Uganda: Top Businessman Madhvani Sees Growth İn Africa

Mayur Madhvani, who heads the Madhvani Group, one of the 10 largest family businesses in Africa according to Forbes, told Anadolu Agency that he expects the continent to see an influx of investment over the next decade.



"I foresee in the next ten years a lot of foreign direct investment, but we need to encourage our citizens to invest in large numbers, and not to rely on outsiders," Madhvani said on Thursday. "African industry will grow significantly over the period if governments encourage citizens to invest in their economies."



To help attract this investment, Madhvani said that African governments need to invest in their biggest asset which is the young population who are going to be the next vibrant middle class.



Madhvani, who heads the eighth largest group out of the ten in the Forbes ranking, managing a conglomerate with interests in agriculture, manufacturing, food processing, hospitality and tourism, insurance and aviation across the continent, calls for increased investment with local entrepreneurs.



"The government should be active and encourage our own business to thrive, but also this should be done by encouraging partnerships between locals and foreigners," he said.



Madhvani blames current reduced investment in Africa on issues such as terrorism. "I think investors are afraid because we have had problems with terrorism by groups like the Al-Shabaab in Uganda and Kenya and Boko Haram in Nigeria among others."



"Foreign investors are also discouraged by diseases like Ebola in West Africa, and the enactment of laws by African governments which foreigners consider offensive such as the anti-gay law in Uganda," he added.



 Madhvani noted that some foreign economies are seeing slow growth, and this may turn the eyes of investors to Africa.



He already sees signs of change: "We see the U.S. coming back, China, India and Europe, but, if they are to continue, they must work closely with the locals."



In order to spur growth, African governments need to spend more on infrastructure, Madhvani said.



"When you drive from one part of the country to another and you don't hit a pothole, you say that's great! Excuse me, that is your right, we pay taxes and that is how the road should be, the government in its governance should ensure that infrastructure is in place," Madhvani insisted.



But Madhvani stressed that the future of Africa is bright: "We have seen the hiss of the dragon in China, the growl of the tiger in India and we are going to have the roar of the lion which is Africa." - Ankara