CG/LA Infrastructure's InfraBlog
By Leisl Venter on April 20, 2013
More than 800 infrastructure projects with a combined value of US$706 billion are in assessment, planning or construction stages in Africa.
This is a clear indication of the commitment to addressing one of the continent’s key challenges, said Michael Lalor, Director of Strategy and Innovation – Africa Business Centre with Ernst & Young.
Delivering a keynote address at the Breakbulk Africa conference in Cape Town on
Wednesday, he said while many of these projects are only in pre-feasibility stage there is unmistakable progress being made in improving African’ infrastructure. This bodes well for the project cargo fraternity.
“No one can deny that a lot still has to happen. Road, rail and port infrastructure remains poor in many countries, but it is changing as investment is happening.”
Lalor said the narrative of Africa rising is gaining traction despite continued
skepticism on some fronts.
“The size of the African economy has more than trebled in the past decade. The
biggest (global) growth outlook for the next ten years is in Africa, and in the context of a weak global economy it is difficult to not be positive about the economic prospects in Africa.
With six out of the ten fastest growing economies in the world in Africa, Lalor said companies should be strategizing about how to extend their African footprint. As economies continue to diversify and foreign direct investment flow in, business opportunities in Africa are on the increase.