Dubai – Mubasher: Dubai-based DP World is considering a key partnership to improve economic development in Africa, state-run Emirates News Agency (WAM) reported.

The African economy will develop when barriers between nations are removed and connectivity and infrastructure development between them are reinforced, chairman and CEO of the Dubai-based ports operator said.

“We believe in the viability of Africa, we believe in investing in the continent during our investment in Senegal we improved efficiency and volumes 135 percent in 10 years,” Sultan Ahmed Bin Sulayem told African leaders at the Africa Emergence Conference 2019 in Dakar, Senegal.

Economic development is based on boosting inter-African trade, Bin Sulayem highlighted in a talk with President of Senegal Macky Sall and Prime Minister of Malaysia Mahatir Mohammed.

“The Removal of trade barriers is very important. In Africa tariffs are 50% higher in than in Latin America and Asia,” he said, adding that “Intra-regional trade in Africa is only 12% while in Europe, Asia and Latin America is over 50%, we need to improve this to prosper.”

DP World is committed to supporting the economic growth in Senegal by taking part in developing Dakar into a major logistics hub and gateway for West Africa, Bin Sulayem stressed.

He said that DP World can help African countries realise their trade and infrastructure goals as a smart trade enabler, highlighting the importance of developing a logistics infrastructure reflecting the company’s business in Rwanda and Mali.

“We believe in connecting landlocked nations to the world and international markets. Our logistics park in Rwanda will reduce costs across the country and region,” he said.

“The Price of container moving from Shanghai to an East African port is anywhere between $500 to $1000, the price of same container from the port to Kigali is $5000,” he pointed out.

For his part, Senegal’s President Macky Sall confirmed  Bin Sulayem’s comments, saying “In Senegal, we have experienced a change because DP World was present before I became President with a concession of 25 years at the Port of Dakar.”

Macky remarked that the government is working along with DP World to finalise new port investments by in Senegal.

“Country stability is essential but also the stability of the contracts between the state and the private sector to develop foreign investment. It is evident that the public investment cannot satisfy the basic needs of the population so we need to work with private sector,” he added.