreign Direct Investment (FDI) registered an increase of 17 per cent over the last two years.
According to Mwencha, this is a sign of the growing trust investors have in the continent's ability to maintain the current upward trend and Gross Domestic Product (GDP) is expected to double by 2020.
He also said Africa's growth rate has recovered satisfactorily after the global economic crisis two years ago.
"It is encouraging however to note that Africa's growth rate has covered quite satisfactorily, averaging 4.7 per cent last year and projected at 5.4 per cent yearly over the next five years," he said.
Mwencha revealed that 10 per cent of global oil reserves is in Africa while it has 40 per cent of the global gold reserve.
"In terms of human power; a population of more than one billion, who with constant growth of GDP in most countries represent a potential market of 1.4 billion consumers in 15 years," said Mwencha.
Mwencha said important investments are needed to develop infrastructure with a view of stimulating production capacities, reduce bottlenecks and promote intra-African trade.
The dialogue is sponsored by the three pan African institutions – African Union Commission (AUC), UN Economic Commission for Africa (UNECA), African Development Bank (AfDB) and in collaboration with Regional Economic Communities (RECs).