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Italy biggest investor in Africa after China, UAE

BUSINESS
Italy biggest investor in Africa after China, UAE

Italy's direct investment in Africa reached 1.6 billion dollars last year, making it the third largest investor in the continent after China and the United Arab Emirates, Italy's finance minister Giovanni Tria said on Thursday.

"In 2017, Italy made 11.6 billion dollars of direct investments in Africa. It is the largest investor of any European country and third in the world after China and the UAE," Tria said.

Trade between Italy and Africa was worth 31.5 billion euros last year, Tria noted.

He was speaking a seminar in Rome after a meeting with African Development Bank president Akinwumi Adesina.

"Africa is a strategic partner for us on all fronts, starting with security," Tria underlined.

Investment in Africa is "complex" and communications technology, infrastructure and energy issues are objective constraints, Tria said.

Given the scarcity of public resources, private investors should be involved in infrastructure projects, Tria stated.

"The African Development Bank can promote structural and infrastructure reforms in order to attract investment," Tria said.

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