Singaporean Minister says Africa can be next global economic hub with certain conditions

African has all the possibilities to become an indispensable global economic hub with the application of right policies and linkages, says Singapore’s Senior Minister Tharman Shanmugaratnam while lauding the continent’s diverse economic potential.

Africa is likely to have the largest working age population over the planet in the next decade surpassing China and India with around 1.1 billion people of working age population of between 15 and 64 years.

Tharman Shanmugaratnam outlined five strategies that must underpin the continent’s transformation drive and efforts to build inclusive growth while delivering 2019’s Kofi Annan Eminent Speakers’ Lecture series at the African Development Bank headquarters in Abidjan.

Africa should spread its economic openness by strongly showcasing specialisation along the production value chain and invest more boldly in social foundations. The continent must also maximise policy coherence and effectiveness, think in the long-term and maximise the benefits of global financial system, Shanmugaratnam told diplomats, students, government representatives and senior Bank officials gathered in the Babacar Ndiaye auditorium.

“There are challenges, but there are also opportunities. There is much more to be done,” said Shanmugaratnam who is also Singapore’s Minister for Social Policies and a former deputy Prime Minister. Organised by the African Development Institute, the lecture had the theme – “Inclusive Growth: Learning from Experience, Partnering for the Future How Africa and Asia can work together for broad-based prosperity.”

“We are in an unusual time globally - a time of unusual challenge where some of the basic beliefs of how the world prospect together are being challenged. But it’s also a time of immense opportunities… in the international economy, in international finance and in international cooperation,” the minister stated. According to him, the leaders in Africa should prepare to take advantage of the strong bulging workforce, coupled with the high mobile technology penetration to drive innovation for growth.

In his welcoming remarks, the African Development Bank Group President Akinwumi Adesina noted that Africa could learn a lot from Singapore. He described Mr Shanmugaratnam as someone with expansive knowledge who was chosen because of his inspiring works in the Asian nation.