Wade wants investment code in Africa

Dakar- Senegal (PANA) -- Senegalese president Abdoulaye Wade Thursday suggested to the African Union to draw up and agree on an investment code that all African countries must practice in order to avoid unfair competition on the continent.
Wade, who made this suggestion Thursday in Dakar at the opening of the first conference of intellectuals from Africa and the Diaspora, bases his argument on how Africa's minerals mines were ceded "in disastrous conditions".
He even wonders what benefits countries that had mineral mines had been able to get from them.
At the pace African minerals are being exploited, Wade believes that they will soon be depleted, leaving only empty holes on the continent.
Addressing the audience, he declared: "when oil is depleted, how ar you going to build Africa?".
"Oil is depletable, ore mines are depletable.
Make investigations and you will realise what has become of those mining ventures, of oil researches," he further said, adding that as far as oil is concerned "there is unequal sharing".
Wade said this support being asked from the AU to negotiate an investment code is the only way to help African leaders "because," he explained, "we are weak.
Financial and political pressures are brought to bear on us and all sorts of threats are posed to us".
Urging Africa's partners to play an honest game, Wade asked Africa to refuse a game in which it is on the losing side right from the onset.
"For a renascent and integrated Africa in the 21st century, only the road to the truth matters," he noted, warning that as time is running out fast, things need to be done with speed.

07 october 2004 20:42:00

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